BBYB 2021

INVESTMENT POTENTIAL

During President Xi Jinping’s state visit to Brunei

in 2018, the two sides signed a cooperation plan

on BRI. In April 2019, His Majesty attended the

Second Belt and Road Forum for International

Cooperation. “The two leaders reached consensus

on strengthening cooperation,” the envoy

highlighted.

In addition, she af rmed that the communication

mechanisms between the two countries have

constantly been improved. “In January 2020, the

inaugural meeting of the Joint Steering Committee

between China and Brunei Darussalam was held

in Beijing.

“In March, Chinese State Councillor and Foreign

Minister Wang Yi had a phone call with Minister

of Foreign Affairs II of Brunei DarussalamDato Seri

Setia Awang Haji Erywan bin Pehin Datu Pekerma

Jaya Haji Mohd Yusof, and both sides exchanged

views on deepening cooperation in the context

of the epidemic. Under the framework of China-

ASEAN cooperation, ministerial-level mechanisms

in areas such as trade, communication and health

have played an active role in promoting economic

recovery,” she said.

Connectivity cooperation between the two sides

has also been enhanced. Direct ights between

the two capitals were launched, and China

supports Brunei’s vision to turn Muara Port into

a development hub of the Brunei-Indonesia-

Malaysia-Philippines East ASEAN Growth Area

(BIMP-EAGA).

China hopes to work closely with Brunei to

promote the Guangxi-Brunei Economic Corridor as

a dual demonstration project for China-BIMP-EAGA

cooperation and the New Land-Sea Corridor.

Chinese companies have been actively

participating

Brunei’s

infrastructure

construction, contributing to the improvement

of local connectivity. These projects include the

Pulau Muara Besar Bridge, the Telisai-Lumut

Highway and the Ulu Tutong Dam, among others.

The Sultan Haji Omar ‘Ali Saifuddien Bridge, the

longest cross-sea bridge in Southeast Asia and

co-constructed by one Chinese company, has

become a new symbol of Brunei’s modernisation.

In terms of trade and investment between the

two sides, the ambassador noted that there has

been a signi cant increase.

Despite the impact of COVID-19 pandemic,

the trade volume between Brunei and China

increased by 95.2 per cent year-on-year in the

rst nine months of 2020. The full operation

of major projects such as Hengyi Pulau Muara

Besar and Muara Port has contributed not only to

the expansion of the downstream petrochemical

industry, but also to the improvement of port

operation ef ciency, as well as the increase in

local employment.

The bilateral nancial integration channel

has also been widening. Brunei is one of the

founding nations of the Asian Infrastructure

Investment Bank (AIIB). In 2016, Bank of China

established a branch in Brunei, offering its

excellent nancial services to promote Brunei’s

economic development.

To accelerate the integrated construction of

the regional economy, China has set up China-

ASEAN Investment Cooperation Fund, and

earmarked a special fund for China-BIMP-EAGA

cooperation. The ambassador highlighted, “The

mutual understanding between the people’s of

both countries has been deepening. In 2019,

the number of Chinese tourists visiting Brunei

has reached 74,511, making China Brunei’s

second largest source of foreign tourists. During

the pandemic, the two people’s helped and

supported each other, further deepening the

friendship. With the joint efforts of China and

Brunei, the BRI has been blossoming over the

years, promoting the development of China-

Brunei relations.”

Meanwhile, 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 during the Economic Forum

‘Mutual Support & Overcoming Challenges

Together’ organised by the Chinese Enterprises

Association in Brunei (CEAB) in October 2020

commended the CEAB for providing training to

ensure Brunei’s workforce is job-ready and well-

equipped with industry skills.

He also thanked CEAB members for providing

business opportunities to the local micro, small

and medium enterprises and job opportunities to

local Bruneians. The economic forum was held at

the Bank of China (Hong Kong) Brunei Branch in

Kampong Kiarong.

The OBOR initiative will continue to play a

signi cant role in the bilateral relationship in

2021 when China and Brunei celebrate the 30

anniversary of the establishment of diplomatic

relations.