Bandar Seri Begawan, 8 July 2022 (TDI): State General Reserve Fund of Oman with Brunei Investment Agency increased investment in aquaculture in Brunei by a joint venture.

Oman has recently strengthened its economic ties with Brunei, formally Brunei Darussalam, through the establishment of the Oman-Brunei Investment Company (OBIC).

The company also owns a 50 percent share in the Golden Cooperation, a shrimp exporter company. The share was acquired in 2019 and currently, the total capital of the OBIC is $200 million.

The Omani Ambassador to Brunei, Ahmed bin Hashil Al Maskari had a dialogue with the Second Minister of Finance and Economy of Brunei, Dato Dr. Hj Amin Liew, on Wednesday. The three-day dialogue was aimed at identifying more investment opportunities in Brunei.

“It falls under two important categories of economic diplomacy and public diplomacy, which are increasingly being recognized as having significant effects on political diplomacy”, Masakari said.

The Brunei-Oman Joint Committee also held a meeting during the three-day dialogue. The Committee discussed ways to increase cooperation in the tourism, agriculture, and food industries.

Amin Liew in his statement said that “Despite Covid-19 related challenges, Golden Cooperation was able to expand production by another 135 pounds.”

“Harvesting of over 4,000 tones of shrimp has increased with the improvement in production, storage, and manufacturing” he added.

Oman-Brunei Investment Company (OBIC)

OBIC, a private equity fund, was established in 2009 with the aim of increasing investment between the two countries. The joint venture has significantly brought economic benefits to both sides.

OBIC invests in aviation, healthcare, tourism, hospitality, and manufacturing. In addition, it also invests in telecommunications, education, and food manufacturing.

Amin Liew said, “With these various successful ventures in many areas, OBIC has become an excellent model of joint investment between the nation’s sovereign funds.”

“Brunei and Oman will focus on identifying avenues for long-term economic growth”, the Minister added.