| Aziz Idris |
THE Islamic Development Bank (IDB) has facilitated an operation between Brunei Darussalam and Malaysia in the area of rice production through the banks’ Reverse Linkage programmes.
This was revealed by the President of IDB Group, Dr Ahmad Mohamed Ali, during a press conference held on the side-lines of yesterday’s IDB Group Day and Regional Lecture Series on Islamic Economics, Finance and Banking.
The IDB Group through its Reverse Linkage programmes plays a catalytic role in exploring economic collaboration between Brunei and other emerging regions such as Africa, Middle East and Central Asia, where Brunei investments can be matched with those of foreign companies wishing to invest in Brunei and for local investors exploring investment opportunities outside Brunei.
“IDB can be of service to Brunei in achieving its food security objectives to attain self-sufficiency in rice production. Since this Reverse Linkage is a win-win situation for both the provider and the recipient countries, I urge Brunei to support this IDB initiative,” he noted.
Dr Ahmad also hopes that another key area where Brunei Darussalam can become a leader in IDB member countries is the Halal industry.
The ‘Halal’ Economy with an estimated market size of US$3-5 trillion, is an attractive proposition for IDB member countries and Brunei Darussalam, who is already among the key players of the Halal economy, he added.
He went on to say that collectively, with Indonesia, Malaysia and other Asean economies, Brunei can lead joint ventures to promote this industry, targeting the huge demand for Halal products in both developed and developing countries.
The IDB Group is providing development assistance to all its 56 member countries and Muslim communities in non-member countries.
The Group has managed to sustain a healthy investment portfolio during the last 40 years, with a cumulative development assistance of US$102 billion for over 8,000 operations; and with a continuous triple ‘A’ ratings from the three global rating agencies for the last 11 years.
“Today, the IDB Group is extending more than US$10 billion annually – as we all know, the real size of the demand from member countries is far much bigger. We could not have done it without the support of our member countries, and we expect more support from them in the coming years,” he said.