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Philippines inks 2 deals with Brunei on agri-business, trade

Published May 29, 2024 05:30 am

BANDAR SERI BEGAWAN, Brunei—Deals on agriculture and economic cooperation were signed during the two-day state visit of President Marcos here.

Marcos concluded his visit in Brunei Darussalam with the signing of the two agreements after leading the Philippine business forum here on Wednesday, May 29.

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.

It 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 deal was signed between the National Chamber of Commerce and Industry of Brunei Darussalam and the Philippine Chamber of Commerce and Industry (PCCI). It aimed at strengthening economic cooperation between the two countries.

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,” Marcos said in his speech during the business forum.

Marcos also urged Bruneian business leaders to invest in the Philippines and consider it as their prime investment destination.

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