| Hakim Hayat |
THE ratification of several trade mechanisms in the region presents vast opportunities for local businesses to expand beyond Brunei’s borders, said a top official from Singapore’s international trade promotion agency.
During a dialogue session on opportunities in penetrating markets in Asean and beyond that was hosted by DARE (Darussalam Enterprise) last evening, Ivan Tan, Group Director, Southeast Asia Group, International Enterprise (IE) Singapore, said Asia’s growing urban population, shifting global demand towards this region and the growth of the middle-class coupled with globalisation have presented opportunities that businesses should leverage on if they are looking to export their products.
In the presentation attended by some 90 local business leaders at the Design and Technology Building in Anggerek Desa Technology Park, he also mentioned that huge demand for infrastructure and increasingly liberalising economies in the region also present more opportunities to tap into.
He is also optimistic that trade partnership mechanisms such as the Asean Economic Community (AEC), Trans-Pacific Partnership (TPP), Regional Comprehensive Economic Partnership (RCEP) that are either already in place or still in the negotiation stage would also benefit business here once fully ratified, allowing businesses to export at a more competitive rate from lower tariff barriers.
Ivan Tan, Group Director, Southeast Asia Group, International Enterprise (IE) Singapore, speaking at the session yesterday.
Some of the guests present at the event. – PHOTOS: DEAN KASSIM
He also advised businesses to not overlook the opportunities in e-commerce that has largely revolutionised the way people spend their money in this region, especially in online selling and trade platforms that have affected the sales of physical businesses. “Because of these trends, businesses must look into them and see how they can use this as an advantage,” he added.
DARE said the event was one of its initiatives to provide knowledge to small and medium enterprises (SMEs) here on market access and to encourage them to identify business opportunities beyond the Brunei market to boost exports and GDP growth.
DARE also said it hoped last evening’s session will set the stage for more Singaporean investment into Brunei and encourage more Singaporean companies to explore joint ventures with their Bruneian counterparts.
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