BioInnovation Corridor should be promoted among Chinese investorssqwcgadmin
13th May, 2015
BRUNEI needs to actively market and promote the BioInnovation Corridor (BIC) in China if it wants to attract more investors.
According to Xu Ning Ning, executive president of the China-ASEAN Business Council, the BIC has a lot of potential and can attract Chinese investors.
“In order to attract investments into Brunei and the BIC, the government and companies should go to China and promote BIC as an investment destination,” Xu said during yesterday’s International Food and Biotech Investment Conference.
In a bid to attract more foreign investments to Brunei, the country offers stable political and financial environment, with a low tax regime and operating costs, supported by investment incentives.
The BIC, an initiative led by the Ministry of Industry and Primary Resources, aims to attract investments and promote the development of Halal Certified Industries in Brunei. It also aims to create a mixed use environment to accommodate research and innovative technology applications.
The BIC is expected to provide up to 28,000 full time jobs, of which 9,500 will be in the area of food processing, according to a BIC fact sheet.
The 466-hectare corridor can also accommodate up to 8,000 residents upon completion of all phases.
The BIC is currently discussing development plans of Phase 1, which covers 37 hectares of land to be subdivided into 25 plots.
Approximately 30 per cent of up to 195 hectares of the total land in the BIC has been earmarked for industrial usage and 25 per cent allocated for “green space.”
Xu also said in the same forum that China will play a major role in the development of the ASEAN Economic Community.
He said the Chinese goverment has introduced policies that have created “a good condition for investment between ASEAN and China.”
This includes the 21st Century Asian Maritime Silk Road, a strategic initiative by the Chinese government to increase investments and promote collaboration along the historic Silk Road – a trade route that connected the East with the West in the past.
Source: The Brunei Times