Sultan of Brunei highlights Brunei-Indonesia's enduring ties and shared aspirations
BANDAR SERI BEGAWAN: His Majesty Sultan Hassanal Bolkiah, Sultan and Yang Di-Pertuan of Brunei Darussalam, expressed his warm welcome to Indonesian President Prabowo Subianto during a State Banquet held in his honour at Istana Nurul Iman on Wednesday (May 14).
The visit by Prabowo, described by the Ruler as 'highly meaningful,' marks the first official state visit by the newly appointed 8th President of Indonesia — a longstanding friend of Brunei — to the country.
Sultan Hassanal expressed confidence that under Prabowo's leadership and the implementation of the 'Asta Cita' roadmap, the people of Indonesia will continue to enjoy enduring peace, progress and prosperity.
The Ruler noted that Brunei Darussalam and Indonesia recently celebrated four decades of diplomatic relations, a milestone that reflects the strong spirit of friendship and mutual understanding between both nations.
The monarch highlighted the deep-rooted ties grounded in shared heritage, religion, and language as the foundation of continued harmony and cooperation.
'In the face of ongoing global geopolitical and economic uncertainty, it is crucial for both countries to continue working closely together to safeguard the well-being of our people, particularly in ensuring food security,' said the Ruler.
Sultan Hassanal expressed confidence that the meaningful bilateral relationship between the two nations would continue to be strengthened through strategic cooperation across various sectors, driven by joint efforts at all levels.
Regionally, the Ruler underlined Brunei's commitment to working closely with Indonesia and other Asean member states to uphold peace, stability and unity.
Sultan Hassanal also reaffirmed support for advancing the Asean Community Vision 2045, which is expected to be endorsed at the 46th Asean Summit later this month.
The Ruler likened the Brunei-Indonesia relationship to the Islamic concept of brotherhood, quoting a hadith of Prophet Muhammad (PBUH), describing believers as one body — when one part suffers, the whole body feels the pain.
'This is the sacred friendship between two nations bound by faith, sharing in the blessings of Allah the Almighty and jointly protecting them from undesirable elements,' the Ruler said. - Borneo Bulletin/ANN
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
26 minutes ago
- Malay Mail
Indonesia expands military role into medicine production, sparking authoritarianism fears
JAKARTA, July 24 — Indonesia's military will begin manufacturing medicines for public distribution under a new agreement, officials said yesterday, in the latest expansion of the armed forces' role in civilian affairs since President Prabowo Subianto took office. The president, a former defence minister and special forces commander, has expanded the powerful military's role in civic affairs since taking office last year — including running much of his flagship project to serve free school meals. In March, parliament, dominated by Prabowo's coalition, also passed a revision to military law that allows more civilian posts to be occupied by soldiers, sparking protests by student and activist groups. The moves have dismantled some of the safeguards put in place after authoritarian leader General Suharto was overthrown in 1998 and raised fears of a return to an era when the armed forces were allowed to crush dissent and dominate public life. Defence Minister Sjafrie Sjamsoeddin late yesterday signed an agreement with the food and drug agency for laboratories operated by the army, navy, and air force, which previously supplied medicines for soldiers, to begin manufacturing drugs for public use. 'We are thinking of ways to lower the price even more so we could provide free medicines,' Sjafrie told reporters. Mass production will begin in October and the medicines will be distributed to villages across Indonesia at 50 per cent below the retail price, Sjafrie said. Military involvement is expected to curb the flow of illegal medicines and fight the 'mafia' in the medical industry, said the drug agency's head Taruna Ikrar. But rights groups have said that the agreement was unlawful as it brought serving military officials into civilian business positions — prohibited under military law. 'This is a symptom of how the government has shifted into authoritarianism,' said Usman Hamid from Amnesty International Indonesia. The military and Prabowo's office did not immediately respond to a request for comment. The medicines will be distributed by 80,000 state-backed cooperatives launched by Prabowo on Monday, Sjafrie said. Prabowo's cooperatives were set up to boost economic activity and cut out middlemen by providing services directly to the general public including giving loans and selling medicines and staple foods. The defence minister has also signed another agreement with the health ministry to build hospitals staffed by military doctors and nurses in conflict areas, including Papua province, where a low-level insurgency has battled for independence for decades. — Reuters
The Star
an hour ago
- The Star
Fund giants put faith in ‘Trump put' to keep stock rally rolling
