| Danial Norjidi |
THE Brunei Government is committed to continuing to create an environment for businesses to flourish, as well as to create a culture where small and medium enterprises (SMEs) can grow and thrive with true entrepreneurial spirit and leadership.
This commitment was underlined last month in two speeches, most recently in a keynote address by Dato Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah, the Deputy Minister of Finance during the Leading Business in Asia Forum on September 28.
In his address, the deputy minister noted that the long-term policy goals of the government, by way of the Brunei Vision 2035, set measurable targets for both society and economy to drive economic diversification and sustainability.
“The recent circumstances facing the global economy, including but not least the volatility in the prices of oil and gas underscore the priority our government assigns to the accelerated attainment of the Brunei Vision 2035 targets; in other words, to diversify and meaningfully increase the contribution of sustainable commercial enterprises to drive our economy, and as a means to increase gainful, knowledge-based employment for all Bruneian citizens.”
He said that given the current size and structure of Brunei’s economy, the government has placed great emphasis on the importance of the success of SMEs in contributing to a sustainable economic development.
Brunei aims to bring its SMEs to the next level of growth where focus has been given to create the right environment for innovation to spur and for the market network to expand beyond its shores, he said.
“We continue to capitalise on the foundation we have created over the years in Brunei’s iCentre and Knowledge Hub to provide effective and vibrant start-ups the ecosystem to nurture their talents and potentials,” he said.
“With the provision of effective incubation programmes and co-working spaces, start-ups are able to tap into collaborative networks and a wide range of great ideas that can be turned into real and tangible opportunities.”
Another driving factor is the spillover effect of foreign direct investment (FDI) inflows, he highlighted. “The effort to create strong linkages between foreign affiliates and our domestic SMEs will continue to provide opportunities for partnerships not only in the local supply chains but also in expanding their markets base to a wider network outside Brunei.
“With market liberalisation, active engagement of multilateral trade agreements will allow for easier access to new market partners and will maximise the opportunities for our businesses to benefit from the potentials of the larger overseas markets, and open up opportunities for more FDI inflows and export activities.”
Providing an ecosystem conducive for local SMEs to grow is key, he asserted.
“Through the working partnership with DARE (Darussalam Enterprise), we will continue to create an environment for them to flourish by improving their access to financing, access to wider markets, access to industrial space and access to effective development programmes to enhance their capacity, capability and competency.
“We will continue to improve our policy directions, regulations and processes to ensure that we remain relevant and appropriate to address their needs,” he said.
A few weeks prior, during the launching of India Investrade 2016 on September 15, Dato Paduka Awang Haji Mohamad Roselan bin Haji Mohamad Daud, Deputy Minister at the Prime Minister’s Office also affirmed the government’s commitment.
“Brunei Darussalam has entered into a new phase of growth and development,” he said in his speech. “We have reformed the way of doing business by taking initiatives to ensure that the business ecosystem and environment is conducive and simplified for start-ups and investors, both for our local and international investors.
“We continue to work towards further improvement in our Ease of Doing Business ranking,” he said. “In prior years, we were ranked in the 100s, but as of last year, we have improved to the 84th place.
“We will also continue to create an environment for them to flourish by improving their access to financing, access to wider markets, access to industrial space and access to effective development programmes to enhance their capacity, capability and competency.”
The deputy minister also highlighted, “We will continue to improve our policy directions, regulations and processes to ensure that we remain relevant and appropriate to address their needs and the needs of the markets. Above all, we will continue to create a culture where our SMEs can grow and thrive with true entrepreneurial spirit and leadership.
“We will strive to improve on our ranking in the coming years in order to provide an easier and more conducive business environment for all our local businesses as well as overseas investors.
“One of the steps we have taken in streamlining processes is by cutting down red tapes and bureaucracies,” he said. “Business registration can be done online and businesses can be set up within a time frame of only 24 hours.”
He noted the establishment of DARE and the Business Support Centre. “Through these improvements, our aim is to increase and strengthen our private sector in the local economy and to attract more foreign investors to invest in Brunei Darussalam.”
He also spoke on foreign direct investment, noting the setting up of the Foreign Direct Investment and Downstream Industry Committee in January 2016. This, he said, is to streamline the approval process for all FDI projects, and also to provide investors with a single point of contact for project implementation.
“Brunei Darussalam is currently focusing on sectors that capitalise on our strengths and their ability to grow the economy and provide quality and sustainable job opportunities for our people,” he continued.
He highlighted that among Brunei’s strengths are its Islamic credentials, its unique way of life based on the Malay Islamic Monarchy (MIB) philosophy, its image as one of the top 10 countries that protect its forests and environment, its highly educated young population and its macroeconomic stability.
“Capitalising on those strengths, Brunei Darussalam is now focused on delivering its five key investment priority business clusters that made up the country’s strategic initiatives to grow and sustain the economy,” he said. “These are Halal; Technology and Creative Industry; Business Services; Tourism; and Downstream Oil and Gas.
“In addition to this, we are also promoting our culture and heritage through the development of premium handicraft and traditional craft products.”
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