A SIGNIFICANT jump by Brunei in the World Bank’s Doing Business 2017 Report has increased the country’s visibility on the global investment radar as it intensifies efforts to diversify its economy away from oil and gas through attracting more foreign direct investment (FDI).
Brunei was named as the most improved economy in the world for the second year running in the prestigious report, with a 25-place surge to 72nd position out of 190 economies worldwide from 97th position last year, which is expected to catapult the Sultanate into the investment orbit of major international conglomerates.
Brunei Darussalam is proactively seeking FDI projects in five priority clusters which are the Halal industry, the technology and creativity sector, business services, tourism and downstream oil and gas, the Energy and Industry Department at the Prime Minister’s Office said recently.
The eight FDI companies that are already in operation are engaged in sectors such as pharmaceuticals, biotechnology, manufacturing, business and services and downstream oil and gas, with US$900 million worth of investment and boosting local employment by about 75 per cent.
Currently, nine other FDI projects are still in the implementation stage, with a total investment of over US$4.7 billion.
As part of strengthening its foreign direct investment base, Brunei has rolled out a red carpet for prospective investors, especially from China.
Brunei, welcomes more investment projects from China, the Minister at the Prime Minister’s Office and Minister of Foreign Affairs and Trade II, Pehin Orang Kaya Pekerma Dewa Dato Seri Setia Lim Jock Seng, said recently.
The minister, who is also a member of the FDI and downstream industry steering committee, said the Sultanate is pushing for economic diversification from oil and gas industry as envisioned by His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam.
This year’s rankings saw Brunei maintain its 4th place among Asean member countries.
Brunei welcomes foreign direct investment from China and other countries as it is seen to help the country’s economy. – PHOTOS: AZROL AZMI
“In this process, Brunei welcomes FDI from China and other countries as it is helpful to the country’s economy, the minister said during a meeting with a preparatory team for the Brunei branch of Bank of China (Hong Kong) Limited (BOCHK).
“We are trying to attract more tourists and industries to Brunei. We are happy to see BOCHK coming in when we want to work with China on many projects,” the minister added.
In World Bank’s previous report, the Sultanate’s original ranking was 84 which saw an improvement from 105 in 2014, however, the World Bank later introduced some changes to the methodology on some indicators such as on taxes, which has resulted in the readjustment of last year’s overall ranking for all economies, placing Brunei Darussalam significantly lower at 97th place instead of 84th in 2015.
This year’s rankings saw Brunei maintain its 4th place among Asean member countries, behind Singapore, Malaysia and Thailand.
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