HONG KONG, March 5, 2015 /PRNewswire/ -- A 2-day conference - International Food and Bio-Industry Investment Conference will be held in Brunei Darussalam during May 2015 as part of the Sultanate's Brunei BioInnovation Corridor's (BIC) initiative. The conference and the BIC initiative are in line with the nation's intention to achieve further diversification, competitiveness and sustainability of the economy.
The conference will align with BIC's purpose to promote Brunei Darussalam as a regional hub for bio-industry research and innovations, with a focus on Halal food products, cosmetics, pharmaceuticals, biotechnology and logistics.
"The BioInnovation Corridor spans an area of approximately 500 hectares, and will attract investment in research and development, manufacturing, and commercial industries. It is an additional sector that will strengthen the economy," said His Majesty The Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, the Sultan and Yang Di-Pertuan of Brunei Darussalam on the occasion of HM's 68th birthday.
The BioInnovation Corridor (BIC) initiative
As part of a wider economic diversification strategy, the BIC was established to promote the development of food and bio-industries in Brunei Darussalam, to establish an internationally renowned Halal-themed industry park, and to create a research driven environment.
The BIC will be particularly attractive for companies producing Halal foods, cosmetics, pharmaceuticals, and functional foods. Brunei Darussalam has a strong reputation among the Islamic community for high Halal standards and stringent guidelines for pharmaceuticals, food, and cosmetics. The BIC will provide opportunities for growth and innovation in these areas.
Economic and development opportunities
The BIC intends to create a mixed use environment able to accommodate research and innovative technology applications. Brunei Darussalam is strategically located at the heart of Southeast Asia, an ideal location to develop export and logistics activities.
The BIC is located near Bander Seri Begawan, the cultural, economic and political capital of Brunei Darussalam.
Occupying 466 hectares, the BIC intends to provide up to 28,000 full time employment positions, in which 9,500 roles would be related to food processing. The BIC is currently discussing development plans of Phase 1 (37 hectares of land to be subdivided into 25 plots) with investors. Approximately 30% or up to 195 hectares of land would be earmarked for industrial usage, and 25% of land would be allocated for green space. Brunei Darussalam offers a stable political and financial environment, with a low tax regime and low operating costs, coupled with generous investment incentives.
International Food and Bio-Industry Investment Conference
Hosted by the government of Brunei Darussalam, the conference will feature senior government officials; business executives, investors, as well as high-profile speakers from around the globe. Topics of discussion will cover economic opportunities in addition to specialized knowledge on bio-innovation.
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About Brunei BioInnovation Corridor
The BioInnovation Corridor is an initiative, in the Brunei Muara District, led by the Ministry of Industry and Primary Resources (MIPR) of Brunei Darussalam. A dedicated division, The Halal Industry Innovation Centre (HIIC), has been established in promoting the development of Halal Certified Industries in Brunei Darussalam.
