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Brunei, China trade to touch US$1b by
2010: Minister Monday, 29 October 2007 BRUNEI and China have committed to strengthening economic partnership to achieve a trade volume of more than US$1 billion by 2010, the sultanate's Communication Minister in a keynote address at the China-Asean Port Development and Cooperation Forum at the Liyuan Resort, International Convention Centre, Nanning yesterday. China is one of the major trade partners of Brunei Darussalam with total imports from China being valued at US$142.7 million in 2006, said Communication Minister, Pehin Orang Kaya Seri Setia Kerna Dato Seri Setia Hj Awg Abu Bakar Hj Apong. The minister said since 2003 there has been regular shipping service between Shanghai and Muara ports via Hong Kong, and hoped for growth in frequency and container volume. With the development of China's coastal port in the south-west region, there an opportunity for Brunei to promote trade and tourism between both countries as well as being part of the Pan Beibu Gulf Economic Cooperation, said the minister. The minister presented before the forum participants Brunei's Pulau Muara Besar project. As part of the national diversification plan, the minister said the Brunei Government was looking to establish an international shipping affiliate towards the formation of a consortium. The development of an export processing zone is also proposed to accommodate industries which include aluminum smelting, halal food distribution, oil refinery, logistics and many more, said the minister, adding this means more opportunities for SMEs to support ports operations as well as employment opportunities. The minister welcomed the foreign investors, shipping liners, port operators to form joint consortium or the establishment of sister port relationships. In a press conference with the media, the minister said China's participation in developing Brunei's infrastructure would be beneficial. With a number of projects in the pipeline that China may take on, this would result in the creation of accessibility and movement of people and cargoes around Brunei-Indonesia-Malaysia- Philippines East Asian Growth Area (Bimp-Eaga) region and beyond When asked about Brunei's investment in China coastal ports, the minister said the sultanate would encourage the private sector in the areas of forwarders, shipping, logistics service providers to form alliances and cooperation with their Chinese counterparts. The forum was attended by, leaders of ports and harbour sectors, representatives from enterprises, private agencies, experts and scholars to exchange views on regional port cooperation and logistics, development of strategy and financing of ports. Link: http://www.bt.com.bn/en/node/23659/print |
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