BANDAR SERI BEGAWAN: Foreign direct investment (FDI) in Brunei has created spin-off opportunities for hundreds of local businesses, a government minister said on Tuesday (March 11).
A total of 121 spin-off opportunities are given to local businesses in Hengyi Industries Sdn Bhd, 230 in Brunei Fertiliser Industries Sdn Bhd and 32 in Brunei Methanol Company Sdn Bhd, Mohd Amin Liew Abdullah, minister at the prime minister's office and second minister of finance and economy, said at the legislative council meeting.
The spin-offs have also enhanced the operational capabilities and capacities of local businesses. Services offered through these spin-offs include information technology, infrastructure, maintenance, catering, and mechanical and electrical services.
The minister said foreign direct investment has had a positive impact by creating additional business opportunities for local businesses and meeting operational needs. In the future, local businesses will be able to expand further.
Established in 2012, Hengyi Industries Sdn Bhd is a flagship project between China and Brunei under the Belt and Road Initiative.
Brunei, a South-East Asian country on the northern coast of Borneo, is rich in oil and natural gas. In recent years, the sultanate has pursued economic diversification and deepened cooperation with Chinese enterprises across various sectors. - Xinhua
