Quality FDIs to boost private sector

Azlan Othman

The Government of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam will continue to explore and promote investment opportunities and activities especially in attracting quality foreign direct investments to speed up the development of the private sector, in order to enhance investment activities in the country.

This was stated by Minister at the Prime Minister’s Office and Minister of Finance and Economy II, Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah while highlighting the first focus of the budget for the financial year of 2020/2021 of enhancing investment activities, during the third day of the Legislative Council (LegCo) meeting yesterday.

In line with efforts to realise the aspirations of economic diversification, an “industry roadmap” is also being put together to provide a conducive industrial ecosystem and increase feasibility and competitiveness of the priority sectors through key strategies and action plans, which include attracting more foreign direct investments (FDIs) to the oil and gas derivatives sector as well as promoting downstream manufacturing using products from existing companies especially Hengyi Industries Sdn Bhd, Brunei Methanol Sdn Bhd (BMC) and Brunei Fertiliser Industries Sdn Bhd (BFI).

Hengyi Industries Sdn Bhd successfully implemented a start-up plant on November 3, 2019 to produce paraxylene products of aromatic crackers. It is an important milestone as it proves that the plant is capable of fabricating as many as 13 types of products, such as petrol, diesel, jet fuel and benzene.

The company has since exported these petrochemical products to 15 countries including Australia, China, Hong Kong, Indonesia, Malaysia, the Philippines, Malaysia, the United States and Vietnam.

As of February 2020, Hengyi Industries Sdn Bhd generated USD1.22 billion in export value while providing jobs to 447 locals.

Meanwhile, BFI is currently in the process of constructing an ammonia and urea production plant which is expected to begin operations in May 2021. The factory will be able to produce 2,200 metric tonnes of ammonia per day, which will be used to produce 3,900 metric tonnes of fertiliser. In terms of job creation, the company currently boasts 33 local staff members and 162 trainees.

Both Hengyi Industries Sdn Bhd and BFI play a key role in changing the economic landscape of the country by expanding and strengthening the value chain of the oil and gas sector.