| James Kon |
DIRECT investment from the People’s Republic of China to Brunei Darussalam has witnessed an impressive growth from B$12.9 million in 2015 to B$116.1 million in the first quarter of this year, playing an important role in diversifying Brunei’s economy.
This was revealed by Dato Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah, Deputy Minister of Finance and Chairman of the Brunei Economic Development Board, in his keynote speech delivered during the inauguration of the newly established Chinese Enterprises Association in Brunei (CEAB) held at The Empire Hotel & Country Club.
Chinese direct investment in Brunei in the first four months of 2016 has surpassed the accumulated figure over the past years, he added.
The deputy minister hoped to see continuous growth in investment from China which he said will create spin-off for local small and medium enterprises (SMEs), adding that Brunei is committed to attract more foreign direct investment (FDI).
In this regard, he cited His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam’s New Year titah that unveiled crucial reforms to diversify the Sultanate’s economy including the setting up of FDI and Downstream Industry Committee.
Chen Lian Cai, President of CEAB and CEO of Hengyi Industries speaks at the ceremony. – BAHYIAH BAKIR
“The setting up of the committee is to streamline the approval process for all FDI projects and also to provide investors with a single point of contact for project implementation,” the deputy minister said.
“We see great potential to attract more investments from Chinese companies as the government of the People’s Republic of China continues to provide great support and incentives to encourage Chinese companies to invest overseas,” he added.
Under the administration of President Xi Jinping, the deputy minister of finance said, “a series of new initiatives are taking place such as the One Belt One Road Initiative, or the 21st Century Maritime Silk Road.
“Brunei Darussalam as one of the countries along the Maritime Silk Road will work closely with China to make the Sultanate as the central point of the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) region to build connectivity between these countries.
“We will also work with our Chinese partners for them to make use of Brunei as the centre for the consolidation of raw materials in the region and also as the centre for manufacturing and distribution of products to countries in the region,” the deputy minister added.
He also highlighted opportunities in Halal food production, agriculture and tourism, hoping that Chinese companies will continue to explore opportunities in the Sultanate.
Dato Paduka Dr Awang Haji Mohd Amin Liew noted that Brunei is working closely with Guangxi Province for projects under the Brunei Guangxi Economic Corridor, and in the coming months there will be increase in exchange of delegations visiting Brunei and Guangxi to work towards the realisation of projects.
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