Global firm to sink $23.4m in Brunei

National 1 minute, 36 seconds


AN INTERNATIONAL joint venture company is keen to invest US$17 million ($23.4 million) to develop a multi-purpose organic farming base and integrated organic fertiliser facility in Lumapas, the Brunei Economic Development Board (BEDB) said yesterday.

In a press statement, BEDB said it was “facilitating” an investment by United Agri-Fishery Market Sdn Bhd (UAF), which is a joint venture between Taiwanese companies He Xin Farm Group and Golden Corporation Sdn Bhd and Singapore-based rice research firm Sunland Agri-Tech Pte Ltd.

The project is expected to be fully operational by the second quarter of 2016. The organic farming base will create jobs and produce a minimum of 120 metric tons of organic fruits and vegetables annually for export.

BEDB said it will “formally initiate” the facilitation with the signing of a licence agreement with UAF in the “very near future”.

The project is also expected to benefit the local logistics and transport sectors. BEDB said the project will also help diversify the economy and ensure self-sufficiency in food.

The project is the latest agriculture-related foreign direct investment in Brunei after a previous investment by Golden Corporation Sdn Bhd for an organic shrimp farming and integrated seafood processing centre.

BEDB said the He Xin Farm Group are the majority shareholders of the UAF, but it did not specify a percentage.

BEDB, along with other government agencies, has facilitated four other FDI projects; Simpor Pharma, CAE Brunei MPTC, Brunei Methanol Company and Gold Coin (B) Sdn Bhd, all of which amounted to US$740 million and has generated 495 jobs.

The board is also overseeing the integrated refinery and aromatics cracker facility project by Hengyi Industries Sdn Bhd, the welded carbon steel pipe facility project by Huludao City Steel Pipe and eight other FDI projects in the sectors of manufacturing, agriculture, logistics, pharmacy and aquaculture.

BEDB said the total investment for these projects is estimated to amount to US$5.61 billion and will create over 2,400 employment opportunities.

The Brunei Times