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.