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Monthly Commercial and Economic Report for August 2006 Part I: Internal 1. Brunei hosts first International Halal Products Expo 2006: On 07 August, Sultan of Brunei officiated the opening of the first ever International Halal Products Expo 2006, held in Brunei from 7-11 August. The theme of the Expo was "Going Global with Halal Products". In his message, Sultan of Brunei said that the International Halal products Expo 2006 clearly marks an important beginning for Brunei in its efforts to venture into the lucrative market of Halal products and services. Companies from Australia, China, Indonesia, Malaysia, the Philippines, Singapore and Thailand participated in the Expo. 2. On 07 August, five MoUs were signed between several Bruneian and Australian companies relating to halal products. The MOUs were signed between the Government of Brunei Darussalam (Ministry of Industry of Primary Resources) and the government linked companies viz. Semaun Holdings Sdn Bhd, Jerambak Holdings Pty Ltd and Halaqah Sdn Bhd from Brunei and three companies from Australia, viz. Lemnos Food Pty Ltd, Nolan Meats Pty Ltd and Alternate Meats Asia Pty Ltd. 3. Petroleum Brunei paves way for more foreign exploration: Brunei National Petroleum Company (PetroleumBRUNEI), on 28th August, signed a Production Sharing Contract with two consortiums that have been awarded exploration rights for Onshore Blocks L & M. The two consortiums are (1) Loon Energy Incorporated of Canada and QAF Brunei for Onshore Block L covering an area of 2253 sq.km. and (2) China Oil USA (Macau) Co. Ltd., Valiant International Petroleum Ltd. of UK and Jana Corporation (Brunei) for Onshore Block M covering an area of 3011 sq. km. With a starting investment of $80 million, the consortiums are hopeful that the two blocks will show prospects of increasing Brunei's oil and gas reserves, provide employment opportunities and generate other upstream and downstream opportunities. 4. Local company in joint venture with Indonesian abattoir: A local company, Pelita Group & Associated Company, signed a three-year contract with an Indonesian abattoir to supply meat for re-exporting to other nations that need halal products including members of the Organisation of Islamic Countries (OIC), Asia and Europe. A 7-member 'Abattoir Inspection Committee' from Brunei, comprising of representatives of government agencies, visited Surabaya, Indonesia from 15-18 August to ensure that the Indonesian abattoir complied with the halal procedure of meat to be exported to Brunei. 5. Brunei hosts 23rd East Asian Insurance Congress 2006: The 23rd East Asian Insurance Congress was held in Brunei from 30 July to 2nd August. At the opening ceremony, the Minister of Finance II, Pehin Dato Haji Abd Rahman bin Haji Ibrahim said that the Sultan had consented to approve several new laws relating to supervision of insurance activities in the country. PART II: EXTERNAL Indonesia 6. Brunei National Petroleum Company Sendirian Berhad (Petroleum BRUNEI) signed a Memorandum of Understanding with PT ELNUSA, a subsidiary of PE Pertamina (Persero), a distinguished player in the oil and gas industry in the Republic of Indonesia, on 24th August, providing for long-term mutual cooperation and assistance between the two companies to explore and work together in the oil and gas industry, particularly in areas concerning personnel, oil and gas services and finance, acquisition and management of oilfields within the Asian region. Australia 7. A governmental delegation led by Ms. Clare Martin, Chief Minister and Minister for Asian Relations and Trade from the Northern Territory of Australia visited Brunei from 09 August. On 09 August, Ms. Clare Martin made courtesy calls on the Sultan of Brunei, Prince Hj Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister's Office and Prince Mohamed Bolkiah, Minister of Foreign Affairs and Trade of Brunei. Ms. Martin also met with senior government officers of Brunei Darussalam. The aim of the visit was to strengthen inter-governmental relations and promote business, trade and investment opportunities in the Northern Territory of Australia, which is a source of live cattle imports for Brunei. USA 8. Baiduri Bank of Brunei signs deal with American insurance company: On 02 August, Baiduri Bank of Brunei signed a Bancassurance agreement with the American International Assurance Company Limited (AIA), the leading life insurer in Southeast Asia. PART III: ATTITUDE ON MAJOR INTERNATIONAL ISSUES - NIL PART IV: ROLE IN REGIONAL AND INTERNATIONAL ORGANIZATIONS - NIL 9. Details of Trade Inquiries received from Indian companies and appropriately responded to by the Mission in July 2006 are at Annexure-I Source: Commercial Section, Embassy of India, Brunei