Brunei seeks investments in maritime sector

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The small sultanate of Brunei, grappling with low oil and prices in an economy heavily concentrated on hydrocarbon exports, is now opening its maritime and shipping sector in a move to entice foreign investors to participate in the sector.

According to Borneo Bulletin, the government is “trying to open up the industry” by tasking the Maritime and Port Authority with liberalising the sector and increasing maritime activities in the country together with new partners. This should bring more foreign direct investment to develop this sector.

The move follows the first such investment when in February a Chinese shipping company set up a joint venture to operate the Muara Container Terminal following the establishment of the Brunei-Guangxi Economic Corridor. This led to a 25-per cent increase in container handling at the terminal.

The paper quoted Brunei’s communication minister as saying that he saw “further potential” in the country’s maritime industry.

“We have a lot of opportunities, but what is important is to establish the connectivity with various countries, especially the shipping connectivity and taking advantage of what’s going on in the region at the moment, especially with the development of shipping in the region within ASEAN and Asia-Pacific as a whole,” the minister said.

 

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Reading Time: 1 minute

The small sultanate of Brunei, grappling with low oil and prices in an economy heavily concentrated on hydrocarbon exports, is now opening its maritime and shipping sector in a move to entice foreign investors to participate in the sector.

Reading Time: 1 minute

The small sultanate of Brunei, grappling with low oil and prices in an economy heavily concentrated on hydrocarbon exports, is now opening its maritime and shipping sector in a move to entice foreign investors to participate in the sector.

According to Borneo Bulletin, the government is “trying to open up the industry” by tasking the Maritime and Port Authority with liberalising the sector and increasing maritime activities in the country together with new partners. This should bring more foreign direct investment to develop this sector.

The move follows the first such investment when in February a Chinese shipping company set up a joint venture to operate the Muara Container Terminal following the establishment of the Brunei-Guangxi Economic Corridor. This led to a 25-per cent increase in container handling at the terminal.

The paper quoted Brunei’s communication minister as saying that he saw “further potential” in the country’s maritime industry.

“We have a lot of opportunities, but what is important is to establish the connectivity with various countries, especially the shipping connectivity and taking advantage of what’s going on in the region at the moment, especially with the development of shipping in the region within ASEAN and Asia-Pacific as a whole,” the minister said.

 

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