Brunei sees great potential for more economic cooperation from China: deputy minister

Brunei is looking forward to more economic cooperation from China and other countries in the world, so as to diversify the oil-rich sultanate's economy from hydrocarbon industries, a senior government official told Xinhua Monday morning.

Dato Mohd Amin Liew (L), Brunei's Deputy Minister of Finance, meets with Wang Xiaolin, the head of Bank of China (Hong Kong) Limited (BOCHK) Brunei Branch Preparatory Team, in Bandar Seri Begawan, capital of Brunei, Nov. 7, 2016.(APD/Jeffrey Wong)

During an exclusive interview with Xinhua at his office, Dato Mohd Amin Liew, Brunei's Deputy Minister of Finance said that Brunei expected closer economic cooperation with China.

Amin Liew, also the Chairman of the Brunei Economic Development Board, said that Brunei was pushing to attract more foreign direct investment (FDI) from outside to march towards a more diversified economy under the circumstance of low oil price.

"We have been working to introduce more FDI from China since the 13th China-ASEAN Expo in Nanning this September. At current stage, we have gotten a good momentum for more FDI with our Chinese partners, and to materialize the signed agreements for further economic cooperation will be our priority in the next stage," Amin Liew said on the sideline of a meeting with Bank of China (Hong Kong) Limited (BOCHK) Brunei Branch Preparatory Team.

Dato Mohd Amin Liew (R), Brunei's Deputy Minister of Finance, and Wang Xiaolin, the head of Bank of China (Hong Kong) Limited (BOCHK) Brunei Branch Preparatory Team pose for a photo in Bandar Seri Begawan, capital of Brunei, Nov. 7, 2016.(APD/Jeffrey Wong)

He added that Brunei government has set up an inter-ministry committee to facilitate foreign companies' investment in the country.

"The committee has five ministers and two deputy ministers. We are hoping to make the FDI introducing process more streamlined and faster," he said.

Wang Xiaolin, the head of BOCHK Brunei Branch Preparatory Team said that BOCHK Brunei Branch will give full support to the country's economic diversification strategy and small and medium-sized enterprises promotion plan.

(APD)