Trade, Investment on Agenda of Visiting Brunei Delegation


Trade, investment on agenda of visiting Brunei delegation
byTimes News Service | January 17, 2015 , 6 : 01 pm GST    


Sheikh Ali Al Balushi, acting deputy chairman of Ithraa, said that following the visit to Brunei in April 2014, Ithraa is looking to strengthen trade and investment ties with Brunei. Photo - Supplied


Muscat: Ithraa will host a Brunei trade delegation headed by DatoPaduka Haji Ali Haji Apong, deputy minister, Prime Minister's Office and chairman of Brunei's Economic Development Board (BEDB), on Monday.

Topics on the agenda include ways of increasing trade and investment links particularly in the oil and gas, and food and beverage sectors as well as opportunities open to Omani businesses looking to improve commercial ties with Brunei and further penetrate the growing Asean (Association of Southeast Asian Nations) market.

Sheikh Ali Al Balushi, acting deputy chairman of Ithraa said:"Following on from our visit to Brunei in April 2014, we are looking to strengthen trade and investment ties with Brunei, an economy that is at the heart of one of the fastest growing regional economies in the world. Indeed, it provides an excellent regional base for Omani companies looking to expand beyond Brunei's domestic market."

Brunei's economy is dominated by the oil and gas sector, which provides over 60 per cent of GDP and over 90 per cent of foreign exports. While developing the downstream side of oil and gas, the Brunei government is also actively encouraging economic diversification, including the development of a knowledge economy.

"Ithraa's fully committed to opening new markets for Omani businesses in Southeast Asia, which we know will sustain and create local jobs and prosperity. During our trip to Brunei last year, we saw the potential that exists within this emerging market. For instance, Brunei's manufacturing sector has the potential to develop new industries both within and beyond the oil and gas industry not only through the utilisation of its rich biodiversity and natural resources but also its strategic location in the Asean region. In this regard, there are certainly opportunities for Omani companies to explore," commented Faris Al Farsi director-general of Investment, Ithraa.

Brunei's Economic Development Board is particularly interested in the food industry and is looking to attract major food and food ingredients companies into the country for exports. Brunei also has the potential to establish Research and Development centres for the development of innovative nutritional products through the utilisation of authentic local food ingredients that can lead to the manufacturing and processing of customised food products for global markets.

With approximately 600 million consumers, a growing middle class and abundant natural resources, Southeast Asia is a region of significant and growing economic interest to many Omani businesses.
 
Courtesy of The Times of Oman

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