| Lyna Mohamad |
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, Prime Minister, Minister of Defence, Minister of Finance and Minister of Foreign Affairs and Trade, has consented to the establishment of three new initiatives in a titah delivered at the opening of the 13th Legislative Council session yesterday.
The initiatives include the formation of a Free Trade Zone, the creation of a Small and Medium Enterprise (SME) Bank and the founding of an Apprenticeship Programme for new graduates.
In the titah, His Majesty said that developing Brunei into an attractive destination for trade and investment is a prime priority for the government.
“To accomplish this, I have consented to the establishment of a Free Trade Zone to provide more ease for investment activities, particularly in the manufacturing sector,” said His Majesty.
The monarch said that the private sector would take precedence for capacity building in micro, small and medium enterprises (MSMEs), adding that the creation of an SME Bank is consistent with ongoing efforts to provide a solid foundation for the development of local MSMEs.
“It is hoped that the establishment of this bank, in accordance with Syariah principles, will provide accessible financing in support of business activities in the country,” said His Majesty.
The monarch also raised the country’s main issues in the management of its human resources. “Being too choosy about jobs is one factor, but there is also the issue of locals who are unable to hold down to employment within the private sector. After working for only a month or a few weeks, they give up and then go back to a life of further unemployment.”
To solve this issue, His Majesty has consented to the establishment of an Apprenticeship Programme, known as I-RDY (i-ready), for graduates who are still in the process of looking for work.
“Insya Allah, the programme will be launched in April, and will serve as a specific platform for graduates entering the workforce, whether in the private or the public sector,” said His Majesty.
Regarding the demand for human resources, His Majesty noted that the provision of basic knowledge should be given main priority. “More emphasis needs to be put on student achievements in primary and secondary schools. In this regard, the relevant agencies are required to formulate actionable, realistic and cost-effective plans to effectively address these issues within a considerable amount of time.”
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, Prime Minister, Minister of Defence, Minister of Finance and Minister of Foreign Affairs and Trade, delivering the titah. – AZROL AZMI
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, Prime Minister, Minister of Defence, Minister of Finance and Minister of Foreign Affairs and Trade; His Royal Highness Prince Haji Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister’s Office as Ex-Officio Member of the LegCo; His Royal Highness Prince Mohamed Bolkiah; His Royal Highness Prince Haji Sufri Bolkiah; and His Royal Highness Prince Haji Jefri Bolkiah at the opening of the 13th Legislative Council session yesterday. – INFOFOTO
The monarch also pointed out that “modern education is not limited to the confines of a classroom since plenty of knowledge, information and skills can be acquired through the use of Internet technology which is easily and promptly available.
“Yet in making the most of advanced technology, we must not be too susceptible to irresponsible parties that utilise technology for evil purposes, including the use of social media to spread false news and slander.
“This is likely to invite disaster and I hope all parties will take serious note of the matter,” said His Majesty.
It was also announced in the titah that His Majesty’s government would be prioritising the advancement of government-linked companies (GLCs).
“These companies, including those established through joint ventures with foreign investors, will be able to contribute to national economic growth, particularly in the non-oil and gas sector,” His Majesty said.
The monarch then raised the issue of global economic prospects for this year. “The global economic situation continues to experience instability, despite the recent recovery in oil prices. With world oil prices projected to fall lower at any time, we need to be more cautious.”
With this in mind, His Majesty said that his government would step up efforts to diversify the country’s economy. “Alhamdulillah, the latest efforts in this direction have already begun to take effect, although it will need some time to achieve the desired result.”
In terms of investments, His Majesty noted that several foreign investors have expressed interest in the country’s potential as a viable investment destination.
“A number of foreign direct investment projects will commence operations, while others are still in the implementation stage and several more investment proposals being under review,” said His Majesty.
“This certainly is a positive development in view of strengthening the economy and benefiting from it. The increase in economic activity will bring more employment and business opportunities for local citizens and residents, yet we must not be too complacent since economic transformation requires long-term planning.”
His Majesty also expressed the hope that this year’s LegCo meeting would be more focused on strategic matters that would further strengthen the country’s socio-economic development.
“LegCo members are also expected to put forward their views and recommendations without any fear or hesitation, for the benefit of the society and the country,” said His Majesty, concluding the titah.
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