BANDAR SERI BEGAWAN – The memorandum of understanding (MoU) to be signed between the Malaysian Investment Development Authority (Mida) and Brunei Investment Agency (BIA) tomorrow is expected to boost economic growth for both Malaysia and Brunei.
Malaysian Foreign Minister Datuk Seri Zambry Abdul Kadir said among the economic sectors in both nations that will benefit from the MoU include digital economy, oil and gas, smart manufacturing, artificial intelligence, smart agriculture, tourism, as well as food and beverages (F&B).
“This (the MoU signing) is a very significant understanding in the framework of trade relations through (the relevant) agencies involved.
“(The International Trade and Industry Ministry) and other investment agencies will be planning to ensure that both parties can cooperate steadily, looking at new aspects of business, which (in turn) will stimulate economic growth,” he told reporters here during a press conference today.
A potential joint investment with Brunei for the halal F&B industry, he stressed, would allow both countries to tap a significant share of the global Muslim population, which stands at close to 2 billion people.
“As such, this (the MoU) will open a new page for both countries and positively impact the production of halal food in terms of quality and certification.
“Malaysia and Brunei are among the most respected countries in terms of halal food quality and halal product certification.
“We will venture more into the halal industry. With initial suggestions, both countries will find new space to expand its growth,” he said.
Zambry, having earlier met Brunei’s Second Foreign Affairs Minister Erywan Mohd Yusof during a four-eyed meeting yesterday, also discussed several matters including an upcoming annual leaders’ consultation (ALC) between both countries in Malaysia.
“We discussed efforts to strengthen the bilateral ties between both countries. Through the ALC, there would be several meetings between leaders and senior officers from both countries involving exchanging of letters.
“These include matters that have been mutually agreed upon, which will touch on trade among others,” he said.
The meeting, he said, also touched on Asean affairs including state relations and joint action among member states, such as regarding the regional bloc’s stand on Myanmar.
“This included the five-point consensus in ensuring that the democratic process can be implemented in Myanmar, as well as cooperation under the Asean context,” he said.
The cooperation at the Asean level, he opined, will give both countries an advantage.
“I am sure that Brunei will see cooperation at the regional level will add value and overcome the economic gap,” he added.
Prime Minister Datuk Seri Anwar Ibrahim is set to embark on a two-day official visit to Brunei today in an effort to further enhance bilateral ties and trade with Malaysia’s Asean partner.
Anwar will be seeking an audience with Sultan of Brunei Sultan Hassanal Bolkiah tomorrow, followed by a four-eyed meeting and royal luncheon at Istana Nurul Iman.
Following the audience, the sultan and Anwar will witness the memorandum of understanding ceremony between the Mida and BIA, before departing back to Malaysia in the evening.
In 2022, Brunei was Malaysia’s 26th-largest trading partner and the sixth-largest in Asean, with total trade worth RM13.2 billion. – The Vibes, January 24, 2023
