ASEAN KEY DESTINATIONS
Brunei sees ninefold surge in China investments
CHINA’S investments in Brunei have rocketed to US$86 million ($116.1m) for the first quarter of this year, representing a roughly ninefold increase compared with the whole of last year’s amount.
Speaking to The Brunei Times, China Ambassador to Brunei Yang Jian (pictured) said Chinese investments in the sultanate reached US$9.6 million ($12.9m) in 2015, which was already an increase of 50 per cent from the previous year.
“China’s direct investment in Brunei made a significant growth, reaching US$86 million (in the first four months of 2016), which is bigger than the accumulated amount over the past years,” she said recently.
The ambassador attributed the growth to two large investment projects that have already started in Brunei.
These projects include Hengyi Industries’ Pulau Muara Besar (PMB) oil refinery project. It was previously reported that construction of seven jetties has started along the southeastern and western shores of the island this month.
Another project that contributed to the increase in Chinese investments is the construction of a welded rounding carbon steel pipe manufacturing facility at the Salambigar Industrial Park by HLDS (B) Sdn Bhd.
Yang said the figures cement China’s status as the biggest foreign investor in the sultanate, and more Chinese businesses are starting to explore investment opportunities here.
“I think Brunei is still a mystery for many Chinese companies as they are more familiar with countries like Malaysia, Singapore and Thailand.
“However, Chinese companies are recently starting to discover Brunei and I have received many business delegations coming into the country to explore the potential of starting up businesses in the sultanate,” she added.
The ambassador said the Chinese embassy will continue to encourage Chinese companies to make more investments in the sultanate and make use of the incentives provided by the Brunei government.
She said efforts made by the Brunei government in streamlining the process of setting up a business have created a business-friendly environment that benefits many investors.
Brunei’s stable political climate and clean environment are also factors that interest potential investors, the envoy added.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below