Big Brunei investment in Malaysia


BANDAR SERI BEGAWAN: The Brunei Investment Agency, which is the financial and investment arm of the oil-rich sultanate, will take up a big stake in the construction of a five-star hotel in Kuala Lumpur’s Golden Triangle.

The agency was also eyeing Johor, Sabah and Sarawak for investment opportunities following talks between Prime Minister Datuk Seri Najib Tun Razak and Sultan Hassanal Bolkiah.

Najib said yesterday Brunei’s decision to continue to invest heavily in Malaysia was important as it reflected the confidence that the sultanate had in Malaysia.

Describing the five-star hotel project as an “iconic investment”, Najib said he had also briefed Sultan Hassanal on the various opportunities to be found in the Sarawak Corridor of Renewable Energy project, in the Sabah regio-nal development corridor and in the Iskandar Development Region.

“The Sultan is very keen to explore new opportunities for mutual collaboration in these states. Malaysia and Brunei are also sorting out a double-taxation agreement and trying to resolve land and maritime border issues as soon as possible,” he said during a breakfast gathering with Malaysians here.

“For Malaysia, good ties between government-to-government are vital as they are the foundation for mutual prosperity among neighbours,” he said.

Najib said he hoped the private sectors in Malaysia and Brunei could emulate the good ties their governments were developing.

During Najib’s meeting with Sultan Bolkiah on Wednesday night, both leaders spoke at length about finding ways to sort out the double-taxation issues, enhance tourism, trade and settle the maritime and land boundary claims as soon as possible.

At another event, Najib said he wants to emulate his predecessor Tun Abdullah Ahmad Badawi and build on his good deeds.

Abdullah, he said, had done a good job in cementing government-to-government and people-to-people relations and he intended to follow up on these.

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