| Aziz Idris |
Brunei has the potential to be a hub of Islamic finance, given the Sultanate’s emphasis on Halal branding, said Mark Garnier, the United Kingdom Trade Envoy to Brunei Darussalam.
One major factor behind this potential lies in the Sultanate’s safe and stable political environment, which provides confidence to UK investors to step up their business, he noted.
“I think the Halal branding is something that has great potential. With Halal brands, there are potential opportunities for Brunei to become a centre of Islamic finance, especially in terms of management of Islamic bonds.”
The United Kingdom, as a country that has the second largest Islamic finance industry after Pakistan, can provide opportunities for British companies to help Brunei in this regard, the trade envoy added.
“Clearly, manufacturing and exporting (Halal products) sectors are equally important, but I think Brunei’s strength lies in the service sector, where Brunei has higher value and higher productivity due to the very high level of education,” he noted.
Mark Garnier, the newly appointed United Kingdom Trade Envoy to Brunei Darussalam. – Aziz Idris
A person with considerable expertise in trade related matters, Mark Garnier was appointed as Trade Envoy to Brunei Darussalam by UK Prime Minister David Cameron in January 2016.
Before becoming a Member of British Parliament, he was an investment banker for 27 years, which included 15 years dealing with the emerging markets of Southeast Asia, therefore bringing a wealth of practical experience to his new role as trade envoy to Brunei.
He lauded Brunei’s capability to produce highly educated workforce which puts the Sultanate ahead in the game.
However, he was quick to point out that there is still room for making changes in the mindset of Bruneians who mostly favour the public sector than the private sector.
Bruneians, especially school leavers should be encouraged to work in the private sector where tremendous opportunities await, he said.
Garnier currently is incharge of three countries including Burma and Thailand. He has engaged with these markets where the UK Trade and Investment (UKTI) has identified substantial trade and investment opportunities.
The Trade Envoy Programme began in 2012 and continues to go from strength to strength.
Currently, there are 23 trade envoys covering around 50 markets.
Welcoming Garnier’s appointment, the British High Commissioner to Brunei Darussalam, David Campbell, had said, “Mark Garnier will play an important role in raising awareness of business opportunities as Brunei looks to diversify its economy.”
Brunei and UK have benefited from close bilateral partnership and cooperation for decades.
The relations have covered a wide range of issues, from high-level political dialogue to growing trade and investment as well as strengthening culture and education.
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