Sign up | Log in



Home  >>   Daily News  >>Brunei>>Investment>>‘Attract, assure foreign investors for long-term commitment here’
NEWS UPDATES Asean Affairs   23  March  2016  

‘Attract, assure foreign investors for long-term commitment here’

BRUNEI needs to focus on attracting foreign investments into knowledge-based industries and implement policies that accommodate the needs of foreign investors, said Legislative Council (LegCo) members yesterday.

Yang Berhormat Pehin Kapitan Lela Diraja Dato Paduka Goh King Chin said the government should encourage foreign service firms including finance, legal, accounting and tax advisory services, to set up their regional offices in the sultanate.

“We should attract foreign investments in the industry including information technology (IT), healthcare, education, research and development,” he said at the 12th LegCo meeting yesterday.

[You can find summaries of our LIVE tweets and stories from the 12th LegCo session on our directory]

[Check out a video of the 12th Legislative Council Session opening]

He added Brunei should not attract foreign investments in the low-cost manufacturing and labour intensive industries due to its small population, strong currency and economies of scale.

“We must assure foreign investors of our long-term commitment on foreign investment policies so that they will be confident to invest in our country on a long-term basis,” YB Pehin Dato Goh said.

This, he said, can be done by streamlining and developing efficient business processes.

“In my view, it is important to have a friendly business environment to simplify the business start-up and purchasing processes.”

He warned that failure to set up an investment friendly environment will drive away potential foreign investors to Brunei.

No foreign investors will want to invest in Brunei if the policies are not receptive to foreign investments and if there is a high degree of uncertainty in the local business environment, said YB Pehin Dato Goh.

He said as global competition to attract FDIs intensifies, Brunei’s political and economic stability can lure investments into the country.

He said the government needs to clarify foreign ownership rules and benefits for foreign investors in the country.

Brunei should also allow foreign companies to employ skilled foreign workers on the technical and management level.

YB Pehin Dato Paduka Goh King Chin felt that promoting foreign and local investments could resolve the unemployment issue and opposed the idea of the government providing special allowance to locals working in the private sectors.

Meanwhile, another LegCo member YB Hj Awg Ahmad Morshidi Pehin Orang Kaya Digadong Seri Diraja Dato Laila Utama Hj Awg Abdul Rahman said the government needs to overcome the lingering issue of the Power of Attorney (PA) to allow foreign investors stay and monitor their businesses in the sultanate.

He told The Brunei Times yesterday that the government needs to show and prove to foreign businesses that they are guaranteed fair and equitable treatment in doing businesses in the country.

This will promote greater FDIs into Brunei, he said.

“Like in any other countries, foreign investors need to guarantee that they can live and stay to see the progress of their businesses in Brunei. If not, how can they monitor their businesses here?” said YB Hj Awg Ahmad Morshidi.

He made a suggestion of developing the PA on the rights of leasehold owners (foreign investors) to transfer and sell the ownership of the property to their next of kin.

“Let’s take a 60 year-leasehold property as an example. If the foreign investor passes away in between the lease period, can he pass the leasehold to his children? What if the business goes bankrupt, can the foreign investors sell the leasehold property to the original owner?” said YB Hj Awg Ahmad Morshidi.

He added the government needs to make “lenient” policies on foreign investments to draw more investments into Brunei.

The Land Department only recognises ownership by Brunei citizens and not beneficial ownership in land from non-locals, according to Law Society President Hj Mohd Rozaiman DSLJ Hj Abd Rahman during this year’s Opening of the Legal Year.

However, the courts recognise legal and beneficial ownership of land, he said.

Prior to 2012, foreign nationals had purchased land through locals as the legal owners and the foreign nationals as the beneficiary owners of the land which was recognised as legal by the court.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           March 23, 2016 Subsribe Now !
• Govt targets 30 percent increase in Chinese investment Subcribe: Asean Affairs Global Magazine

• Aung San Suu Kyi nominated to join Myanmar cabinet
• Economy in brief: Innovation key to attract tech-savvy audience
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Motorcycle growth modest in 2016
‘Attract, assure foreign investors for long-term commitment here’
Asean Analysis                   March 18, 2016
• Asean Analysis March 18, 2016
Southeast Asia Dances to the Tune of Japan's Abe Doctrine
Advertise Your Brand

Asean Stock Watch  March 22, 2016
• Asean Stock Watch-March 22, 2016
The Biweekly Update
• The Biweekly Update March 18, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand