We could be seeing a lot more foreign business investment from Indian companies and brands over the next few years, as a recent business mission led by the Brunei Economic Development Board (BEDB) and the Indian Economic Trade Organisation (IETO) landed in the Sultanate to explore Foreign Direct Investment (FDI) opportunities between the two countries. Representatives from over 20 Indian companies made their first trip over to capitalise on the FDI interest generated by BEDB’s Investment Seminar held in Chennai late last year. The seminar also coincided with the inaugural direct flight connection between Brunei and India via Royal Brunei Airlines’ Chennai-Brunei route. President of the Indian Economic Trade Organisation (IETO), Dr Asif Iqbal, described the delegation’s visit as a reciprocal initiative that builds on the foundation set by the meeting between Brunei’s and India’s leaders earlier in September — the first by a sitting Indian Prime Minister to Brunei. “Prime Minister Narendra Modi’s visit to Brunei really put Brunei on the map for Indians,” said Dr. Iqbal. “From there, we have seen the doors opening; first with the flights (to Chennai), and now with BEDB following through with these strategic engagements”. After the BEDB-hosted seminar in Chennai, Indian companies wanted to see Brunei first-hand, he added, noting the diversity of the delegation. Dr.Iqbal added that the IETO which represents a network of 800 Indian businesses, including diaspora-led businesses operating internationally, would facilitate more member to visit Brunei in the near future. “This is my first visit to Brunei, and just from this, we already have a number of Indian companies developing proposals to set up here.”
