Brunei, China bilateral trade marks strong growth

James Kon

Bilateral trade between Brunei and China from January to October this year regained strong growth reaching USD23.7 billion, exceeding the total trade volume of 2020. This was a record high, said Chinese Ambassador to Brunei Darussalam Yu Hong.

Hengyi Petrochemical has expanded Brunei’s downstream oil and gas industry chain and has become an engine in providing employment opportunities and enhancing Brunei Darussalam’s economic growth. The Guangxi-Brunei Economic Corridor is an important platform of economic cooperation between China and Brunei, she said during the Brunei-China 30th anniversary of Diplomatic Ties People-to-People Exchange yesterday.

The aim is to celebrate the 30th anniversary of diplomatic ties and to foster closer ties between the people of Brunei Darussalam and China through an exchange of personal stories and experiences in one another’s country by representatives of both countries in the past 30 years.

The ambassador also said China appreciates Brunei’s recognition of the one China principle while China also supports Brunei’s role as Chair of ASEAN this year.

Chinese Ambassador to Brunei Darussalam Yu Hong. PHOTO: JAMES KON

The ambassador added, “In addition, China also supports ASEAN’s position in regional cooperation.

“Over the past 30 years the two countries have adhered to mutual benefits and cooperation that benefits both parties.

Cooperation in economics and trade has brought mutual benefits to both countries. In recent years, China has become the largest source of foreign investment and the third largest trading partner in Brunei.

She added the friendship between the countries has developed and strengthened over the past 30 years.

“We also take this 30th anniversary as a new starting point. We will be committed to promoting high quality development through the ‘Belt and Road’ and strengthen China Vision 2035 and Brunei Vision 2035 in strategic alignment, focus on economic recovery after the COVID outbreak, and make new contributions to promote the continued development of bilateral relations, direction and maintain regional peace, stability and prosperity.”