The Malaysian Investment Development Authority (MIDA) and the Brunei Investment Agency (BIA) have inked an MoU for both Malaysia and Brunei to explore potential investments that are of mutual interest.

The MoU was signed by MIDA CEO, Datuk Arham Abdul Rahman and BIA Acting Managing Director, Sofian Mohammad Jani at Istana Nurul Iman, Bandar Seri Begawan, Brunei, today (January 25), witnessed by Prime Minister Datuk Seri Anwar Ibrahim and Sultan of Brunei Sultan Hassanal Bolkiah.

The signed document provides a preliminary understanding for both parties to hold negotiations towards the implementation and preparation of further agreements on bilateral investments, to be implemented by certain parties between Brunei and Malaysia.

The MoU entails bilateral cooperation and investment in the downstream oil and gas sector, digital economy, smart manufacturing, smart agriculture, artificial intelligence, tourism, and the halal food industry.

Earlier on, Anwar held a four-eye meeting with Sultan Hassanal Bolkiah.

The prime minister has been in Brunei for a two-day official visit which started yesterday.

This is his second official visit abroad after being appointed as Malaysia’s 10th Prime Minister in November last year.