| Syazwani Hj Rosli |
THE Government of 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 has embarked on various initiatives and reforms aimed at making the country’s environment conducive, attractive and competitive for both local and foreign businesses.
This was highlighted by the Deputy Minister of Finance, Dato Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah, in his capacity as the Deputy Chairman of DARE (Darussalam Enterprise), while delivering his speech at the launching of Brunei Malay Chamber of Commerce and Industry’s (DPPMB) new image, ‘The Way Forward’, held at the main auditorium of the Design & Technology Building in Anggerek Desa.
He explained that Brunei has been recently announced as the most improved economy for the second year running by the World Bank in its Doing Business 2017 report. In terms of doing business, Brunei jumped 25 places from the previous year to rank 72 out of the 190 economies surveyed worldwide.
“The improvement initiatives undertaken by the government have demonstrated its continued commitment to ensure the overall ecosystem remains relevant and effective for business,” he continued.
“These efforts have also been consistent and in line with the country’s endeavour to encourage greater participation and contribution of our local businesses towards economic growth of the country, particularly in the non-oil and gas sector.”
He noted that it has been the government’s top priority to create a dynamic and sustainable economy for the country. Considering the current situation, he said that Brunei’s economy still depends on oil and gas and that it is crucial for all stakeholders to play their role and take bold measures to spur growth and transform the economy into a more competitive and sustainable position.
He also emphasised the importance of micro, small and medium enterprises (MSMEs) to actively engage in economic activities that have the strong potential to bring about sustainable growth, particularly in the non-oil and gas sector.
He urged MSMEs to step up their efforts in increasing not only their level of competitiveness and capability, but also in becoming more competent, resilient, as well as creating economies that can present more new business opportunities, employ more local people and generate more revenue and export opportunities.
“In supporting and encouraging the development of our local businesses, the establishment of DARE has provided a platform for better facilitation of the overall support system. The setting up of the Business Support Centre has allowed for a more integrated and streamlined approach towards handling business-related processes as well as resolving business-related issues,” he continued.
According to him, the expansion of DARE in Kuala Belait allows it to reach out to a greater part of the business community. The deputy minister also highlighted DARE’s effort to further enhance the fundamentals of local enterprises in starting, running and growing their businesses, which has led the organisation to introduce a well-structured learning and development programme called the Industry Business Academy (IBA).
“This programme was created after analysing the various issues and real needs of our businesses, with the aim to provide a holistic development platform where they can increase their skills and knowledge in multi-aspect and multi-level of their businesses,” he said.
However he also stressed that one of the main challenges faced by local businesses is the access to finance, especially for the MSMEs, because bank loans are still considered as the main source of external funding for the majority of them.
“The recent launching of the revised Microcredit Financing Scheme is hoped to ease access to funding for micro and small enterprises, it is however important to note that as businesses grow and mature, there is a need to consider other funding sources such as angel investors, venture capital as well as private equity funds where opportunities to strengthen financial base and the expansion of market network can be achieved,” he said.
He further emphasised that MSMEs have become more important in achieving Brunei’s economic development agenda and that greater focus is needed towards making the sector more viable and significant. He said that it is essential to transform MSMEs into a business system that can create sustainable and competitive opportunities for the people and economy.
“DPPMB’s renewed focus, I believe, will present opportunities for more concerted efforts to further the interest of the local business community and ensure that their development is always at the forefront of our economic goals.
“I urge DPPMB to play a bigger role and stand out in shaping the growth of our local businesses, continue to seek opportunities in areas of common interest and contribute to the strengthening of trade and business relations for the country’s greater economic prosperity, in line with the objectives of Brunei Vision 2035,” he added.
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