Two agreements which are expected to boost trade and agribusiness as well as promote micro, small and medium enterprises (MSMEs) between the Philippines and Brunei were signed yesterday in conjunction with the state visit to the latter of President Ferdinand Marcos Jr.
The Memorandum of Understanding (MOU) for Partnership in Agriculture and MSMEs Development signed between the Association of Southeast Asian Nation (Asean) Business Advisory Council and the Bruneian Asean Business Advisory Council Philippines, and MOU between the National Chamber of Commerce and Industry of Brunei Darussalam, and the Philippine Chamber of Commerce and Industry were presented yesterday during the Philippine Business Forum in Brunei.
The MOU on Agriculture and MSMEs development aims to enhance economic integration, promote sustainable agribusiness practices and foster inclusive business models within the Asean.
It also provides cooperation in conducting studies, mentorship programs and identifying trade and investment opportunities in the agriculture sector.
The MOU between the chambers of commerce aims to strengthen the economic cooperation between Brunei Darussalam and the Philippines as well as establish the business councils in both countries to facilitate joint initiatives and outline dispute resolution mechanisms.
It also provides for the exchanges in information, organizing of 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.
On Tuesday, the President witnessed the exchange of MOUs boosting tourism cooperation; a mutual recognition of Standards of Training, Certification and Watchkeeping certificates of each country; and maritime cooperation; and a Letter of Intent renewing a previous MOU on food security and agricultural cooperation.
The President, in his speech during the forum invited Bruneian investors to look at agribusiness, halal and renewable energy industries as potential investment areas in the Philippines.
Marcos affirmed the Philippines’ commitment to regional economic integration such as the Brunei Darussalam Indonesia-Malaysia-Philippines East Asean Growth Area region and the Regional Comprehensive Economic Partnership Agreement.
The President also said the Philippines and Brunei are focused on developing two key economic corridors, namely the: West Borneo Economic Corridor which encompasses Brunei; and the Greater Sulu-Sulawesi Corridor that covers Palawan and parts of Mindanao.
Marcos said these two corridors are strategically designed to integrate production with supply chains, offering abundant opportunities for SMEs to flourish.
During the state banquet hosted by Brunei Sultan Hassanal Bolkiah for the President and his delegation on Tuesday night, Marcos emphasized the importance of keeping the bilateral ties between the Philippines and Brunei Darussalam strong to sustain peace and stability in the Indo-Pacific region especially amid the “many global challenges for which Brunei and the Philippines have very many common interests.”
Marcos yesterday proceeded to Singapore for a three day working visit.
