Japanese conglomerate Mitsubishi Corp. has been operating in resource-rich Brunei for more than 40 years, working with the country in growing not only its oil and gas industry, but also its agriculture, education and tourism sectors.
Recently, Mitsubishi began collaborating with the government to develop its biotechnology and life sciences industry, tapping the country’s abundant resources such as water and sunlight. It hopes that its biotech investment, the first in Brunei, will stimulate the growth of this new industry.
The historical relationship between the government and Mitsubishi has generated new fields of cooperation. Involved heavily in the oil and gas industry, the company also expanded its involvement in the renewable energy sector through the donation of a solar energy plant.
“We want to work together with Brunei because it was with the government’s support that has given us an opportunity to build a successful energy business,” said Brunei Liaison Office General Manager Yuki Kaneda.
Mitsubishi invested in the renewable energy sector because it wanted to improve the quality of life of Brunei’s people and have a positive impact on the country. Through its various investments, the company believes it facilitates more opportunities for foreign investment and allows small and medium-size enterprises to flourish in this market.
“In the past, the best minds usually chose to invest in oil and gas, but they now look for opportunities in other industries. There is a big opportunity for other businesses to set up as new industries in Brunei,” stressed Kaneda.
Enjoying the government’s clear support, Mitsubishi is committed to remain in the country long term and has expressed its readiness to collaborate with anybody wishing to build a business in this young market.