Brunei To Continue Expanding Economic Cooperation With China

Brunei values China's participation in the country's national development and will continue to expand new areas of trade and investment cooperation, a senior Brunei government official said Tuesday

BANDAR SERI BEGAWAN, (UrduPoint / Pakistan Point News - 18th Sep, 2019 ) :Brunei values China's participation in the country's national development and will continue to expand new areas of trade and investment cooperation, a senior Brunei government official said Tuesday.

Speaking at a meeting hosted by the Chinese mainland-Macao joint investment promotion mission to Brunei, Haji Khairuddin, permanent secretary (Investment) at Brunei's Ministry of Finance and Economy, said that China continues to be one of Brunei's top trading partners and an increasing source of foreign direct investment (FDI).

Khairuddin said this positive trend reflects the importance of trade with China and China's contribution to the Sultanate's economic growth and development.

He said Brunei values China's participation in the development of Brunei's info-communications technology (ICT), roads, ports and bridges as it contributes to employment and sharing of knowledge.

This is in line with Brunei's national vision the Wawasan 2035, in which the Brunei government envisions having a dynamic and resilient economy, filled with diversified economic sectors driven by a strong private sector focused on trade and investment, he said.

To achieve this target, Brunei has identified five priority business clusters to drive its economic growth, namely downstream oil and gas, food, tourism, services and ICT.

"Thus, Brunei Darussalam continues to welcome Chinese trade delegations and explore new areas of cooperation," Khairuddin said.

Chinese Ambassador to Brunei Yu Hong said at the meeting that China now is the largest import market of Brunei and the second largest trading partner.

Fang Qiuchen, chairman of China International Contractors Association said the joint investment promotion mission hoped to create an opportunity for the Chinese enterprises to seek collaboration with the Brunei government and local enterprises.