WASHINGTON: A cohort of the world's largest asset managers is leaning harder into the rally in risk assets as US stocks push to fresh highs, defying persistent trade and geopolitical tensions. Firms such as Invesco Ltd, Fidelity International Ltd and JPMorgan Asset Management are reinforcing bullish bets across technology shares from the United States to Asia as well as on emerging-market assets. The high-octane wager is that while President Donald Trump is threatening to disrupt the economic order anew, he will step back from the brink. That's helping justify risk exposure at a time when valuations are stretched and macro headwinds persist. In a market that rewards conviction and punishes caution, sitting out is starting to look like the riskiest position of all. 'People have really bought into this belief that there is a Trump put, that if markets correct or if US interest rates go up, Trump will back off as he did in April: that trade is on,' said Chang Hwan Sung, a multi-asset portfolio manager in Invesco's investment solutions team in Hong Kong. 'As we navigate through this uncertainty, we are very likely to become more pro-risk.' This shared conviction isn't just a general sense of optimism; it's a calculated bet that the inherent volatility of a second Trump term will ultimately yield to economic pragmatism. For these global fund managers, that translates directly into a still-resilient outlook for international trade and supply chains, powering everything from Indonesian local-currency bonds and South Korean chipmakers to US growth stocks. Invesco has boosted its US equity allocation ahead of second-quarter corporate earnings, which it anticipates will provide further support for stocks, Chang said. And while the asset manager is 'overweight' on US stocks, it sees even better prospects elsewhere. 'From what I see happening across the globe, we are very likely to be a bit more tilted towards non-US markets such as Europe and emerging markets,' Chang said. Invesco sees medium-term opportunities in South Korea due to optimism over the government's corporate-governance reforms. The nation's benchmark Kospi index has already gained more than 30% this year, making it one of the world's best-performing major equity gauges. Invesco is also adding to holdings of local currency emerging-market bonds in its cross-asset portfolios as it sees these deriving the most gain from expected US interest rate cuts, Chang said. 'For fixed income, we like high yielders like Indonesia and other high interest-rate countries because they will probably benefit the most,' he said. Fidelity favours shares in Taiwan due to the island's high concentration of technology firms, while it likes South Korean stocks for their inexpensive valuations. 'Taiwan is probably one of the best value ways to play the technology cycle upswing, and we see a good case for being overweight,' said Ian Samson, a multi-asset fund manager at the money manager in Singapore. 'If you look at graphics processing unit (GPU) exports from Taiwan, they're just off the charts; it's incredible,' he said, referring to GPU, a type of chip used to process digital images. Fidelity isn't universally positive on risk assets. The firm's cross-asset portfolios are turning bearish on investment-grade and high-yield US corporate bonds due to their low differential to Treasury yields and are buying gold as a hedge, Samson said. JPMorgan Asset says medium US tech stocks still have room to gain due to the market's optimism over artificial intelligence (AI). The tailwinds of AI demand will offer further support for mid-cap tech stocks in the United States, said Kerry Craig, an investment strategist at the company in Melbourne. 'That adoption of AI across the broader US and global economy still has room to run,' he said. Fidelity, Invesco and JPMorgan Asset aren't alone in recommending 'overweight' holdings of US equities. Goldman Sachs Group Inc this month increased its target for the S&P 500 Index, while HSBC Holdings Plc has recommended higher US stock allocations in its multi-asset portfolios. 'We are really leaning back into US equities,' said Max Kettner, multi-asset strategist at HSBC in London. Corporate profit reports will provide a catalyst for US stocks, given low expectations, he said. 'People are probably overestimating the negative impact of tariffs on margins and earnings, and they're underestimating the positive tailwind from the weaker dollar,' Kettner said. — Bloomberg
The Star
an hour ago
- The Star
Kangaroo bonds to be issued next month
Indonesia Finance Minister Sri Mulyani Indrawati (second, right). — The Jakarta Post JAKARTA: Finance Minister Sri Mulyani Indrawati has revealed that the first Australian-dollar-denominated Indonesian government obligations, or kangaroo bonds, are to be offered in August, but Australian investors appear to be wary of buying them. The minister shared the news in an opinion editorial for The Jakarta Post written together with Australian Treasurer Jim Chalmers and published last Saturday. 'Subject to market conditions, Indonesia will also issue its first-ever Australian-denominated 'Kangaroo bond' in August, a vote of confidence and meaningful step forward, reflecting our deep bilateral ties,' wrote the two senior officials. They went on to say that the issuance 'will open new pathways for Australian investors to find quality investment products, support Indonesia's growth and strengthen financial integration'. Online portal Investopedia defines the kangaroo bond as a type of bond issued in the Australian market by nonresidents, denominated in Australian dollars and subject to Australian securities regulation. The plan to issue kangaroo bonds was first unveiled in May by Sri Mulyani's deputy Thomas Djiwandono, who revealed the government is also pondering the issuance of yuan-denominated Dim Sum bonds. Suminto, the ministry's director general of budget financing and risk management, said in a press conference in May that, beyond expanding the foreign investor base, the move could help reduce borrowing costs and serve as a hedge against currency risks. However, he declined to disclose the size of the planned issuance. 'We are taking a flexible and opportunistic approach,' said Suminto. — The Jakarta Post/ANN
