PRESS RELEASE
DARe discussed trade and investment potential with Indian companies
On 17 February, the High Commission of India and the Ministry of Finance and Economy of Brunei (MoFE) facilitated a virtual interaction with the participation of Federation of Indian Export Organisations (FIEO) and Darussaslam Enterprise (DARe) alongwith local trade Chambers and business entities on “Trade & Investment Opportunities between India and Brunei Darussalam - Post Covid-19”. Bruneian Government officials from MoFE and Ministry of Foreign Affairs were also present. Over 100 companies from both sides representing varied business sectors participated in the event.
2. In his keynote address, Mr. Alok Verma, Charge d’ Affaires, Indian High Commission, welcomed FIEO’s initiative aimed at strengthening bilateral trade and investment. He said that there is immense potential and scope for bilateral collaboration in the sectors identified by FIEO and MoFE, viz. auto, machinery and mechanical appliances, food and agri, construction and allied products, downstream oil & gas, manufacturing & other Services, food (including import of related machinery), tourism and info-communication technology, which are in line with the long-term developmental vision of Brunei, WAWASAN 2035. He added that renewable energy, e-vehicles, health care and pharma sectors should also be on our priority list. He underlined that our endeavour should be to facilitate expansion of the two-way trade for mutual benefit. Given the prevailing conducive business environment, Mr. Verma encouraged Indian companies to look at Brunei as a possible investment destination. He thanked all the participants for their support in making the event a success.
3. Mr. Javed Ahmad, CEO of DARe provided an overview of the organisation, its key responsibilities and how DARe can help in setting up businesses in Brunei. He also highlighted the areas for potential collaboration and investment such as downstream oil and gas, marine, business services, food sector, pharma & cosmetics and ICT and invited Indian companies to take advantage of the Brunei’s strategic location and available opportunities to expand their trade and investment in the country and beyond for mutual benefit.
4. Mr. Awang Haji Shazali bin Dato Haji Sulaiman, Chairman, Brunei Darussalam International Chamber of Commerce and Industry; Mr. Nazeer Ahmad Zackiriah, President of the Indian Chamber of Commerce in Brunei; Mr. Shamir Salahuddin, General Manager, Serikandi Group of Companies; and Mr. Luv Shah, Founder & CEO, Polygel Global, made precise and informative presentations, inter alia, on potential areas where the business entities of the two countries can work together for mutual benefit.
5. The other major representation at the virtual event included: Dr Haji Abdul Latif Chuchu, President, Brunei Malay Entrepreneurs; Mr. Revi Bhaskaran, CEO, Serikandi Group of Companies; Ya Nur Trading Company – FMCG Trading and Aquaculture; Esca Marine & Engineering Sdn Bhd; and, Hj Adinin & Sons (B) Sdn Bhd.
6. Mr. Khalid M. Khan, Vice-President, FIEO said that the event provided a useful opportunity for the participants to understand the structure of bilateral trade and available business opportunities in the prevailing economic environment and greatly appreciated the support extended by MoFE and DARe in facilitating the meeting.
7. The event was very well received and all the participants appreciated FIEO’s initiative, which can play an important role in exploration of business opportunities as well as in forging closer trade and investment linkages.
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Brunei Darussalam, 17 February 2022.
