Signing on behalf of the Government of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam was Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah. Signing on behalf of the Government of the Republic of the Philippines was Secretary of Finance of the Republic of the Philippines Carlos Garcia Dominguez lll.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew said that both countries signed a memorandum of understanding (MoU) during His Majesty’s state visit to the Philippines in 2017, to explore opportunities in the emerging global market for Halal products and services, while facilitating Halal export development and promotion programmes between both sides.
He added, “I am also encouraged that our trade figures showed an upward trend over the years, whereby in 2020, despite the Covid-19 outbreak, recorded an increase of 18 per cent from the previous year.
“There are, of course, more opportunities that we should explore to further enhance our trade and investment engagements. Brunei Darussalam has accelerated efforts to develop its non- oil and gas sector by encouraging participations from more foreign direct investment (FDI) and local entrepreneurs.
"For FDI, we are looking at five clusters – food, information and communication technology (ICT), tourism, services and downstream industries, and I certainly welcome investors from the Philippines to explore these business prospects.
“Over the past year and a half, the Covid-19 pandemic has caused unprecedented disruptions to people’s lives and businesses globally, including Brunei and the Philippines. The international community has come together to carry out collective actions to fight against this common enemy," Dr Awang said.
The Ministry of Finance and Economy (MoFE) also said in a statement that the signing will facilitate the Government of Brunei Darussalam and Government of Republic of the Philippines in exchanging information, while ensuring greater transparency on tax matters to be in line with developed global standards. - Borneo Bulletin/ANN