A TIME TO SHARE
TBY talks to His Royal Highness Prince Mohamed Bolkiah, Minister of Foreign Affairs and Trade of Brunei Darussalam, on the close ties his nation has with the Sultanate of Oman, and the potential for joint investments.
BIOGRAPHY
HRH Prince Mohamed Bolkiah is a member of the Royal Family of Brunei Darussalam, and is the brother of His Majesty the Sultan. Following the independence of Brunei Darussalam in 1984, HRH Prince Mohamed Bolkiah was appointed Minister of Foreign Affairs of Brunei Darussalam. In August 2005, the Trade Department joined the Ministry of Foreign Affairs, forming the Ministry of Foreign Affairs and Trade. As a result, HRH Prince Mohamed Bolkiah became the Minister of Foreign Affairs and Trade, and he has held this office since that time.According to Brunei's foreign policy, can you elaborate on the importance of the Sultanate of Oman?
We enjoy very friendly relations at the government level through our embassies in Bandar Seri Begawan and Muscat. We also meet regularly at the UN and the Non-Aligned Movement meetings, and also as members of the Organization of the Islamic Conference (OIC) and ASEAN-GCC. The most important are our Bilateral Consultative Meetings, which are held in alternate years. Cooperation between us covers defense, education, health, and cultural affairs. We continue to explore opportunities to strengthen relations.
How would you assess the current and future relationship between Brunei and Oman?
It is increasing in scope. We have had regular high level and senior officials' exchanges. These have given us the chance to meet and create opportunities for cooperation. Ideas are discussed at meetings and many of them have been implemented, especially in education, where we have both offered scholarships to students. A group of secondary students made an initial study to visit Oman a few years ago, and now we are hoping to have more Omani students in University Brunei Darussalam (UBD). So, all in all, I believe we have a very positive future with Oman, especially as our trade relations are steadily growing.
What makes Brunei an appealing destination for Omani Investment?
Brunei and Oman have maintained a strong cooperation in investment over the past several years; the Oman-Brunei Investment Company LLC, Renna Mobile, and Kempinski Hotel. Meanwhile, an Omani IT Company, Bahwan Cybertek, invested in a joint venture with TelBru, a local telecommunication company, in 2012 providing domestic and regional call center services. With the recent visit of a delegation from Oman focusing on seeking investment opportunities with Brunei, a number of new investment opportunities were identified in various industries including the upstream and downstream oil and gas sectors, halal food and beverage, banking and finance. These investments need not to be limited to either in Oman or Brunei, but could also be extended to joint investment in third countries. Total trade between Brunei and Oman in 2013 amounted to just under BND2 million (approximately $1.6 million). Brunei exports to Oman fall under the category of “works of art, collector's pieces, and antiques," while Oman exports goods under the category of “miscellaneous manufactured articles." From an economic perspective, both countries can be characterized as being very dependent on oil and gas exports, which consequently leads to a strong drive toward economic diversification.
An Omani trade delegation has recently visited Brunei: what is the importance of this event, and how did it strengthen the relation between the two countries?
It was important. It confirmed our confidence in the potential for trade cooperation and encourages more business communities in both countries to consider new areas in which we can work together. During the visit, Oman encouraged Brunei to invest in its free economic zone, such as in Duqm. Likewise, Brunei took the opportunity to attract Omani investment. Apart from two-way investment, both sides were also looking at possibilities for a joint investment in Brunei, Oman, or in other countries. The willingness of both sides to work together, share experiences, and offer expertise, will strengthen existing relations.
What areas of bilateral trade have the most potential for growth?
Brunei and Oman share many political and economic aims. We are both oil and gas producing countries, and have the ultimate aim to diversify our economies. I think we can work very well together in sectors such as “downstream" industries, agribusiness, Islamic finance, tourism, and halal branding. One way of doing this is by expanding the investment opportunities through the Oman Brunei Investment Company (OBIC), which was set up five years ago.
A TIME TO SHARE
TABLE OF CONTENTS
Interview
HE Yusuf Bin Alawi Bin Abdullah, Minister Responsible for Foreign Affairs, Sultanate of Oman
TBY talks to HE Yusuf Bin Alawi Bin Abdullah, Minister Responsible for Foreign Affairs of the Sultanate of Oman, on the skillful use of diplomacy to promote peace and security throughout the region and beyond.
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His Royal Highness Prince Mohamed Bolkiah, Minister of Foreign Affairs and Trade, Brunei Darussalam
TBY talks to His Royal Highness Prince Mohamed Bolkiah, Minister of Foreign Affairs and Trade of Brunei Darussalam, on the close ties his nation has with the Sultanate of Oman, and the potential for joint investments.
read articleGuest Speaker
HE Seán Sherlock, Minister of State Development, Trade Promotion, & North-South Co-operation, Republic of Ireland
TBY talks to HE Seán Sherlock, Minister of State Development, Trade Promotion, & North-South Co-operation of Ireland, on bilateral agreements, investment opportunities, and relations between the two states.
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HE Dr. Mohammad Bin Al Zubair, Advisor to His Majesty Sultan Qaboos bin Said for Economic Planning Affairs, Sultanate of Oman
TBY talks to HE Dr. Mohammad Bin Al Zubair, Advisor to His Majesty Sultan Qaboos bin Said for Economic Planning Affairs, on economic diversification, Omanization, and SMEs.
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Hilal bin Hamad Al Hasani, CEO, Public Establishment for Industrial Estates (PEIE)
TBY talks to Hilal bin Hamad Al Hasani, CEO of the Public Establishment for Industrial Estates (PEIE), on attracting investment, supporting local development, and establishing new opportunities.
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HE Said bin Hamdoon bin Saif Al Harthy, Undersecretary, Ports and Maritime Affairs
TBY talks to HE Said bin Hamdoon bin Saif Al Harthy, Undersecretary of Ports and Maritime Affairs, on the important role that the Sultanate's maritime industry is playing in promoting trade and economic activity.
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HE Yahya Said Abdullah Al Jabri, Chairman, Special Economic Zone Authority at Duqm (SEZAD)
TBY talks to HE Yahya Said Abdullah Al Jabri, Chairman of the Special Economic Zone Authority at Duqm (SEZAD), on the rise of the Duqm area, and the opportunities on offer for investors and businesses.
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HE Didier Reynders, Deputy Prime Minister and Minister, Foreign Affairs, Foreign Trade, European Affairs
TBY talks to HE Didier Reynders, Deputy Prime Minister and Minister of Foreign Affairs, Foreign Trade, and European Affairs of Belgium, on bilateral relations and maritime cooperation between the two states.
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Dr. Fuad Jaffer Al Sajwani, Minister of Agriculture and Fisheries Wealth, Sultanate of Oman
TBY talks to Dr. Fuad Jaffer Al Sajwani, Minister of Agriculture and Fisheries Wealth, on the sector's role in diversification, encouraging international investment, and ensuring stable prices.
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HE Hamed Said Al-Oufi, Undersecretary of Fisheries Wealth, Ministry of Agriculture & Fisheries Wealth
TBY talks to HE Hamed Said Al-Oufi, Undersecretary of Fisheries Wealth at the Ministry of Agriculture & Fisheries Wealth, on the role fisheries wealth can play in diversification and boosting the sector through technology.
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HE Dr. Rashid Bin Salim Al-Masroori, Executive President, Public Authority for Stores and Food Reserve
TBY talks to HE Dr. Rashid Bin Salim Al-Masroori, Executive President of the Public Authority for Stores and Food Reserve (PASFR), on the drive to ensure food security and boost local production in key sectors.
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