'Brunei needs technical know-how, machinery'

Pakistan and Brunei Darussalam despite having excellent trade relations have a very small two-way trade and there is a need to adopt more sector-specific steps to take it to the desired level. The Chambers of Commerce in Pakistan and Brunei Darussalam could do a lot in this regard.
These views were expressed by High Commissioner of Brunei Darussalam Colonel Abdul Jalil Ahmad (Retd) while talking to LCCI President Mian Shafqat Ali here on Friday.
LCCI Senior Vice President Abdul Basit, Vice President Aftab Ahmad Vohra and former President Mian Misbahur Rehman also spoke on the occasion.
The High Commissioner maintained that Pakistani entrepreneurs could initiate joint venture with their counterparts in Brunei Darussalam in various sectors. He said that exchange of trade delegations between the two countries would definitely help boost the volume of bilateral trade and the Lahore Chamber of Commerce and Industry should arrange a visit as early as possible.
Speaking on the occasion, the LCCI President Mian Shafqat Ali lauded the Brunei Darussalam backing to Pakistan's efforts to become a 'full dialogue member' of Asean.
He said that both the countries are members of OIC and share common perceptions on world issues and have a firm commitment to the preservation of regional peace and security. He said that recent visit of the Prime Minister of Pakistan to Malaysia, Brunei Darussalam, Thailand and Singapore was a part of Pakistan's 'Look East' policy launched in October 2003.
It was meant to strengthen relations in multiple fields and for developing institutional linkage with the Eastern countries. Brunei can make direct investment in Pakistani infrastructures, banking, insurance, oil and gas, I.T., textile, automobiles, construction and hotel industries etc and can also enter into joint ventures with Pakistani counterparts. It is time to invest in Pakistan owing to Pakistan's economic performance, improving indicators and investment friendly pro-active policies of the government. There is no limit on foreign equity and foreigners can transfer capital, profits and dividends to their country. No permission is required to establish any industry in Pakistan by the foreign investors, he added.
The LCCI President said that Brunei has enough capital but needs technical know-how, machinery and raw materials. Its plans for the future include upgrading its labour force, strengthening the banking and tourist sectors and, in general, further widening the economic base beyond oil and gas and Pakistan can help Brunei in these areas through co-operation agreement.
LCCI Senior Vice President Abdul Basit and Vice President Aftab Ahmad Vohra said that active engagement of the Chambers of Commerce and Industry of the two countries, frequent exchange of economic and trade delegations to identify the areas of mutual interest and arranging of single country exhibitions and socio-cultural programmes in each other's country could be very productive. They said that establishment of a joint business forum comprising representatives of Chambers of Commerce and Industry of the two countries could give a boost to the bilateral trade.