Bank of China opens branch in Brunei
Report by Jeevan Vasagar from Financial Times
Published on 20 April 2016
In the article, ISEAS Fellow, Dr Mustafa Izzuddin noted that China has been growing its commercial ties with Brunei, which it regards as a useful source of oil and gas.
He said: “China also sees Brunei as an important country on ASEAN matters, particularly when it comes to moulding the image of China in the Southeast Asian region.”
Dr Izzuddin opined that the arrival of a new bank helps Brunei diversify, as well as opening another front for Chinese engagement in the region.
“For Brunei, this is another step towards diversifying its economy, given the overreliance on the oil and gas sector, and the concern that at some point, its natural resources may be depleted,” he explained.
Note: The full article which was first published online by Financial Times on April 20, 2016 can be viewed here.