Brunei, China eye better trade
Thursday, June 21, 2007
b>In three years, trade volume targeted at US$1 billion
BRUNEI DARUSSALAM'S trade with China looks set to grow as the sultanate aims for US$1 billion in trade volume in three years.
In 2006, trade volume between the two countries reached $500 million (about US$315 million), a year-on-year rise of 20.7 per cent, a feat officials also hope to see this year.
The US$1 billion target was set by the two countries during His Majesty's official visit to China in September 2004.
Major exports from China to Brunei include food, textile, construction materials and ICT products, while crude oil is Brunei's major export to China. Cooperation in the energy field constitutes a major pillar of relations between the two countries.
The Ministry of Industry and Primary Resources' acting trade and industry promotion unit chief, Mariani Sabtu, said that apart from oil and gas, Brunei must look at other areas which the sultanate should explore to meet the trade target.
"We need to focus on what we can offer the Chinese market, we can't compete with the usual market masters, we need to find our niche," said Mariani at the Asean-China People-to-People friendship conference here yesterday.
She said the agriculture sector is a possible area of cooperation, particularly in terms of research and development and technology development.
The senior officer said that China had recently showed interest in the sultanate's shrimp farming.
She said that the sultanate had recently produced specific pathogen-free shrimp, with China outlining a huge area of land dedicated for shrimp farming.
"In China there are huge areas dedicated for shrimp farming and this is one prospective area of collaboration," she said.
She also pointed out that there is a huge Muslim market in China, which can be tapped for Brunei's global halal brand.
Brunei's food products can be exported to China to cater to some 20 million Muslims in the country. There is also opportunity for Bruneians to take advantage of China's raw materials to produce Chinese-made halal foods.
Ang Ju Ming from the Brunei China Friendship Association said that a memorandum has been signed for halal products, with packaging done in China.
He said there will be further negotiations for halal certification to be provided by Brunei officials. He said China also hopes to expand trade in the service industry, as well as seek investment opportunities in the fisheries and farming sectors.
The Brunei Times
BRUNEI DARUSSALAM'S trade with China looks set to grow as the sultanate aims for US$1 billion in trade volume in three years.
In 2006, trade volume between the two countries reached $500 million (about US$315 million), a year-on-year rise of 20.7 per cent, a feat officials also hope to see this year.
The US$1 billion target was set by the two countries during His Majesty's official visit to China in September 2004.
Major exports from China to Brunei include food, textile, construction materials and ICT products, while crude oil is Brunei's major export to China. Cooperation in the energy field constitutes a major pillar of relations between the two countries.
The Ministry of Industry and Primary Resources' acting trade and industry promotion unit chief, Mariani Sabtu, said that apart from oil and gas, Brunei must look at other areas which the sultanate should explore to meet the trade target.
"We need to focus on what we can offer the Chinese market, we can't compete with the usual market masters, we need to find our niche," said Mariani at the Asean-China People-to-People friendship conference here yesterday.
She said the agriculture sector is a possible area of cooperation, particularly in terms of research and development and technology development.
The senior officer said that China had recently showed interest in the sultanate's shrimp farming.
She said that the sultanate had recently produced specific pathogen-free shrimp, with China outlining a huge area of land dedicated for shrimp farming.
"In China there are huge areas dedicated for shrimp farming and this is one prospective area of collaboration," she said.
She also pointed out that there is a huge Muslim market in China, which can be tapped for Brunei's global halal brand.
Brunei's food products can be exported to China to cater to some 20 million Muslims in the country. There is also opportunity for Bruneians to take advantage of China's raw materials to produce Chinese-made halal foods.
Ang Ju Ming from the Brunei China Friendship Association said that a memorandum has been signed for halal products, with packaging done in China.
He said there will be further negotiations for halal certification to be provided by Brunei officials. He said China also hopes to expand trade in the service industry, as well as seek investment opportunities in the fisheries and farming sectors.
The Brunei Times
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