The Market Monitor Minding the Nation's Business
President Duterte’s recent state visit to Brunei Darussalam is expected to enhance diplomatic and economic relations between the Philippines and Brunei, global port operator International Container Terminal Services Inc. (ICTSI) said.
ICTSI, which operates the sultanate’s leading trading gateway, the Muara Container Terminal (MCT), looks forward to improved investment opportunities between the two countries.
Mr. Duterte flew to Brunei last October 16 to hold bilateral meetings with Sultan Haji Hassanal Bolkiah Mu-izzaddin Waddaulah, the Sultan and Yang Di-Pertuan of Brunei Darussalam, and his ministers.
“We are hopeful that this state visit will open up more opportunities for the two countries to further develop the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA).
ICTSI is fully committed to be an active partner in both countries’ drive to promote economic growth, especially through sound investments in port management and development,” Christian Gonzalez, ICTSI senior vice president and head of Asia-Pacific, said. ICTSI has been successfully operating the MCT for the past eight years under the stewardship of highly experienced managers and staff of ICTSI unit New Muara Container Terminal Services (NMCTS). Around 85 percent of NMCTS’s employees are Bruneians. Just recently the NMCTS was honored as one of Asia’s top employers in the 7th CMO Asia’s Best Employer Brand Awards 2016 in Singapore.
“ICTSI has built a reputation for itself as one of the most successful port operators in the world. Eight years says a lot as to what we have been doing in Brunei.
It speaks to the kind of leadership and management style in all of our terminals around the world,” Manuel de Jesus, ICTSI vice president for business development-Asia, said.
“With the state visit, we look forward to bigger avenues for economic partnership between the two countries,” he added.
ICTSI’s success on the global scale has resulted in a diverse portfolio of 30 terminals in 20 countries.
ICTSI is currently proposing to have a long-term concession with the Brunei government to further develop the Port of Muara into a world-class gateway.
“Given our global expertise and sound business practices backed by international financial institutions, we can develop world-class port facilities in Brunei.
With President Duterte discussing trade relations, we’re really hoping for things to go well so both countries can capitalize on these opportunities.
For us, we’re hoping we could expand our contract in Muara so we can pour more investments, create a world-class trade gateway and provide better service to the people of Brunei,” Reimond Silvestre, NMCTS general manager, said.