MANILA — At least two agreements were forged between the Philippines and Brunei Darussalam during the two-day state visit of President Ferdinand R. Marcos Jr. to the Sultanate state.
The deals aim to further strengthen the agricultural and economic cooperation between the two countries, according to President Marcos.
The first agreement signed was the Memorandum of Understanding (MOU) for Partnership in Agriculture and MSMEs Development between the ASEAN Business Advisory Council and the Bruneian ASEAN Business Advisory Council Philippines.
The MOU establishes partnership for agriculture and micro-small and medium-sized enterprises (MSMEs) development aimed at enhancing economic integration, promoting sustainable agribusiness practices and fostering inclusive business model within the ASEAN region.
It also outlines cooperation in conducting studies, mentorship programs and identifying trade and investment opportunities in the agriculture sector.
The second MOU was signed between the National Chamber of Commerce and Industry of Brunei Darussalam, and the Philippine Chamber of Commerce and Industry (PCCI) aimed at strengthening economic cooperation between Brunei Darussalam and the Philippines.
The MOU focuses on exchanging information, organizing trade and investment missions, and supporting different industries such as information and communications technology, Halal food, smart agriculture, manufacturing, franchising, tourism, services and micro-small and medium enterprise development.
It also establishes the business councils in both countries to facilitate joint initiatives and outlines dispute resolution mechanisms.
“Through this forum, we stand firm in strengthening the business relations between the Philippines and Brunei Darussalam. Our partnership is a symbol of the shared aspiration to foster economic growth and shape a more vibrant ASEAN community,” President Marcos said in his speech during the Philippine Business Forum.
President Marcos urged Bruneian business leaders to invest in the Philippines and consider it as their prime investment destination.
The chief executive attended the Philippine Business Forum in Brunei organized by the Department of Trade and Industry (DTI), the Department of Agriculture (DA) and the Brunei Economy Program with the support of the Philippine Embassy in Brunei.
It showcased the Philippine economy’s strength and facilitate trade and investment partnerships focused on agriculture, renewable energy, halal development, among other opportunities in the Brunei Darussalam Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) region. (PND)
