| James Kon |
WITH the establishment of its first branch in the Sultanate, Bank of China (Hong Kong) can help Brunei achieve its Vision 2035, especially by assisting the country’s efforts to attract Foreign Direct Investments (FDIs), developing the local small and medium enterprises (SMEs) and further promoting the bilateral economic and trade relations between Brunei and China.
The significant role the Bank of China (Hong Kong) Brunei branch can play towards economic development of the Sultanate was highlighted by Minister of Home Affairs Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong in his remark as the guest of honour at the opening ceremony of Bank of China (Hong Kong)’s first Brunei 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,” the minister said.
In line with Brunei’s Vision 2035 and China’s ‘One Belt, One Road initiative,’ “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,” he added.
Minister of Home Affairs Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong receives a token of appreciation from Xu Luo De, Executive Vice-President of Bank of China, as Wang Xiao Lin, General Manager of BOCHK Brunei branch, looks on. – PHOTOS: BAHYIAH BAKIR
Brunei, the minister described, “is a peaceful land and the green heart of the Asean region with high educational and environmental advantages. 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.”
Ambassador of the People’s Republic of China to Brunei Darussalam Yang Jian delivering her speech.
Meanwhile, Ambassador of the People’s Republic of China to Brunei Darussalam Yang Jian in her remarks said that the relationship between China and Brunei is 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.
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