BANDAR SERI BEGAWAN, Dec. 22 (Xinhua) -- The Muara Port Company Sdn Bhd (MPC), a joint venture between Brunei and China, signed an agreement with the Brunei government on Tuesday to develop and operate the country's largest fishing complex.

Founded in February 2017 between China's Guangxi Beibu Gulf International Port Group and Brunei's Darussalam Assets, a government-backed investment agency, the MPC will take over the project to modernize, operate and manage the Muara Fish Landing Complex.

"The development and operations will begin in early quarter of 2021, bringing new economic and social opportunities for our nation," Fazilah Yassin, MPC's Chief Operating Officer said during a signing ceremony.

"MPC would like to see the continuation of joint efforts for building a long-term and strategic collaboration between the future subsidiary company and the government of Brunei Darussalam," he added.

During the ceremony, the MPC also signed a Memorandum of Understanding with Bank Islam Brunei Darussalam, the largest local bank, and a Memorandum of Understanding with Bank of China Brunei Branch, to strengthen financial cooperations with the banks.

Around 300 guests including Haji Ali, Brunei's Minister of Primary Resources and Tourism, Haji Mohd Amin Liew, Minister at the Prime Minister's Office and Second Minister of Finance and Economy, Haji Suhaimi, Minister of Development, Abdul Mutalib, Minister of Transport and InfoCommunications and Yu Hong, Chinese Ambassador to Brunei attended the signing ceremony.