Bandar Seri Begawan, Nov 16 : Brunei's Ministry of Finance and Economy (MOFE), in collaboration with Singapore's Ministry of Sustainability and the Environment and the Singapore Food Agency, will conduct a joint feasibility study on establishing a Brunei-Singapore Agri-Tech Food Zone (ATFZ).

According to a press statement issued by MOFE on Saturday, the ATFZ aims to strengthen food supply resilience for both countries, attract high-value agri-food investments, create employment opportunities, and build local capabilities within the agri-food sector, Xinhua news agency reported.

It also fosters agri-technology innovation and positions Brunei and Singapore as regional leaders in sustainable and technology-driven agri-food production.

The Ministry said the initiative seeks to leverage Brunei's strategic advantages in land availability and its economic diversification goals, alongside Singapore's expertise in agri-technology and regulatory, as well as market connectivity.

The ATFZ is expected to support the development of a competitive agri-food ecosystem that will enable the production, processing, and export of high-quality food products to the regional and global market.

Earlier in July, senior government officers from Brunei and Singapore held their third joint committee meeting to deepen collaboration in various priority sectors.

Hajah May Fa'ezah Ahmad Ariffin, permanent secretary at the Ministry of Finance and Economy said priority sectors include food security, healthcare, low carbon energy, and green economy, as established under the Memorandum of Understanding (MoU) on strengthening trade and investment cooperation in food and medical products, and the MoU on cooperation in energy and green economy.

She also emphasised the importance of resilience and innovation in being even more competitive and adaptable, and urged focused implementation, timely delivery and measurable results.

The meeting was attended by permanent secretaries, deputy permanent secretaries and senior government officials and representatives from Brunei and Singapore.

Relations between Singapore and Brunei are excellent, according to Singapore's Ministry of Foreign Affairs.

Leaders on both sides have close personal ties, and there is a regular exchange of visits at all levels.

Singapore and Brunei have long-standing arrangements such as the Currency Interchangeability Agreement (which marked its 50th anniversary in 2017), and also cooperate in defence, finance, trade and investment, tourism, health, aquaculture, and education.

The two nations are also close partners in ASEAN and other international fora.

/IANS