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Trade set to flourish after M'sia, Brunei ink agreement
Publication Date : 05-09-2012
Economic collaboration between Malaysia and Brunei is set to soar after the signing of an agreement to enhance their cooperation.
A brief ceremony to exchange the documents on the agreement was held at the Perdana Putra building yesterday, which was witnessed by Prime Minister Najib Tun Razak and Sultan Hassanal Bolkiah.
The agreement was signed in conjunction with the two-day 16th Malaysia-Brunei Annual Leaders’ Consultation which ended in Putrajaya yesterday.
According to the ministry of foreign affairs, the consultation was the most important event in the annual calendar of both countries, serving as a mechanism for discussion on a wide range of bilateral, regional and global issues of concern.
It is also to appraise the progress of the ongoing cooperation as well as explore new potential for an enhanced partnership.
Yesterday’s agreement was an important instrument for a comprehensive economic collaboration between the two countries.
Malaysia-Brunei bilateral trade totalled 1.8 billion ringgit (US$578 million) last year while Malaysia’s investment in the oil-rich sultanate was estimated at 72.8 million ringgit.
Deputy International Trade and Industry Minister Mukhriz Tun Mahathir represented Malaysia while Brunei was represented by its Second Minister of Foreign Affairs and Trade Pehin Lim Jock Seng.
Also present were the chief ministers of Sarawak Abdul Taib Mahmud and Sabah’s Musa Aman.
Earlier, Najib and Sultan Hassanal Bolkiah held a four-eyed meeting at his office.
The two leaders then proceeded to the Perdana Meeting Room for a briefing by the Performance Management and Delivery Unit (Pemandu) officials.
Najib and his wife Rosmah Mansor hosted a lunch for Sultan Hassanal Bolkiah at the Office of The Prime Minister.
Deputy Prime Minister Muhyiddin Yassin and his wife Noorainee Abdul Rahman also attended the lunch.
(US$1 = 3.11 ringgit)