27.06.14 Signing Investment

Brunei Darussalam yesterday has made a historical mark in investment when a memorandum of understanding was signed with a major company from the Republic of Korea. Dongyang Gangchul Company Limited is the latest foreign company to select Brunei Darussalam as an investment destination. The company will invest US$107 involving the construction of an aluminium producing factory to be carried out in 3 phases.

The signing took place yesterday morning at the Polo and Riding Club in Jerudong.  Signing on behalf of the Brunei Economic Development Board, BEDB was the Deputy Permanent Secretary at the Prime Minister’s Office, Doctor Haji Abdul Manaf bin Haji Metussin as the Chief Executive Officer of BEDB, while Dongyang Gangchul was represented by its Chairman, Do Bong Park.

Under the agreement, the company involved is responsible for the construction and development of aluminium production in the country. Meanwhile for BEDB, the signing will be a measurement of how Brunei Darussalam will be able to stabilise the country’s economy apart from depending on the oil and gas export resource and hopes that the country will be a world class competitive aluminium producer.

The signing was witnessed by the Deputy Minister at the Prime Minister’s Office, Dato Paduka Awang Haji Ali bin Haji Apong as the chairman of the Brunei Economic Development Board, BEDB. According to Dato Paduka Awang Haji Ali, the Korean investment will further increase the number of foreign investment in the country. Since 2010, DEBD and other agencies have signed a number of investment project agreements among them from Japan, China and Canada. All these projects are able to provide more than 2,000 employment opportunities for locals.

The Deputy Permanent Secretary at the Prime Minister’s Office, Doctor Haji Abdul Manaf, said the latest investment will provide job opportunities for locals and that this shows the confidence of investors in the country to help in promoting and diversify the country’s economy. BEDB will continue its efforts to attract more foreign investment in the country especially in the non-oil sector. The project will provide 560 job opportunities in skilled works.

The aluminium factory will be built on the 30 hectare site at the Bukit Panggal Industrial Park in the Tutong District. It is expected to produce 120,000 tonnes of billet casting and 48,000 tonnes of metal each year for export.

According to the Chairman of Dongyang Gangchul Company Limited, Do Bong Park, the importance of the investment is not only for resource exchange but is also for high-technology transfer based on stable political and economic environment in Brunei, they have contacted the Brunei Economic Development Board BEDB and invited them to the Korean and Vietnam factories. During their visit, they will build trust with BEDB and eventually, BEDB suggested the investment to Brunei Darussalam and due to the country’s significant support and cooperation, they have decided to invest in the country.

News courtesy of Radio Television Brunei
Photo courtesy of InfoFoto

Related posts