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Borneo Bulletin Yearbook 2021
MAJOR INVESTMENT INITIATIVES
In a titah delivered at the first National
Development Plan Executive Committee
Meeting at Istana Nurul Iman on September
21, 2020, 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 said all National
Development Plan (RKN) meetings should be
based on thorough research supported by facts
with open discussions, focussing on issues
relevant to socio-economic growth, in addition
to the development of the oil and gas sector.
In the titah, His Majesty said, “I see that
any planning under the upcoming National
Development Plan project, especially the
12
th
National Development Plan will not only
focus on the provision or construction of
infrastructure, but also on projects that can
contribute to ef ciency and productivity.”
In implementing any plan, several factors need
to be taken into account such as the resilience
of the project, its contribution to industrial and
economic development as well as its ability to
stimulate scal resilience of the nation, said
the monarch.
In addition, matters that need to be included
in the planning are to provide employment
opportunities to locals by emphasising on in-
country value and improving skills.
With regards to investment initiatives, the
country’s economy has been boosted by the
full operation of Hengyi Industries Sdn Bhd, a
petrochemical joint venture between Brunei
Darussalam and China.
On September 24, 2020, Minister at the Prime
Minister’s Of ce and Minister of Finance and
Economy II Dato Seri Setia Dr Awang Haji Mohd
Amin Liew bin Abdullah announced that Hengyi
Industries Sdn Bhd was expanding into the
second phase construction of its oil re nery and
petrochemical project at Pulau Muara Besar.
The Hengyi project is now in full swing indicating
an increase in economic growth. The project,
which went into full operation at the end of
2019, gave Brunei’s second quarter (GDP) gross
domestic product growth in 2020 a major boost.
According to the minister, Brunei also has
other projects lined up to diversify the country’s
economy and contribute to higher GDP growth
besides creatingmore employment opportunities.
Meanwhile, the construction of Brunei Shell
Petroleum Company Sdn Bhd (BSP) solar
plant of cially began after a ground-breaking
ceremony on July 10, 2020 at the G11 site on
Jalan Tengah, Seria.