Bangladesh-Brunei sign four MoUs and agree on energy cooperation

Bangladesh and Brunei Darussalam on Sunday agreed to explore mechanisms for long-term collaboration in the energy sector, particularly in the supply of Liquefied Natural Gas (LNG) and other petroleum products to Bangladesh.

Visiting Brunei Sultan Haji Hassanal Bolkiah and Bangladesh Prime Minister Sheikh Hasina agreed for a long-term collaboration in the energy sector, said a joint statement issued after the official talks between the two leaders at the Prime Minister's Office in Dhaka.

"In view of Bangladesh's growing demand for energy and Brunei Darussalam's standing as a stable and key regional exporter of energy, both leaders agreed to explore mechanisms for long-term collaboration in the energy sector, particularly in the supply of Liquefied Natural Gas (LNG) and other petroleum products to Bangladesh," said the statement.

Following the official talks, the two countries also signed four bilateral instruments, including a memorandum of understanding (MoU) on the "Field of Cooperation in the Supply of Liquefied Natural Gas (LNG) and other Petroleum Products".

Three other instruments are "Air Services Agreement," "MoU on the Employment and Recruitment of Bangladeshi Workers," and "MoU on the Recognition of Certificate Issued under the Provisions of the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978 as amended."

In the talks, both sides identified trade and investment as areas of vital bilateral cooperation and expressed their optimism to work to increase the volume of two-way trade, which is currently far below the potential.

The two countries also welcomed discussions to explore the possibility of a mechanism between the Ministry of Commerce of Bangladesh and the Ministry of Finance and Economy of Brunei Darussalam to widen cooperation in trade, commerce and investment, as well as to seek support for enhanced business-to-business relations and cooperation.

Both leaders also agreed to deepen collaboration in the field of Halal trade.

Bangladesh offered Brunei Darussalam the advantages of the opportunities for investment in the Special Economic Zones of Bangladesh. Brunei Darussalam took note of the offer and looked forward to discussing potential areas of investment cooperation for the mutual benefit of both countries, according to the joint statement.

Brunei Darussalam also invited Bangladesh to consider investing in its economic diversification activities, such as in the food, agriculture and aquaculture industries.