ASEAN KEY DESTINATIONS
More US firms eyeing to invest in Brunei
AMERICAN companies are looking at Brunei with renewed perspective as both countries work towards ratifying the Trans-Pacific Partnership (TPP) agreement which will give a different level of economic interaction between the two countries.
US Ambassador to Brunei Craig Allen said over 120 US companies have enjoyed a strong presence in Brunei dealing in various forms of business such as supply, franchising and direct investment.
“There are a good number of US companies that are looking at Brunei in a fresh way because of the TPP. I think that they are evaluating the economic benefits, costs and regulatory structure whether to make long-term investment in Brunei,” he said following a forum on business and technology organised by Concepts Technologies.
He said the TPP will become a channel for increased economic activity for member countries.
The US Embassy has been working to communicate these opportunities in Brunei in part so that US companies will understand the real opportunities in the sultanate.
“As we look at ratification of TPP both in US and Brunei, a lot of companies will be evaluating their businesses over the long-term and look for good partners,” he said.
Allen said there has been lively activity when it comes to American business in Brunei with US companies opening in the country on a monthly basis.
“We know this through the number of invitations we get to attend the opening of US companies,” he said.
On a regional level, Allen said the US is seeking better methods to integrate American companies into 10 ASEAN member countries.
He said ASEAN has been a strong source of growth for US companies and this is expected to develop even further with the establishment of the US- ASEAN Connect initiative.
The initiative, which was launched in February 2016 during the Special US-ASEAN Summit in California, will help US and ASEAN businesses to identify potential opportunities under the TPP and the ASEAN Economic Community.
A connect centre has been established in Jakarta. Similat centres will also be set up in Singapore and Bangkok.
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