Investment Seminar In Tokyo

Bandar Seri Begawan - The Brunei Investment Seminar held on 28 February, received an overwhelming response from the Japanese business community. The seminar, aimed at promoting awareness about new investment opportunities in Brunei Darussalam, was organised by the Brunei Economic Development Board (BEDB) and the Ministry of Foreign Affairs and Trade (MOFAT) with the strong support from the Asean Japan Centre (AJC) and the Japan Brunei Friendship Association (JBFA).

Dato Paduka Timothy Ong, Acting Chairman of BEDB in his welcoming remarks at the start of the seminar said that Brunei Darussalam is expanding and diversifying its economy and this has created new business opportunities for foreign investors.

He also highlighted the three major waves of investment in the Brunei economy in the last 100 years, which have created different economic opportunities for foreign investors as well as employment and business opportunities for the people of Brunei Darussalam.

The first wave took place in 1929 when oil was discovered in Seria that led to the establishment of the oil and gas exploration and production industry in Brunei. It also created a successful partnership between an international company, Shell and the Brunei government.

The second wave took place in 1972 when Brunei started to produce and export LNG mostly to Japan. The venture was also as a result of a successful partnership between global companies like Shell and Mitsubishi Corporation and the Brunei government.

Today, Brunei Darussalam is embarking on the third wave of investment- the establishment of a world class methanol plant that has created another partnership between Japanese companies, Mitsubishi Gas Chemicals, Itochu Corporation and the Brunei government through its national oil company, PetroleumBRUNEL

The third wave also presents new opportunities for downstream industries like ammonia and methanol derivatives and spin off industries.

Beyond oil and gas, Brunei Darussalam is looking into other opportunities such as renewable energy, ICT, aquaculture, waste management, nature-based industries, and Islamic business such as halal products, port development and eco-tourism.

In his keynote address at the seminar, Dato Paduka Haji Hamdillah, Deputy Minister of Industry and Primary Resources spoke about the country's commitment to the Heart of Borneo project.

He said 70% of the country's forested area has been committed to the tri-country initiative which also includes Malaysia and Indonesia. He welcomed Japanese tourists to visit Brunei and experience for themselves the greenery and uniqueness of Brunei as well as the hospitality of its people.

The investment seminar was held in Japan for several reasons. Brunei Darussalam enjoys a long-standing successful economic partnership with Japan as her main trading partner and investor. Brunei Darussalam currently exports 7% of its crude oil and 88% of its LNG to Japan. The 20-year LNG export contract which started in 1972 has since been extended to 2013. Japan considers Brunei Darussalam as a preferred and reliable LNG supplier.

Japan, on the other hand with its cutting-edge technology has a lot to offer and can assist in the development of special skills and experience for Bruneians, in terms of technology transfer, creating new employment opportunities as well as developing SMEs businesses and other spin off industries in Brunei Darussalam.

Participants of the seminar also heard first hand experience from the latest Japanese investor to join the Brunei industrial development, Mitsubishi Gas Chemical. Its Senior Managing Executive Officer, Mr Shoji Uematsu stated that MGC considers the Brunei package such as stable political and economic condition, well-educated people, tax holiday for pioneer industries, competitive gas prices, long-term stable supply of natural resources, industrial site preparations, supply of utility services and shipping facility arrangements as very attractive. Brunei Darussalam's strategic location also provides greater accessibility for their products to the growing Asian market and the western part of North America.

On the 29th February, the Brunei delegation comprising Dato Paduka Haji Hamdillah, Deputy Minister of Industry and Primary Resources, Dato Paduka Timothy Ong, Acting Chairman of BEDS and Yang Amat Mulia Pengiran Kerma Raja Pengiran Haji Kamarulzaman bin Pengiran Pekerma Setia Diraja Sahibul Bandar Pengiran Haji Ali, Chairman of Sungai Liang Authority visited the Mitsubishi Gas Chemical (MGC) plant at Niigata, the site for Japan's first methanol production plant which also accommodates the ammonia/ urea and their derivatives plants. The company, established in 1951 was the first in Japan to start methanol production from natural gas.

MGC is in collaboration with the Brunei government in the setting up of the country's first methanol plant at the Sungai

Liang Industrial Park and holds a 5U per cent share in the Brunei Methanol Company (BMC), a consortium set up together with another Japanese company, Itochu Corporation and Brunei's national oil company, PetroleumBRUNEI. When fully operational in 2010, the plant will be capable of producing up to 850,000 metric tonnes of methanol per year. (BEDB Press Release) -- Courtesy of Borneo Bulletin

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