SHANGHAI, Feb 22 (Reuters) - A joint venture between China’s Guangxi Beibu Gulf Port Group and a government-linked Brunei investment company started running Brunei’s largest container terminal on Tuesday, the official Xinhua news agency said.
The move is the latest in a series of steps taken to further China’s “One Belt, One Road” scheme to promote infrastructure projects along historical land and sea trading routes as a way to bolster the country’s slowing growth.
Muara Port Company Sdn Bhd, a joint venture between Guangxi Beibu and Brunei’s Darussalam Assets, will manage operate, maintain and develop the Muara Container Terminal in Brunei, on the north coast of Borneo.
“Brunei is an important country along the 21st century Maritime Silk Road. We hope that bilateral cooperation in every field can be further deepened,” Chinese Ambassador Yang Jian was reported as saying at the opening ceremony.
Brunei’s Deputy Finance Minister Dato Amin Liew, also the CEO of Darussalam Assets, said the new venture would improve the terminal’s operational efficiency, cut logistics costs and boost cargo handling capacity.
The new venture is the first step in cooperation between Darussalam Asset and Guangxi Beibu, the report said.
Reporting by Engen Tham; Editing by Richard Pullin