| Azlan Othman |
THE establishment of DARe (Darussalam Enterprise) indicates that the government has the sense of urgency to come up with something to face the challenged posed by the economic downturn where emphasis is on non-oil and gas sectors like agriculture, aquaculture and the fishing industry, said Dr Haji Kamaruddin bin Dato Seri Paduka Haji Talib, President of the Brunei Malay Chamber of Commerce and Industry (DPPMB) and Chairman of the National Chamber of Commerce and Industry (NCCI).
“It is also to encourage Bruneians to engage in activities which are ‘import substitution’ like planting our own produces like onions, mushrooms and chillies instead of importing them from outside,” added Dr Haji Kamaruddin, who is also one of the business representatives of DARe.
“The World Bank’s Ease of Doing Business ranking is very important for the Sultanate. DARe could help iron out issues that hampers the Ease of Doing Business by engaging with different ministries to tackle the issues.
“It is a good move made by the government in creating DARe. Significant reforms carried out by the government have had a positive impact on the business environment with hopes to yield more growth and contribute to the gross domestic product (GDP),” he told the Bulletin.
Dr Haji Kamaruddin bin Dato Seri Paduka Haji Talib. – AZLAN OTHMAN
And as the President of the Brunei-China Friendship Association as well as the President of Brunei-Korea Association of Friendship, Dr Haji Kamaruddin added that we need more foreign direct investments (FDIs) not just from China and other East Asian countries but also from the Middle East and Russian Federation.
“But we have to be selective. The industries that we are going to attract must benefit us in terms of employment and transfer of technology.”
The Middle East countries are now interested in Islamic banking in Brunei Darussalam while the Russian Federation is scouting for more investment opportunities through Brunei Business Council at Asean-Russia Partnership led by the Malay Chamber of Commerce and Industry, Asean Business Advisory Council, APEC Business Advisory Council and other affiliate members.
The Russian trade and business delegation has been here in the Sultanate twice in recent months and showed keen interest in bridge construction, water treatment plants, and logistics.
The post Brunei needs to attract more FDIs appeared first on Borneo Bulletin Online.