| Azlan Othman |
DARe (Darussalam Enterprise) should assist foreign investors in establishing joint ventures with local firms and help increase productivity and national income.
This was stated by Pengiran Haji Yura Kesteria bin Pengiran Setia Negara Pengiran Dr Haji Mohd Yusof, Chairman of BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area) Business Council (BEBC) Brunei Darussalam, on the sidelines of the 4th BIMP-EAGA ICT Infrastructure Cluster Meeting which ended yesterday.
“Without such a long term objective, we will not be able to attract investors to the Sultanate as we are competing with businesses not only in the BIMP-EAGA but also Asean and the rest of the world,” he said. “This is especially so with so many groupings emerging nowadays like the Asean Free Trade Area which brings challenges to the country.
“DARe’s main objective is to improve the country’s ranking in the World Bank’s Ease of Doing Business and to assist companies that face problems like delayed payment and so on. In the long run, it should concentrate on how to facilitate business in the country, especially in attracting foreign investors,” he added.
Pengiran Haji Yura Kesteria bin Pengiran Setia Negara Pengiran Dr Haji Mohd Yusof, Chairman of BEBC Brunei Darussalam. – AZLAN OTHMAN
“If the country is not competitive enough to lure investors, they will go to other countries in the region. If the investment climate is not good, they will move away and we will lose in terms of job opportunities and experiences for the locals,” said the BEBC chairman. “If the business is very good for a long term, our children and grandchildren will also reap benefits in the future. If it is just short-lived, then only the father will benefit,” he said.
Pengiran Haji Yura Kesteria said the current drop in oil price will affect the business environment in Brunei Darussalam.
“The government budget has been slashed. It’s a wakeup call for the nation to seriously look at alternative development projects to counter the drop in oil and gas revenues,” he said.
The chairman said that Halal food production is one sector where Brunei can attract foreign investment. “The Halal food industry worldwide is worth $2 to $3 trillion US dollars. If we could get 0.1 per cent share of this market, it is a good deal. It will also create food business spin offs in logistics, supply and so on.”
DARe (Darussalam Enterprise) is a statutory body with the aim to nurture and support local enterprises from start-up to growth.
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