Sino-Brunei relations on steady and healthy development

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Last updated at: (Beijing Time) Monday, February 23, 2004

Sino-Brunei relations on steady and healthy development

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Thanks to joint efforts by both sides, the relations between China and Brunei have in recent years witnessed a steady and healthy development, which will no doubt benefit the two countries and the two peoples.

In 1991, China and Brunei forged diplomatic ties, and the largest developing country in the world and one of the smallest countries rich in oil and natural gas have since then working together to boost their friendly cooperative ties.

In an exclusive interview with Xinhua, Chinese Ambassador to Brunei Wei Wei said that China and Brunei have no disputes of fundamental interests, and the two countries share the aspiration and common duty to develop their respective economies.

He voiced satisfaction with the development of Sino-Brunei relations, and hoped that they will be deepened at all levels in the near future.

In recent years, the exchange of visits by political leaders ofboth countries has increased, and such visits have resulted in the signing of agreements that are of great importance to both China and Brunei.

With favorable political and business conditions, the economic and trade ties of the two countries have strengthened, and the two-way trade volume soared for the first time by 123 percent to more than 100 million US dollars in 2001, followed by 262 million dollars in 2002 and 340 million dollars in 2003.

Brunei is the third largest oil producer in Southeast Asia witha capacity of some 200,000 barrels per day, and the country is also the fourth largest producer of liquefied natural gas in the world.

China, which sees demand for energies growing, has enhanced itspurchase of oil from Brunei by a total of 20,000 barrels per day, which accounts for 10 percent of Brunei's daily oil-producing capacity.

Brunei's investments in China have also maintained an upward trend following the two countries signed a pact aimed at protecting and encouraging more investments in 2000. Brunei has so far a total of 132 investment projects in China.

Under the growing economic globalization, China and Brunei havealso taken steps to deepen their cooperation in the field of culture, health, sports, education and air links.

"The Sino-Brunei relations hold great potential, and we do believe that a brighter future awaits us if we do our best and never say die," said the ambassador.

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