| James Kon |
BRUNEI Darussalam’s efforts in diversifying its economy by creating new business opportunities and attracting foreign direct investment (FDI) through the Ease of Doing Business initiative continue to show positive results, generating more local employment and contributing to the country’s gross national product (GNP).
Currently, there are 11 FDI projects running in the country while another 11 are in the implementation phase. In addition, some 20 FDI projects are in the initial stage.
The success in attracting FDIs into Brunei Darussalam was lauded by Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, Minister of Energy and Industry at the Prime Minister’s Office yesterday in an interview on the sidelines of the official opening of the SCTSB & VAM@BRN OCTG (oil country tubular goods) threading plant and service centre by His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office.
“We would like to have more FDIs coming into the country. They will provide spinoffs to our local businesses, especially micro, small and medium enterprises apart from creating employments for locals,” he said.
His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office along with Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, Minister of Energy and Industry at the Prime Minister’s Office at the event. – BAHYIAH BAKIR
On Brunei’s allure in attracting foreign investors, the minister said, adding that “ease of doing business is the main thing foreign investors are looking at while investing. It’s about the amount of bureaucratic red tape within the country for investment… With the reform initiatives to improve ease of business led by His Royal Highness the Crown Prince, there are several improvements in reducing bureaucratic red tape.
“The official opening of the OCTG threading plant and service centre by His Royal Highness the Crown Prince is also one of the indicators that the government’s effort in attracting FDI are showing early success,” the minister noted.
To further improve the Ease of Doing Business in Brunei, “we are aligning our legal framework to create an efficient export and import regime. We will also keep on improving what we have done so far and further lessen the hassles in dealing with va-rious government departments through providing online platforms,” the minister said.
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