Foreign Investors Awaiting Green Signal To Come In
By CT Hj Mahmod

Bandar Seri Begawan - The Brunei Economic Development Board (BEDB) has done its part to find potential foreign investors, who are now knocking hard on Brunei's doors.

Now it is up to relevant agencies to give the green signal to use Brunei's reserved energy sources that would virtually open the doors for 13 investors to come in.

"We have to get our acts together as Brunei is gaining momentum to become a potential investment destination," said Mr Lim Hong Him, BEDB's Assistant Chief Executive yesterday.

He said timing is an important factor with UK-based ACI Corporation "waiting right outside Brunei's door" with keen interest to commence construction on the Eastomer project.

The project, using new cryogenic technology, should begin to take shape by the 4th quarter of June 2004, said Mr Lim.

"With the project bringing in US$1.28 billion, it will have a major impact on the spin-off industries," he added.

BEDB is willing to play a matchmaker's role to the local SMEs (small and medium enterprises) by inviting a Thai company to start a joint venture with a local company to produce plastic bags for ACI.

According to Mr Lim, once the Elastomer projeci comes into operation, ACI would need millions of plastic bags. And BEDB, pending ACT's approval, is willing to help a local SME take advantage of the spin-off.

BEDB has done its part in promoting Brunei aggressively to the world market by re-branding the sovereign state as an investment destination, said Mr Lim.

Once investors come in, it will kick-start the nation's plan for economic diversification and generate opportunities for local businesses and create job openings.

BEDB's main responsibility is to only bring in foreign investments to this country, but the implementation process does not fall under its jurisdiction, explained Mr Lim.

Since its announcement last Jan, BEDB has rigorously worked out strategic plans within the first year by signing Memorandum of Understanding with ACI Corporation, Alcoa and Halcrow Group to undertake feasibility study in establishing an aluminium smelting plant and developing Pulau Muara Besar as a global port hub.

The year 2004 is when the implementation process should take place, said Mr Lim and added that he is confident that Brunei will reach its target before the 2008 deadline. -- Courtesy of Borneo Bulletin

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