BANDAR SERI BEGAWAN

HIS Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam and Malaysian Prime Minister Dato' Seri Mohd Najib Tun Razak yesterday emphasised the need to further promote investments by encouraging their public and private sectors to explore new areas of cooperation, including the possibility of conducting joint third country investments.

Both leaders recognised the potential for increased cooperation, particularly in areas such as agriculture, halal products and palm oil production, according to a joint statement on the 13th Annual Leaders' Consultation between Malaysia and Brunei.

"They also encouraged further collaboration in energy-related activities especially in hydroelectric power and the development of hydrocarbon downstream industries," said the statement.

Both leaders also expressed satisfaction with current efforts to promote tourism, particularly between Brunei and Sabah, as well as Brunei and Sarawak. They also welcomed the signing of the Memorandum of Understanding (MoU) between the Sabah Tourism Board and Royal Brunei Airlines this March, underlining both countries' commitment towards tourism development.

His Majesty and the prime minister also expressed pleasure in the Sultanate's interest to participate in the economic corridors in Malaysia, who applauded the Sultanate's proposal to establish joint committees to facilitate and create a more conducive environment towards promoting cooperation.

The significance of continuing cooperation in the transportation sector to further promote trade and investment lingkages and tourism between the two countries, including BIMP-EAGA was also underscored by both leaders.

The monarch and Dato Sri Najib also discussed a broad range of regional and international issues of mutual concern.

"The leaders reaffirmed their unanimous agreement on the need to work closely in addressing the current global economic crisis and pandemic diseases including Influenza A (H1N1)," said the statement.

The statement also said that both leaders renewed their commitment to further strengthen the close friendly relations and cooperation shared between Brunei and Malaysia.

"As neighbours, both leaders recognised the bond that exists between the two countries through their common heritage and culture."

Both leaders also spoke of their satisfaction on the conclusion and signing of the Avoidance of Double Taxation Agreement, which the leaders believed will facilitate greater bilateral economic collaboration. They also expressed their satisfaction on the outcome of the consultations, stating that such a mechanism strengthens bilateral relations. The 14th Annual Consultation will take place in Malaysia next year.

The Brunei Times