ASEAN KEY DESTINATIONS
Brunei keen to attract more FDIs to diversify economy
BRUNEI is committed to attracting more foreign investments and developing its private sector to diversify the economy.
In a speech delivered at yesterday’s Brunei-Korea Investment Promotion Forum, Dato Paduka Dr Hj Mohd Amin Liew Abdullah, deputy minister of finance and chairman of the Brunei Economic Development Board (BEDB), said Brunei has “entered into a new phase” of economic development with renewed efforts to move away from the oil and gas based economy.
“The focus is on industries that can capitalise on the country’s strengths and have the ability to grow the economy while providing quality and sustainable job opportunities,” he said.
He said the establishment of the Foreign Direct Investment and Downstream Industry Committee will streamline approval process for foreign direct investments (FDIs).
Dato Dr Hj Mohd Amin said several reforms have been implemented to cut red tape. These include the creation of an online business registration system which allows a business to be set up within 24 hours and the establishment of Darussalam Enterprise (DARe), a statutory body that aims to grow local enterprises.
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Sultan and Yang Di-Pertuan of Brunei Darussalam has also called for renewed efforts to improve Brunei’s exports through sectors such as agriculture, fisheries, halal products, technology, creative industries, logistics, tourism and downstream oil and gas.
He said Brunei’s Ease of Doing Business ranking has improved to 84th from 105th thanks to business reforms that were implemented recently. Brunei will continue to improve its ranking by promoting a more favourable business environment.
Kim Young-sun, secretary general of the Seoul-based ASEAN-Korea Centre, said Brunei has certain advantages in ICT, citing the presence of two major telecommunication cables.
He also said Brunei’s organised guidelines on halal goods is advantageous to the beauty industry.
Kim said Brunei’s community-based tourism is helping Korean visitors broaden their understanding of the sultanate.
“I believe that the relationship between Korea and Brunei will be heading to a brighter future,” he said.
Kim is leading a delegation comprising officials from the ASEAN-Korea Centre and Korean investors who want to explore opportunities in biotechnology, cosmetics, ICT and e-commerce.
A two-day programme, which will end today, was jointly organised by the ASEAN-Korea Centre, the Energy and Industry Department at the Prime Minister’s Office (EIDPMO), BEDB and the Ministry of Foreign Affairs and Trade.
Also present during the event was Adi Shamsul Hj Sabli, Permanent Secretary of Industry at EIDPMO and Cho Won-Myung, Korean Ambassador to Brunei, along with other senior officials.
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