Growing Maritime Business Backs Brunei's Vision As Service Hub

Bandar Seri Begawan - Growing business opportunities in the ports and maritime industries have propelled Brunei's vision to become a service hub in the ASEAN Region.

This was among the topics highlighted at the two-day Second Asean Ports and Shipping Exhibition and Conference held recently in the Sultanate.

At the conference, Brunei's speaker, the President of the Brunei Malay Chamber of Commerce and Industry, Awang Haji Razali, in his capacity as Executive Vice-chairman of the PSA Muara Container Terminal Sdn Bhd, Brunei, briefed the gathering on Brunei's aspiration to become a service hub for trade and tourism - a private sector's perspective.

He said under the Eight National Development Plan, funds have been allocated to build up infrastructure and related activities under both the Ports and Marine Departments.

He went on to say, that the Brunei Economic Development Board (BEDB), which was restructured in the year 2001, has been given the task to explore the potential for developing Pulau Muara Besar into a mega hub port, including value-added services that would complement the overall strategy to diversify the economy through foreign direct investment.

Asia's share of containerised exports is expected to rise by five points from 46 per cent of the world total in 1999, to 51 per cent in 2001. Similarly, containerised imports are expected to rise by a similar percentage from 40 per cent to 44 per cent.

In global container shipping, the forecast this year is for a seven to eight per cent in 2003 and almost nine per cent in 2004, subject to economic conditions in Europe and the United States. -- Courtesy of Radio Television Brunei

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