ARMIN BRUCK, president and CEO of Siemens Singapore, said Brunei, as an investment destination, was first of all, from a geostrategic position, quite interesting for many investors.
“It’s also supported by a lot of government initiatives to make it financially viable and attractive for investors.
“Having oil and gas by nature attracts certain industries, like the fertiliser industry for example, or whatever is combined with the refinery industry,” he said.
For such industries, Brunei could be “a good destination”.
“And then, coming from there, automatically a second level of industries might follow.”
Siemens can support FDIs by providing the full value chain for these customers, whether in the |factory setup, electrification or automation to make their factories highly efficient and productive.
They provide a highly efficient factory management system and fully automated technology for industry, he said.
Siemens has been in Brunei |for nearly 20 years and is active |in all its divisions, especially power and gas, power generation services, health, energy management, and building technologies.
They are represented through a local office and also have a team of local business partners.
Brunei has been “an interesting and attractive market for us, and usually Siemens likes to stay for a long while, and normally comes to stay, so we also believe in the future of Brunei”.
Current oil prices present a challenge, “but we strongly believe and we see certain indications in the market that this might improve in the near future.”
“So we are here, we are ready to support government stakeholders as well as investors in (Brunei’s) market and together we can probably make a really viable and promising business.”
On Siemens’ plans for the future in Brunei, he said that once a FDI |is ready to start, “we are definitely there to support them, to make the implementation highly efficient |and productive for them, which is important”.