USABC Delegation Engages Government of Brunei Darussalam to Advance U.S.-Brunei Economic Relations
(Bandar Seri Begawan) From August 6 to 7, His Majesty Hassanal Bolkiah’s Royal Government of Brunei met with eight leading American companies during the US-ASEAN Business Council’s (USABC) business mission to Brunei Darussalam — the first in-person mission in five years. This mission carries extra significance: not only does it fall on the 40th anniversary of U.S.-Brunei diplomatic relations, but it also coincides with the 40th anniversary of Brunei’s independence and the founding of the US-ASEAN Business Council.
The mission also comes in the wake of plans announced last April to elevate the U.S.-Brunei bilateral relationship to a Strategic Partnership, which will advance commercial, economic, and technological cooperation. Highlighting the significance of this year's mission was the presence of the ASEAN Secretary General, Dr. Kao Kim Hourn, who joined parts of the mission.
“The United States and Brunei have a longstanding economic relationship that has remained steadfast despite global turbulence. Indeed, two-way trade between our countries has grown by 80 percent from 2022 to 2023.”, said Amb. Ted Osius, President & CEO of the US-ASEAN Business Council. “The U.S. private sector hopes to continue to strengthen bilateral partnerships and collaboration in technology, healthcare, defense, and other sectors.” he added.
During the mission, the delegation discussed opportunities for collaboration in various industries, including digital, healthcare, infrastructure, energy, defense, aerospace, and financial services. The Bruneian Government expressed appreciation for U.S. business investment and efforts to support the Sultanate’s economic diversification. The Ministries were eager to discuss public-private partnerships in the info-communications, food security, tourism, downstream oil & gas, and services sectors. They stressed the need to attract more U.S. investment, and the need to boost Brunei’s appeal to investors, while inviting companies to engage in productive dialogue.
In addition, members appreciated Brunei’s new priorities to implement trade and investment shifts through Wawasan Brunei 2035 and the National Economic Blueprint, which aim to diversify Brunei’s economic portfolio, digitize various industries, and increase the proportion of renewable energy in the country. Additionally, the Ministers emphasized human development in the form of skilled-job creation and talent retention for the future of the Sultanate.
The delegation met with key members of the cabinet, including Transport and Infocommunications Minister, Pengiran Dato Shamhary; Baiduri Bank Chairman, Yang Amat Mulia Pengiran Muda Dr. Abdul Fattaah; Brunei Economic Development Board Chair, Daniel Leong; Minister of Primary Resources and Tourism, Dato Dr. Manaf; Acting Deputy Permanent Secretary of Ministry of Health, Dr. Rafidah; Minister of Foreign Affairs II, Dato Erywan; Deputy Minister of Finance and Economy and Brunei Darussalam Central Bank Chairman, Dato Haji Khairuddin; Minister of Defense II, Pehin Halbi; and Deputy Minister of Energy, Dato Haji Azmi, among others.
Member companies who participated in the 2024 Brunei Business Mission include Boeing, Zuellig Pharma, Mastercard, Atmo Inc., I Squared Capital, Pacific Pension and Investment Institute (PPI), and Steadfast Entities.