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South China Morning Post
3 days ago
- Business
- South China Morning Post
China presses ahead with Southeast Asia port expansion as US tensions simmer
China is pushing forward with several projects designed to boost its trade ties with Southeast Asia – including a major port upgrade in Brunei – as the region emerges as a pivotal front in the US-China trade war. Work has already begun on a major expansion of the port in Muara – Brunei's largest port, which is jointly operated by a state-owned Chinese company – that will see the facility's capacity more than double to 500,000 20-foot equivalent units (TEU), according to the Brunei Economic Development Board. The project, which has a total investment of 2 billion yuan (US$278 million), is on track to be completed by the end of 2027, the state-run news agency Xinhua reported over the weekend. Southeast Asia's strategic importance to China has grown amid the trade war, as the world's second-largest economy relies on soaring exports to the region to offset the impact of US tariffs. China's outbound shipments to the Association of Southeast Asian Nations (Asean) were up 16.6 per cent year on year last month, while its exports to the United States fell by more than 20 per cent year on year, Chinese customs data showed. The boom in Chinese exports to Southeast Asia has become a source of concern in the US, with Washington pressuring governments across the region to clamp down on the transshipment of Chinese-made goods in recent months.
The Wire
02-08-2025
- Business
- The Wire
BRUNEI ATTRACTS FDI INTEREST AT CHENNAI INVESTMENT ROUNDTABLE
Chennai, 2 August 2025 – Brunei is attracting growing interest as a viable FDI destination for Indian businesses looking for a Southeast Asian base to serve regional and international markets, following an investment roundtable hosted by the Brunei Economic Development Board (BEDB) in Chennai. Held at the Taj Coromandel in collaboration with international trade consultancy Crescendo Worldwide, the roundtable on 23rd July brought together senior representatives from close to 20 Indian companies in the fields of petrochemicals, manufacturing, and services. The roundtable builds on Brunei's strengthening ties with India – marked by Indian Prime Minister Narendra Modi's visit to the Sultanate in September 2024 – and follows the resumption of direct flights between Brunei and India via Chennai shortly thereafter. It also reflects the momentum of BEDB's ongoing efforts to attract quality FDIs that support the country's economic diversification by deepening industrial capabilities, creating local jobs, and contributing to national exports. BEDB's Director for Investment Promotion and Facilitation (FAST), Teo Boon Wah, shared success stories of export-focused Indian investments in Brunei – including specialty chemicals production that taps into outputs from Brunei's downstream oil and gas sector, and food manufacturing ventures leveraging Brunei's halal certification to access Muslim markets. 'Our targeted efforts to develop a strong petrochemical industry have attracted major international players from China, India, and Japan, who have established production plants in Brunei to serve the global market,' said Teo in his welcoming remarks at the roundtable. 'We are also witnessing significant growth in the food manufacturing and aquaculture sectors. We believe that Indian companies, with their deep expertise and innovative capabilities, can play a key role in driving growth and sustainability in these sectors.' The roundtable is part of BEDB's broader strategy of targeted investor engagement with India. It follows the Brunei-India Business Exchange Mission to Chennai in November 2024, which was followed by a delegation of Indian businesses visiting Brunei the following month. In addition to the roundtable, BEDB conducted one-on-one meetings and site visits with potential investors on 24th and 25th July. Associate Vice President at Crescendo Worldwide, Roopesh Patil, said they continue to raise awareness about Brunei's investment potential among Indian companies, highlighting the Sultanate's competitive advantages. 'Brunei offers several advantages for Indian investors – including political stability, a low-tax regime, and a strategic location within Southeast Asia, supported by its participation in multiple free trade agreements,' he said. 'This, along with Brunei's commitment to environmental sustainability, makes it a stable and green destination for those seeking long-term opportunities in the region.' As the lead agency for FDI facilitation into Brunei, BEDB also offers investors synergies through its other core functions: providing industrial sites across the country and fostering linkages with local enterprises. Companies interested in exploring opportunities in Brunei may contact info@ or visit to learn more. (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI This is an auto-published feed from PTI with no editorial input from The Wire.
