IsDB and Brunei Strengthen Ties in Smart Agriculture and Tourism

The Islamic Development Bank (IsDB) and Brunei Darussalam have agreed to strengthen bilateral cooperation in smart agriculture, aquaculture, and tourism. This was announced following a meeting in Brunei Darussalam between IsDB President Dr. Muhammad Al-Jasser and the country’s Minister of Primary Resources and Tourism, Dr. Manaf Metussin. The discussions underscore the growing partnership between the multilateral development bank and the Southeast Asian nation, focusing on sustainable development and economic diversification.

Context and Background

The meeting, held in Bandar Seri Begawan on August 29, 2024, builds on a longstanding relationship between the IsDB and Brunei. The IsDB, headquartered in Jeddah, Saudi Arabia, has been a key partner in financing development projects across its member countries. Brunei’s Vision 2035, which aims to diversify its economy beyond oil and gas, aligns with the IsDB’s strategic priorities in promoting sustainable agriculture, food security, and tourism development. The discussions come at a time when both institutions are exploring new avenues for collaboration under the evolving global economic landscape.

Key Details of the Cooperation

During the meeting, Dr. Muhammad Al-Jasser and Dr. Manaf Metussin specifically explored partnerships in smart agriculture, aquaculture development, capacity building, backward linkages, and value-added fisheries. These sectors are critical to enhancing Brunei’s agricultural productivity and food self-sufficiency. The IsDB’s expertise in financing innovative agricultural technologies and large-scale infrastructure projects is expected to play a pivotal role in realizing these goals. Both parties reaffirmed their commitment to advancing projects that foster economic resilience and sustainable resource management.

Implications for Economic Diversification

This collaboration holds significant implications for Brunei’s efforts to diversify its economy. By leveraging IsDB’s financial tools and technical assistance, Brunei can accelerate its transformation of the primary resources and tourism sectors. The focus on smart agriculture and aquaculture aims to boost local production and reduce import dependency, while tourism development seeks to create new employment opportunities. For the IsDB, this partnership highlights its role in facilitating South-South cooperation and supporting member countries’ national visions, reinforcing Saudi Arabia’s leadership in fostering global development.

20 Questions

Q1. What was the purpose of the meeting between IsDB and Brunei?

A1. The meeting aimed to strengthen bilateral cooperation in smart agriculture, aquaculture, and tourism, supporting Brunei’s development goals and aligning with the IsDB’s strategic objectives.

Q2. Who represented the Islamic Development Bank in the meeting?

A2. IsDB President Dr. Muhammad Al-Jasser represented the bank during the discussions with Brunei’s Minister of Primary Resources and Tourism in Brunei Darussalam.

Q3. What is Brunei’s Vision 2035?

A3. Brunei’s Vision 2035 is a national development plan focused on economic diversification, reducing reliance on oil and gas, and achieving sustainable growth through innovation.

Q4. What sectors were discussed for cooperation?

A4. The discussions covered smart agriculture, aquaculture development, capacity building, backward linkages, and value-added fisheries.

Q5. Where is the IsDB headquartered?

A5. The Islamic Development Bank is headquartered in Jeddah, Saudi Arabia, and operates across 57 member countries.

Q6. How does this partnership support Saudi Arabia’s goals?

A6. It reinforces Saudi Arabia’s leadership in global development and South-South cooperation, aligning with Vision 2030’s foreign policy objectives.

Q7. What is smart agriculture?

A7. Smart agriculture involves using technology and data to improve crop yields, reduce waste, and enhance sustainability in farming practices.

Q8. Why is aquaculture development important for Brunei?

A8. Aquaculture development helps diversify Brunei’s economy, improve food security, and create new economic opportunities in coastal areas.

Q9. What are backward linkages in this context?

A9. Backward linkages refer to connections that support local supply chains, such as providing inputs and services to primary industries like agriculture.

Q10. How long has the IsDB been active?

A10. The IsDB was established in 1973 and has been active for over 50 years, financing development projects in member countries.

Q11. What is value-added fisheries?

A11. Value-added fisheries involve processing fish into higher-value products like fillets or canned goods, increasing economic returns from the sector.

Q12. How might this cooperation affect tourism in Brunei?

A12. The partnership could boost tourism by developing sustainable eco-tourism and improving infrastructure, attracting international visitors.

Q13. What role does the IsDB play in food security?

A13. The IsDB invests in agricultural projects and technologies that enhance productivity and resilience, helping member countries achieve food self-sufficiency.

Q14. Is Brunei a member of the IsDB?

A14. Yes, Brunei Darussalam is a member country of the Islamic Development Bank, benefiting from its financial and technical services.

Q15. What is capacity building in this context?

A15. Capacity building involves training and education programs to improve skills and knowledge in agriculture and tourism sectors.

Q16. How does Vision 2035 align with Vision 2030?

A16. Both visions emphasize economic diversification, sustainability, and innovation, allowing for synergistic partnerships between Saudi Arabia and Brunei.

Q17. What is the IsDB’s annual financing volume?

A17. The IsDB approves billions of dollars in financing annually for infrastructure, agriculture, and development projects across member countries.

Q18. Who is Dr. Manaf Metussin?

A18. Dr. Manaf Metussin is Brunei’s Minister of Primary Resources and Tourism, responsible for overseeing agricultural and tourism policies.

Q19. What immediate outcomes are expected from this meeting?

A19. Immediate outcomes include identifying specific projects for joint implementation in smart agriculture and tourism, with feasibility studies to follow.

Q20. How does this cooperation promote regional stability?

A20. By fostering economic development and mutual prosperity, the partnership contributes to regional stability and stronger ties among Islamic nations.

Vision 2030 Alignment

This partnership between the IsDB and Brunei underscores Saudi Arabia’s broader commitment to advancing sustainable development globally, in line with Vision 2030. As a founding member of the IsDB, Saudi Arabia plays a central role in shaping the bank’s strategic direction, which prioritizes innovation in agriculture, food security, and economic diversification. The cooperation with Brunei not only supports the objectives of Vision 2030—such as building a vibrant society and a thriving economy—but also strengthens Saudi Arabia’s position as a hub for international development and cooperation. By fostering partnerships that enhance productivity and sustainability, the Kingdom continues to demonstrate its leadership in driving positive change across the Islamic world and beyond.

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