S.China's Guangxi, Brunei witness fruitful cooperation results through economic corridor project

Aerial photo taken on Aug. 27, 2022 shows the Qinzhou port near the estuary of Pinglu Canal, in Qinzhou City, south China's Guangxi Zhuang Autonomous Region. (Xinhua/Cao Yiming)

The Brunei-Guangxi Economic Corridor (BGEC), a major bilateral economic cooperation project between south China's Guangxi Zhuang Autonomous Region and Brunei, has produced fruitful results since its establishment in 2014, injecting impetus into bilateral economic and trade cooperation, reported Chinanews.com on Sunday.

In 2017, Guangxi Beibu Gulf Port Group, the operator of Guangxi's major port, set up a joint venture of Muara Port Company Sdn Bhd (MPC) with Brunei, to jointly promote the development of Brunei's Muara Port, according to Zhou Shaobo, general manager of Guangxi Beibu Gulf Port Group.

As the only deep-water Port in Brunei, Muara Port, also a major international logistics hub, has become one of the most efficient terminals in the East ASEAN Growth Area (EAGA) since its establishment, and provided more local jobs for Brunei, added Zhou.

Meanwhile, the first phase of Hengyi Industries Sdn Bhd's oil refinery and petrochemical project, a petrochemical project located in Guangxi and Brunei by Zhejiang Hengyi Co., Ltd, has reached cooperation with more than 100 local suppliers in Brunei since its commercial operation in 2019, contributing to the economic development of Brunei, according to Wang Tieming, deputy general manager of Guangxi Hengyi New Materials Co., Ltd.

Yang Chunting, director of the Department of Commerce of Guangxi Zhuang Autonomous Region, said the Brunei-Guangxi Economic Corridor has achieved fruitful results since its launch in 2014. By 2022, the local authorities of Guangxi had registered or approved a total of 320 million U.S. dollars of agreed investments in Brunei's investment enterprises and institutions.

Yang Chunting said that Guangxi will strengthen building of the New International Land-Sea Trade Corridor, while pledging support to the economic corridor project upgrading with Brunei.