Bank of China on board to help drive Brunei’s development goals
WITH the establishment of its first branch in Brunei, Bank of China (Hong Kong) aims to help Sultanate achieve its Vision 2035, especially by assisting efforts to attract foreign direct investment. Economic development can also be boosted by support for small and medium-sized enterprises and stronger economic and trade relations between Brunei and China.
The importance of the bank’s facilitating role was highlighted by Minister of Home Affairs Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong at the opening ceremony of the branch at The Empire Hotel & Country Club yesterday.
“Brunei Darussalam and China have a long tradition of friendship based on mutual respect and understanding. Our bilateral relationship is growing even stronger with a wide range of cooperation including in energy infrastructure, agriculture, fisheries, education and tourism as well as increase in exchange between our people. Today, China is one of Brunei’s largest trading partners,” said the minister, who was guest of honour at the ceremony.
In line with Brunei’s Vision 2035 and China’s “One Belt, One Road” initiative, he said: “There are many more areas of cooperation and common goals that can be explored by our two countries. There are currently nearly 30 Chinese companies in Brunei Darussalam. The total amount of direct investment from China in 2016 has surpassed the total figure from previous years. These investments provide benefits|for local consumers, suppliers, |the community as well as |employees.”
Describing Brunei as “a peaceful land and the green heart of the Asean region with high educational and environmental advantages”, the minister said: “It welcomes foreign investments by providing a good platform and opportunities to access Asean and Islamic markets. This is clearly reflected in our continuous efforts to place Brunei Darussalam as an attractive destination for foreign investors. In 2016, Brunei ranked at 72 in the World Bank’s Ease of Doing Business ranking.”
The minister added: “I am also glad to know that the Bank of China is implementing a strategy to transform Bank of China (Hong Kong) into a competitive regional bank. The opening of the Brunei branch shows its confidence in the future of Brunei and Asean. I look forward to Bank of China (Hong Kong)’s great success in providing more choices to Brunei’s financial market and customers, as well as its unique contribution to the development and prosperity of our nation.”
Chinese ambassador Yang Jian said the relationship between the two countries was excellent, with bilateral cooperation expanding in many fields.
She expressed hope that the Brunei branch of Bank of China (Hong Kong) will provide high quality financial services to Bruneian as well as Chinese enterprises, serve the local society and help further promote economic and trade cooperation between China and Brunei.
