Good neighbors, hand in hand China - brunei economic and trade more

Facing each other across the sea of neighbour, and trust each other friends and common development partners, this is China and brunei harmonious coexistence between the two countries. Recently, Chinese President xi jinping meet brunei sultan hassan, in Bangkok, Thailand. Xi stressed that the two sides should maintain communication with good mechanism of the joint steering committee between the government, as a whole to promote pragmatic cooperation in all areas, deepen the development strategy of docking, high quality to promote, as a key project of the area along the "deepening the infrastructure, agricultural fishery and energy cooperation, to create green development and digital economy cooperation, orderly personnel exchanges and cultural exchanges between the two countries. Hassan, he said, would like to work with China to push the relationship to the next level, and welcomes China to actively participate in the process of brunei economic diversification, strengthen economic and trade, education, cultural and sports exchanges and cooperation, defense and other fields.
Trade and investment cooperation continued to deepen

By 2023, the Chinese to establish strategic partnership will full 5 years, looking back over the past few years the bilateral economic and trade cooperation, is really many highlights. China has become the brunei's second largest trading partner and largest source of foreign investment. In 2021, Chinese bilateral trade volume reached 2.85 billion dollars, than at the beginning of the establishment of diplomatic ties between China and increased by more than 200 times. In the first nine months of this year, Chinese trade amounted to $2.26 billion, rose 8.4% year-on-year. Among them, China to brunei export amounted to $560 million, up 21.4%; China's imports from brunei amounted to $1.7 billion, up 4.7% from a year earlier.

Chinese enterprises is an important direction of brunei to attract foreign investment, these investments not only created a large number of employment opportunities for the brunei, also strong pull the brunei gross domestic product, has become an important impetus to the brunei economic development. By 2021, Chinese companies signed in brunei accumulative total project contract value of $3.63 billion, turnover of $4.26 billion. In 2021 Chinese companies in brunei new sign project contract value of $52.51 million, up 73.4% from a year earlier. Chinese companies or cooperated-builing wu lu east dam construction, terry plug - LuMu highway, Morgan Stanley island bridge and Sudan omar omar ali saifuddien bridge key projects, were significantly improved the level brunei connectivity, has played a positive role in promoting local economic and social development.

All the way to build "neighbourhood" fruitful
Broader areas of cooperation between the two countries in recent years, Chinese, but also lead to high quality and "area" achieved great development. Constant from brunei petrochemical projects, the Hong Kong and other major project success not only driving the development of the Chinese trade and investment cooperation, also contributed to the brunei trade cooperation with other countries.

As a producer, brunei national economy is heavily dependent on the international crude oil market. To this end, the brunei government proposed the "vision 2035" development strategy, continue to promote economic diversification development, further reduce the dependence on crude oil exports. Constant from brunei petrochemical projects as flagship project of Chinese joint communique between the two countries, brunei layout is important strategic decision of oil and gas industry chain downstream and economic diversification. Constant from petrochemical brunei first phase of the project since entering the business operations have been full load operation, and according to the market situation of load can be up to 110% or more. Recently, constant petrochemical said that brunei phase ii project has obtained the brunei government preliminary approval letter. According to the project planning, is in order to carry out the construction of the dike reclamation, etc, the brunei phase ii all the work.

Guangxi beibu gulf port and port of the king of brunei is friendly ports, on July 8, the beibu gulf port and the port will work together to promote new international sea trade channel and east asean growth zone interconnectivity signed a memorandum of cooperation. The memorandum of understanding will further promote the high quality and all the way "area" and western Lu Haixin channel. It is understood that the beibu gulf port group deeply involved in the brunei economic development, successively invested the pull port, fishing port, by means of scientific management makes the port efficiency and profitability increase year by year, port landscape has changed dramatically.

In addition to constant from petrochemical, "- brunei economic corridor" in guangxi, and other cooperation projects in brunei to speed up the economic development and realize the economic diversification to make positive contribution.

Relationship between two countries established diplomatic relations 30 years, Chinese healthy and rapid development, deepen political mutual trust, pragmatic cooperation in all areas continue to expand, has brought tangible benefits to the two peoples, the effective implementation of the RCEP superposition of good-neighborliness and rich neighbors move of propulsion, relations of Chinese will again.