Brunei seeks investments in maritime sector

Brunei seeks investments in maritime sectorThe 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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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...

Brunei seeks investments in maritime sectorThe 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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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
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Donation Total: $10.00

 

 

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