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INVESTMENT POTENTIAL
The One Belt One Road (OBOR) initiative is an
ambitious project that aims to connect countries
spread across Asia, Africa and Europe. Also
known as the Belt and Road Initiative, the ‘belt’
is a network of roads and railways, whereas the
‘road’ is a network of sea routes. Worth over
USD1 trillion, the project is rapidly expanding
and currently spans over 70 countries, more
than half of the world’s population.
Through this initiative, Brunei Darussalam and
the People’s Republic of China aim to strengthen
bilateral ties, in addition to enhancing regional
connectivity. In April 2019, 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 attended the
second Belt and Road Forum for International
Cooperation in Beijing, China. His Majesty
joined representatives from over 100 countries
and international organisations at the forum
established by China to assist the growth and
expansion of free trades.
During the session, His Majesty highlighted
the need to enhance trade connectivity and
reinforce a stable and transparent multilateral
trading system. This will in return boost
trade linkages and provide business-friendly
environments.
His Majesty encouraged the People’s Republic
of China to explore synergies with other sub-
regional initiatives, the Pan Beibu Gulf and
other regions in China. His Majesty also said
that the increased infrastructure development
in the sub-region can promote growth in agri-
food and natural resource production.
As the host country, China together with
other parties, took stock of what has been
achieved, drew a blueprint and enriched the
vision for future cooperation. Priorities were
identified and cooperation mechanisms will
be strengthened to make concrete progress
towards quality cooperation with a goal to
further enrich the OBOR cooperation.
The importance of the OBOR initiative was
further highlighted in Brunei when Brunei-
China One Belt One Road Association was
established in late 2018, led by Jackson Ting
as the president. At the swearing-in ceremony,
several memorandums of understanding were
signed on cooperation in the field of education,
innovation and technology.
Speaking at the ceremony, the president of the
association shared that the establishment of
the association carries the vision of promoting
Brunei’s
socio-economic
development
through China’s OBOR initiatives. He said the
association’s mission is to establish a platform
that encourages and fosters business, trade,
investments and cultural exchanges between
Brunei and China.
Ambassador of the People’s Republic of China
to Brunei Darussalam Yu Hong on numerous
occasions has stressed on the OBOR initiative’s
significance for the two countries. In a statement
titled ‘Jointly Promote Belt and Road Initiative
for Beautiful Future of China-Brunei Relations’,
the ambassador said that Brunei is an important
link along the ancient maritime Silk Road. The
Chinese government attaches great importance
to the development of its relations with Brunei,
said the ambassador.
Since the establishment of their diplomatic
relations in 1991, China and Brunei have deepened
their political mutual trust. Over the years, the two
countries have supported and collaborated with
each other on regional and international issues. In
2018, the China-Brunei trade volume increased by
86 per cent, the fastest growth among China and
ASEAN countries.
The Hengyi Industries oil refinery and
petrochemical plant at Pulau Muara Besar is
the biggest Chinese investment in Brunei to
date and will contribute to the diversification of
Brunei’s economy, said the ambassador.
In November 2018, President Xi Jinping paid a
state visit to Brunei. China and Brunei pledged
to cooperate to benefit each other’s economy
and citizens, and to further boost bilateral
trade and investment. A memorandum of
understanding was signed to move forward
with the OBOR initiative, signifying the mutual
cooperation between the two countries.
The ambassador said that both countries will
continue to work together towards the OBOR
initiative, developing their bilateral relations
and creating a better future. Brunei also
welcomes more foreign direct investment
interests from China in its efforts to build a
strong and sustainable economy.