Brunei’s Potential as a Gateway to ASEAN Highlighted at Inaugural Chennai Seminar
Brunei Darussalam’s potential as a gateway to the ASEAN and regional markets was showcased at the Brunei Economic Development Board’s (BEDB) inaugural Investment Seminar in Chennai, held at the ITC Grand Chola on November 6, 2024.
Titled Weaving New Connections: The Brunei-Chennai Story, the event brought together over 100 business leaders from India and Brunei, spotlighting investment opportunities in the Sultanate’s diversifying economy.
Attending the seminar was Brunei’s High Commissioner to India His Excellency Dato Paduka Haji Alaihuddin bin Pehin Orang Kaya Digadong Seri Lela Dato Seri Utama Haji Awang Mohd Taha.
In his opening address, BEDB Acting CEO Daniel Leong presented Brunei’s unique proposition as a base for businesses looking to expand into Southeast Asia and the connecting region, owing to its strategic location and robust, familiar legal and business regulatory environment where English is widely used.
“Brunei’s low-tax regime—with no personal income tax, sales tax, or capital gains tax—offers financial advantages that are difficult to match within the region. Combined with Brunei’s strategic location, this makes it an excellent base for regional operations and a springboard into Southeast Asia’s broader markets,” said Leong.
Brunei’s advantageous position is further enhanced by its market access through an increasing number of trade agreements, including RCEP and CPTPP, connecting investors to over three billion consumers.
The Sultanate’s political stability and commitment to environmental sustainability also strengthen its appeal. Historically free from major natural disasters and with 70% of the country covered in pristine rainforest, Brunei provides a uniquely stable, green location for businesses seeking long-term opportunities within Southeast Asia.
Five priority sectors—downstream oil and gas, food, ICT, services, and tourism—are central to the Brunei government’s economic diversification strategy, each actively encouraging foreign direct investment (FDI).
A panel discussion highlighted Indian companies successfully operating in these sectors in Brunei, including specialty chemicals manufacturer Polygel, oxygen and nitrogen supplier Atoll Oxygen, and ICT services provider JSY Systems.
CEO and Founder of Polygel Luv Shah, who has been operating in Brunei since 2018, underscored its potential in accessing the markets in India and China.
“For Indian businesses and entrepreneurs seeking raw materials or sources of energy, Brunei can of course be a destination. But there are also opportunities for knowledge-based industries, such as IT and services, and we invite FDIs to Brunei to see the opportunities first hand,” he said.
“At Polygel, we have not only survived COVID but also grown in the past six years, which itself is a testament to what Brunei has to offer. The government is actively working to attract FDIs, with initiatives to improve infrastructure, port facilities, land provision, and connectivity. Brunei offers stability, good governance, and a strong rule of law,” Shah added.
As Brunei’s focal agency for foreign investment, BEDB provides tailored support through its Investors’ Concierge service, assisting investors from initial market studies to post-establishment facilitation.
BEDB also develops and manages 27 industrial parks across Brunei, simplifying setup and expansion with tailored infrastructure support. Additionally, through its enterprise development arm, DARe, BEDB fosters synergies with FDIs to enhance supply chain integration and support long-term growth.
The seminar coincided with the resumption of direct air connectivity between Brunei and India after two decades, with Royal Brunei Airlines (RB) launching its inaugural flight from Bandar Seri Begawan to Chennai on November 5. This milestone follows a significant meeting between Brunei’s and India’s heads of state in September, marking the first visit by a sitting Indian Prime Minister to Brunei.
This event is part of the Brunei-India Business Exchange Mission, led by BEDB and joined by over 20 representatives from Indian Chambers of Commerce and Brunei- based businesses with Indian stakeholders. The mission will continue with one-on- one meetings and site visits on November 7 and 8.
The seminar was jointly supported by the Brunei High Commission in India and RB, culminating in a Brunei Night event that celebrated the Sultanate’s tourism and cultural attractions in collaboration with Brunei Tourism. BEDB is expected to host a follow-up visit in Brunei for prospective Indian FDIs following the Chennai programme.
The Brunei Economic Development Board (BEDB) envisions a resilient and diversified economy and is committed to catalysing sustainable growth by attracting and facilitating impactful investments that create jobs and generate opportunities for local enterprises. BEDB also provides effective support and resources to enterprises of all sizes to spur innovation and growth and develops fit-for-purpose industrial infrastructure to enable enterprises to thrive in a conducive environment.
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