| Azlan Othman |
AS major cutbacks on government expenditures will bring lesser opportunities for the business community to benefit from government projects, there is an urgent need to find other sources of opportunities in the country and in the nearby regions, said Dr Haji Kamaruddin bin Dato Seri Paduka Haji Talib, Honorary Chairman of the National Chamber of Commerce and Industry of Brunei Darussalam (NCCIBD).
“We acknowledge that this is where the various regional trade accords such as the Asean Free Trade Area (FTA), Brunei Darussalam, Indonesia, Malaysia, and the Philippines East Asean Growth Area (BIMP-EAGA) and the Trans-Pacific Partnership (TPP) agreement and the overall Asean Economic Community (AEC) would play a large role, especially in creating access to markets and trade activities beyond Brunei Darussalam,” he said at the 3rd World Café 2016 dialogue, held jointly by the Brunei Malay Chamber of Commerce and Industry and the Ministry of Foreign Affairs and Trade at the International Convention Centre, yesterday.
“We also acknowledge that there would be competitive players with the same strategy to expand their market access, especially into our local market. For every challenge, there are opportunities for businesses to benefit from,” Dr Haji Kamaruddin, who is also the President of the Brunei Malay Chamber of Commerce and Industry, said.
“Brunei Darussalam could not rely solely on past successes of its oil and gas industry. With the low oil price, proactive responses by our government are needed to adjust to and counteract any negative impacts to the economy.
“There is no doubt that our country needs to push aggressively towards diversifying away from heavy reliance on oil and gas industry to other industries that would optimise the nation’s strengths.
Dr Haji Kamaruddin bin Dato Seri Paduka Haji Talib, Honorary Chairman of the National Chamber of Commerce and Industry of Brunei Darussalam. – AZLAN OTHMAN
“These have been identified as industries that include infrastructure development, logistics, services such as Halal certification, finance and technology, tourism and agriculture. Major focus has also been emphasised on the need to build a strong entrepreneurial culture.
“Since last year, we have seen major cutbacks on government expenditures, and recently the Legislative Council discussions have confirmed further that the government’s economic diversification initiatives and cost saving measures have already started to bear fruits. It was also noted that the diversification initiatives are preliminary steps towards making the nation competitive and attractive as a business destination,” Dr Haji Kamaruddin noted.
“Our business community would need to skill up, step up, be ready and well-positioned to take advantage of these opportunities. Undoubtedly, the private sector plays a major role in helping to boost employment opportunities for locals and to develop the economy.
“This could only be the case for a thriving business environment that is supported by an enabling environment where regulations support the facilitation of the ease of doing business in Brunei Darussalam.
“It is therefore encouraging to see a few major improvements on ‘starting up a business’ where the business licensing process has been reduced to a day with online and service counter support. Facilitating the starting up of business will ensure that individuals are able to quickly start up and register their business in response to an opportunity within the target market. This is a great step forward to recognising the need the remove unnecessary impediments that increases the cost of doing business.
“In this uncertain economic climate, businesses need to collaborate to survive and succeed and collaboration efforts between business associations and the relevant agencies will help towards ensuring a conducive business environment.
“Our business capabilities will need to be as competitive as those participating within the regional platforms of the AEC and BIMP-EAGA. For this purpose, we are looking to work with various agencies on capacity building programmes that support the need to raise the capabilities of our businesses and enable them to participate in trade activities within the larger economic region.
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