BIA receives Pakistani envoy

PAKISTANI Acting High Commissioner Ahmed Ali Sirohey yesterday paid a visit to Brunei Investment Agency (BIA) Acting Managing Director Junaidi bin Haji Masri, who briefed the envoy about the workings of the agency.

The agency’s principal tasks are to control and manage Brunei’s general reserve funds and the growth of external holdings. It manages the country’s income from oil exports in the form of foreign reserves. BIA mostly functions as the central bank in the country and has a strong financial base with funds generated from the country’s oil and gas resources, apart from Worker’s Provident Fund and other revenues, he told the acting high commissioner.

He also discussed the functioning of the Pak Brunei Investment Company and showed satisfaction with its progress, hoping that it would grow faster in the future. He urged the government of Pakistan to take care of the investment company and ensure non-interference in its affairs.

He said that Pak Brunei Investment Company is primarily viewed as a commercial entity by the Bruneian authorities, adding that the present directors and members of the board including the Pakistani CEO are competent managers. It has improved the workings of the company in the last three years.

Ahmed Ali Sirohey assured the managing director that the Pakistan government would maintain its non-interference in the affairs of the joint investment company.

“The facilitation and incentives provided to the company would be continued without any obstacle. Moreover, its plans of expansion and introduction of new products to enter the broader financial market by the company would be supported by the Pakistan government.

“The State Bank of Pakistan is consistent in its policies to raise the threshold of equity for investment companies. It is expected that no sudden increase in equity be done by the State Bank,” he said.

The acting high commissioner also invited the managing director to send his team to visit Pakistan to explore investment opportunities in potential sectors. The managing director assured that he would take positive steps in this regard.