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Brunei, China set to expand port cooperation
Updated: Oct 15, 2020
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Brunei's Minister at the Prime Minister's Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah (Dato Dr Amin) expressed optimism that the country can expand port cooperation with China in an interview held by the organizing committee of the 11th Pan-Beibu Gulf Economic Cooperation Forum on Oct 13.
"We hope Brunei and China can conduct more cooperation in areas such as port management, construction, and operation, apart from petrochemistry, agriculture, and fisheries in the future," he said.
Muara Harbor, a deep water port in Brunei, is a major hub for the country's international trade. Dato Dr Amin noted that the harbor's development has been limited by issues with its management and outdated technologies, which has caused the port's working efficiency to be low and the logistics costs to be high.
"The participation of Chinese companies have brought new vitality to Muara Harbor, greatly increasing the port's overall competitiveness," he said.
Brunei and Guangxi signed a memorandum of cooperation for building the Brunei-Guangxi Economic Corridor in 2014, while a joint venture company set up by Beibu Gulf Port Group from Guangxi and a local asset management company from Brunei took over the management of Muara Harbor in July 2018.
"I feel proud to share with you that the port operation efficiency increased by 60 percent and the trade value climbed by 20 percent since July 2018, promoting the development of human capital, as well as offering more employment and business opportunities for the local economy," added Dato Dr Amin.
He noted that the two countries can seek more cooperation in the construction of the new international land-sea trade corridor, as well as that more companies involved in industries spanning food manufacturing, electronic information, modern logistics, and real estate from China can invest in Brunei.
"I believe that the cooperation between the two countries can not only promote cooperation between ASEAN and China, but also make contributions to the construction of the Belt and Road," he added.
