Brunei gives ASEAN boost in investments

Brunei gives ASEAN boost in investments

BANDAR SERI BEGAWAN (AFP): Oil-rich Brunei, whose funds span across the globe, will focus its investment drive on Southeast Asia to help the region recover from a rapid economic slowdown, a top official said on Friday.

Brunei's minister of industry and primary resources Abdul Rahman Mohamed Taib made the statement after Malaysian Prime Minister Mahathir Mohamad held talks here with Sultan Hassanal Bolkiah, among the world's richest men.

Mahathir arrived here Thursday on a two-day working visit amid a serious political crisis at home following the sacking and detention of his deputy Anwar Ibrahim.

Officials said the regional economic crisis featured highly in the discussions between the sultan and Mahathir, who returned home Friday.

Abdul Rahman was quoted by Malaysia's Bernama news agency as saying that Brunei's investment diversification policy was part of its commitment to helping ASEAN member-states overcome their financial and economic woes.

"It is only right that Brunei focus more on neighboring countries first," Abdul Rahman said.

The Association of Southeast Asian Nations (ASEAN) groups Brunei, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Brunei is among the least affected by the regional financial crisis although its economic growth would also be hampered in line with the ASEAN slowdown.

Mahathir told a news conference here Thursday after his discussions with Sultan Hassanal that Brunei was interested in increasing its investments in Malaysia.

There was a possibility that the kingdom would invest in Malaysian companies involved in property and hotels, among others, he said.

Total trade between Malaysia and Brunei for the first eight months of this year amounted to nearly 600 million ringgit (US$157.89 million).

Mahathir and Sultan Hassanal also attempted to iron out several outstanding bilateral issues, including immigration problems.

Brunei is sandwiched between the Malaysian states of Sabah and Sarawak on Borneo island.

The two leaders also discussed regional matters, including the admission of Cambodia into ASEAN as soon as a government was formed in Phnom Penh after elections held recently.

Mahathir also said here Thursday that ASEAN unity had not been threatened by recent bilateral spats among some members.

"I think ASEAN as a grouping is still intact. The problems between some ASEAN countries can be described as hiccups," he said.

Of late, some ASEAN members have criticized one another over financial, political and aviation issues. The criticism was also seen as breaching ASEAN's long held policy of non-intervention in the internal affairs of another member.