Malaysian Investment Development Authority Signs MoU with Brunei Sovereign Wealth Fund to Explore Investments
Posted on 01/29/2023
The Malaysian Investment Development Authority (MIDA) and the Brunei Investment Agency (BIA) signed a Memorandum of Understanding (MoU) to explore potential investments that are of mutual interest. The MoU was signed on January 25, 2023 and was Malaysia Prime Minister Datuk Seri Anwar Ibrahim and Sultan of Brunei Sultan Hassanal Bolkiah. The MoU entails bilateral cooperation and investment in the downstream oil and gas sector, digital economy, high-tech manufacturing, science-based agriculture, artificial intelligence, tourism, and the halal food industry.
MIDA was previously known as Malaysian Industrial Development Authority. MIDA is the government’s principal agency to oversee and drive investment into the manufacturing and services sectors in Malaysia.
Brunei and Malaysia established diplomatic relations in 1984. The Brunei–Malaysia border divides the territory of Brunei and Malaysia on the island of Borneo. In addition, Brunei supplies 6 percent of Japan’s liquified natural gas (LNG), behind Australia, Malaysia, and other countries. Brunei LNG is funneled into Japanese utility companies Tokyo Gas Co., Ltd., Osaka Gas Co., Ltd, and JERA, which is jointly owned by Tokyo Electric Power Company and Chubu Electric.