Opportunity for Brunei to enhance exports of hydrocarbon to India

The Vice President said that India was willing to set up a fertilizer plant in Brunei for producing fertilizers using of the hydrocarbon resources available in that country The Dollar Business Bureau

As demand for energy expands in India, the opportunity to enhance exports of hydrocarbon to India continues to grow

India’s growing energy requirements offer Brunei an opportunity to enhance exports of hydrocarbon to India, besides moving beyond the typical seller-buyer relationship, Vice President Hamid Ansari said on Wednesday. “As India embarks upon a sustained high growth trajectory, the energy requirements in India are increasing. This offers Brunei an opportunity to enhance export of hydrocarbon to India. There is tremendous potential to diversify and do value-addition in the hydrocarbon export chain,” said Ansari who was on a three-day visit to Brunei on February 1-3. The Vice President also said that India was willing to set up a fertilizer plant in Brunei that would make use of the hydrocarbon resources available in the country for producing fertilizers to meet agricultural requirement in India. India’s sustained economic growth has made the country one of the most dependable long term energy markets in the world. At present, India imports crude oil worth $1 billion from Brunei, which is only a small fraction of India’s global crude imports of over $112.748 billion in 2014-15. “However, as demand expands, the opportunity to enhance export of hydrocarbon to India continues to grow,” Ansari said. The Vice President also stressed on Prime Minister Narendra Modi-led Make in India, Digital India and 100 Smart Cities initiatives and sought investments from Brunei as well as other ASEAN members to invest in the country’s infrastructure and manufacturing sectors. Exhorting the country’s Make in India initiative in particular, which has of late attracted major investors and entrepreneurs from across the world, the Indian leader urged the Brunei’s investors to seize the investment opportunities available in India’s key sectors. “Our new ‘Make in India’ initiative opens up new vistas for investments from ASEAN into India. The India-ASEAN Agreements on Trade in Services and Investment will also unleash large potential for mutual investment. Similarly, we will also encourage our businesses to seize the investment opportunities presented by an economically integrated ASEAN,” Ansari said. He also highlighted India’s colossal information technology sector which has become one of the most competitive in the world. He said that a strong engagement in the IT sector between India and Brunei would benefit the industry as well as the people of the two nations. “This can be an area for enhancing our mutual cooperation and India would be keen to share its experience and expertise in the field of information technology in accordance with the wishes and requirements of the people and government of Brunei,” the Vice President said. The two countries also signed three MoUs in the areas of health, youth and sports affairs, and defence. With the agreement in defence, India and Brunei envision to conduct joint military exercises, seminars and discussion, besides enhancing cooperation between their defence industries. The Vice President’s visit to Bandar Seri Begawan is also poised to bolster India’s Act East Policy, with Brunei looking at India to play a balancing act in the region amid the South China Sea disputes. He also thanked Brunei for supporting the ongoing India-ASEAN FTA negotiations.

February 04, 2016 | 04:30pm IST

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The Dollar Business Bureau - Feb 04, 2016 10:53 IST

Opportunity for Brunei to enhance exports of hydrocarbon to India

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