Straits Times
11-05-2025
- Business
- Straits Times
Brunei's economic diversification draws Singapore investments
Cyber-security firm CyberSafe opened its first augmented-reality security operations control room in Brunei in March 2025. ST PHOTO: KELVIN CHNG SINGAPORE – After cyber-security firm CyberSafe chose to set up its security operations control room in Brunei in October 2024, it was up and running in five months in stead of an anticipated eight-month timeline. Costs came in at 60 per cent of a similar set-up in Singapore, thanks to lower rent and wage costs. The firm is one of a rising number of Singapore companies looking to invest in Brunei, since the country in 2021 started to diversify its economic reliance on its traditional oil and energy resources. Close to 10 Singapore investors are currently in planning stages, and interest is growing, the Brunei Economic Development Board (BEDB) told The Straits Times in response to queries. About half of them are in primary food production, with the remaining exploring data centres, ecotourism and next-generation special economic zones, t he organisation added. Singapore firms – which have had a long presence in Brunei – invested B$68.8 million (S$68.8 million) in the country in 2022, making them among the top foreign sources of investment that year. Although the amount turned negative with an outflow of B$27.6 million in 2024, it was likely due to company-level movements such as loan repayments or capital restructuring, said BEDB. Singapore's bilateral trade with Brunei is in fact growing, and reached $4.9 billion in 2024, 36.9 per cent more from 2023. Ms Lim Jing Jun, director for South-east Asia at Enterprise Singapore, listed opportunities in renewable energy, the digital economy and food supply chain resilience for Singapore businesses. Firms are drawn to Brunei for its geographical proximity, cultural similarities and abundant natural resources that are scarce in Singapore, she said. Brunei, 1½ hours by plane from Singapore, records a 99 per cent literacy rate and high English fluency among its 480,000 population. More than 70 per cent of its land is covered by rainforests. Ms Lim said: 'Many companies also view Brunei as a complementary secondary market, leveraging the country's extensive network of free trade agreements within Asean to expand their regional footprint.' A participant in 10 free trade agreements, Brunei provides market access to more than three billion consumers, according to BEDB. Singapore's longstanding agreement with Brunei to recognise each country's currency cuts out foreign exchange risk, there is also no restriction on profit repatriation, and full foreign ownership is permitted in most sectors, it added. In 2021, the Brunei government launched the Brunei economic blueprint, and identified five priority sectors for development: downstream oil and gas, food, services, tourism, and information and communications technology. On offer to entice investors are: joint investments from the Brunei government; no personal income tax; no capital gains tax; and a corporate tax rate of 18.5 per cent, slightly above Singapore's 17 per cent prevailing tax for most businesses. Diversification efforts have begun to yield results, said BEDB. Non-oil and gas exports shot up from just 3 per cent in 2017 to 61 per cent in 2023. In 2024, the country's economy grew 4.2 per cent, with the non-oil and gas sector accounting for more than half of the output. That was the highest growth rate in 25 years. Enterprise Singapore has supported several Singapore firms in entering Brunei, such as Rotary Engineering and halal food company Pondok Abang. In November 2024, Pondok Abang tied up with Bruneian government-linked company PDS Abattoir to distribute and market PDS Abattoir's products in Singapore. PDS reciprocates for Pondok Abang's products in Brunei, Indonesia and Malaysia – known as the Borneo region. Pondok Abang's managing director, Mr Hasan Abdul Rahman, said PDS has been handling its regulatory approvals to enter the market. The cross-sell strategy makes sense for the firm, he said. He added: 'For Singapore, we are reliant on food imports. Therefore, our intent is to secure the supply of raw and processed meat products. 'Brunei is a viable market for us as there has been strong demand for our products since 2016, and we see Brunei as a platform for us to penetrate the greater Borneo region through PDS' network.' Should there be demand from Borneo, he added, Brunei would be a viable 'secondary base' as it would reduce costs, especially in logistics. Since March, CyberSafe's teams have been working in sync with augmented reality glasses across its offices in Singapore, Brunei and the Philippines. Mr Dave Gurbani, chief executive of CyberSafe, expects the rates to slide as the state continues to digitalise. ST PHOTO: KELVIN CHNG Its chief executive Dave Gurbani said: 'Our Singaporean and Bruneian teams have integrated extremely well, not just linguistically, but also because our education systems and social norms are quite aligned. 'Skills-wise, Bruneian talent has proven highly competent, adaptable and reliable. We've had no major operational challenges so far.' The 48-member firm plans to hire another 20 employees in its 10-member Brunei office in 2025, in anticipation of more business as Singapore's healthcare sector moves towards integrated data sharing in 2025. High fixed internet charges in Brunei, reported by global rankings to be among the highest in the region at more than US$120 (S$155) a month, is not deterring Mr Gurbani, who expects the rates to slide as the state continues to digitalise. For data security, he advises companies thinking of putting their back offices in Brunei to assess their regulatory obligations, customer agreements and sensitivity of their projects. Brunei recently introduced its own data privacy framework, the Personal Data Protection Order, signalling its intent to meet international data governance standards, Mr Gurbani said. Except for sectors operating with strict data rules, he said, in most cases, operating out of Brunei is viable. Join ST's Telegram channel and get the latest breaking news delivered to you.
