Hengyi expanding into Phase 2

Azlan Othman

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah announced that Hengyi Industries Sdn Bhd in Pulau Muara Besar is expanding into Phase 2.

“However there are still issues to be sorted out before we can move on to Phase 2 of the expansion. Fortunately, we are quite close to it. The scale of Phase 2 is larger and will contribute significantly to the country’s gross domestic product (GDP).

“We also have other projects lined up to diversify the country’s economy and contribute to higher GDP growth besides creating more employment for locals,” the minister said at a press conference yesterday. The first phase has a total investment of over USD3 billion.

Dato Seri Setia Dr Awang Haji Mohd Amin Liew added that Hengyi downstream project that had gone into full operation at the end of last year gave the second quarter’s (Q2) GDP growth a major boost.

“Hengyi project is now in full swing indicating an increase in our economic growth.” The minister added that there has also been growth in the non-oil and gas sector like agriculture but the services sector has declined.

Last week, the Department of Economic Planning and Statistics said in the second quarter of this year, Brunei’s GDP at current prices was estimated at BND4 billion.

The oil and gas sector, comprising oil and gas mining and manufacturing of liquefied natural gas (LNG), was valued at BND1.9 billion which accounted for 46.8 per cent of the total gross value added (GVA). Meanwhile, non-oil and gas sector, including downstream activities such as the manufacturing of petroleum and chemical products, contributed 53.2 per cent with a GVA of BND 2.1 billion.

At constant prices, GDP recorded a positive growth of 2.8 per cent year-on-year in Q2 2020. The growth was contributed by the increase in the non-oil and gas sector by 8.1 per cent. Meanwhile, the oil and gas sector recorded a decrease of 1.3 per cent.

Dato Seri Setia Dr Awang Haji Mohd Amin Liew said, “We have seen job created during COVID-19 pandemic through the JobCentre Brunei. Until today, 4,500 jobs have been created in which 2,300 job seekers have been recruited and another 2,200 jobs are still available for unemployed locals. I encourage unemployed locals to take this opportunity to find jobs.”