| Lyna Mohamad |
“AS THE region is moving towards the Asean’s goal of regional economic integration, the Asean Economic Community aims for a single market and production base, a highly competitive economic region, a region of equitable economic development, and a region fully integrated into the global economy,” said the Managing Director of BIBD, Javed Ahmad, as the Acting Managing Director of the Brunei Investment Agency (BIA), Awg Junaidi bin Hj Masri opened the 4th CAIBA Executive Board Meeting and Seminar aimed towards a common goal, which is the future and development of CAIBA.
“The formation of China-Asean Inter-Bank Association (CAIBA) could not have come at a better time and given the complexity and rapid development in the global economy and geopolitics, there is a need for Asean and Asean-China to work closer together to address the upcoming challenges that could arise,” he added as he believes that Asean would continue to grow as a key destination for Chinese corporations venturing overseas.
“These increasing opportunities will serve as the building blocks to help solidify the relationship we have today. We have achieved so much individually, we have crossed borders, challenged other financial institutions decades more experienced than us. Now think of what we could achieve together, collectively.”
Meanwhile, Awg Junaidi said that together, as one association in cohesion and solidarity, CAIBA can be the voice of banks in the region, so that the world will take note of the capabilities and opportunities available.
The opening ceremony was held at the Indera Kayangan Ballroom of The Empire Hotel & Country Club in Jerudong.
At Brunei Darussalam’s hosting of the 16th Asean China Summit last year, Chinese Premier Li Keqiang included the better use of CAIBA within a seven-point proposal on further broadening and deepening cooperation between China and Asean.
“We have reaped a lot from this China-Asean relationship. From 2003 up until last year, Asean’s international trade with China has jumped five-fold from US$78 billion to US$350 billion, making China Asean’s top trading partner,” he added.
On this note, he added that Asean is expected to become China’s largest trading partner where there are exciting prospects which should culminate well in the establishment of the Asean Economic Community later on.
With BIBD being the only full Islamic bank in CAIBA, the Acting Managing Director of BIA hopes the bank would grow its role as a facilitator for non-Muslim countries to tap into the Islamic capital pools in the region and beyond and also, for Muslim countries to tap into the capital pools of non-Muslim countries, which will serve to strengthen ties and promote mutual appreciation and understanding to the benefit of all.
Taking over from China Development Bank as the Presiding Bank of CAIBA, BIBD will hold the position until May 17, 2016 with the Managing Director effectively serving as the Chairman of CAIBA during the two-year period.