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Brunei's $4.5 billion dollar plan
By Alex Frew McMillan
BANDAR SERI BEGAWAN, Brunei (CNN) -- The tiny country of Brunei on Thursday revealed plans to lure $4.5 billion in investment and create 6,000 jobs over the next five years. Brunei's Economic Development Board said it is striving to attract overseas investment in gas supply, manufacturing, power supply and infrastructure projects. The board is soliciting proposals to develop a gas pipeline, power plant and jetty at its Sungai Liang site. The proposals are due by the end of June, with the winning bids selected by the end of this year. The timeline calls for getting the whole project running by 2008. It is expected to create 2,000 permanent jobs and attract $3 billion in investment, 90 percent of it from outside Brunei. Studying a container portThe state-backed board is also hiring a consulting company to study setting up a container port at Pulau Muara Besar. Again, the consulting is due to finish by the end of June so development of the project can start before the end of 2003. If the project goes ahead, it will require $1.5 billion in backing, half of it from overseas. The port would be expected to generate 4,000 permanent jobs. The board would study projects to supplement the port, including the possibility of setting up a free-trade zone. The sultanate is also hiring consultants to study growth industries for Brunei to develop. China behind moves"The emergence of China is driving fundamental change in the Asia-Pacific region," John Perry, CEO of the Economic Development Board, said in a statement. "This process will provide an opportunity for Brunei Darussalam to re-position itself within the regional economies." China has proposed creating a free-trade zone with the 10-country Association of Southeast Asian Nations, which includes Brunei. (Full story) Perry said the oil-rich country needs to capitalize on its location and natural assets, exporting commodities and acting as a trade hub for other countries in Asia. The development board was set up in late 2001 to promote Brunei as an investment destination. Brunei, with a population of 351,000, occupies an area a little smaller than the U.S. state of Delaware on the island of Borneo. Oil and gas production accounts for just under half its total output.
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