| Hakim Hayat |
LOCAL businesses can take full advantage of increased opportunities of networking and partnerships with foreign business entities to boost their capabilities and help drive economic growth in the Sultanate, said the Minister at the Prime Minister’s Office (PMO) and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah.
Speaking as the guest of honour during the French-Bruneian Business Association (FBBA)’s annual get together last evening, the minister also welcomed more foreign companies to invest and set up corporations in Brunei to provide direct jobs and business opportunities to local jobseekers and micro, small and medium enterprises (MSMEs).
He stressed that local companies should enhance their industry know-hows and capabilities by establishing close relationships with incoming foreign companies.
The minister also highlighted that initiatives undertaken by the government to ensure long-term fiscal sustainability and economic diversification have begun to bear fruits. “Real gross domestic product (GDP) in 2017 was stronger than expected, rebounding to 1.3 per cent supported by both the oil and gas and non-oil and gas sectors. Inflation has also returnd to positive territory,” he further shared.
He also cited a report released this month by the International Monetary Fund (IMF) that highlighted Brunei’s continuous efforts towards economic diversification, where the local business environment has begun to be more open, transparent, pro-business and pro-investment, helping companies and local MSMEs, government-linked companies (GLCs) and foreign direct investments (FDI)s to grow their businesses in the country.
The positive momentum, he said was also reflected in the recently released World Economic Forum (WEF) 2018 Global Competitiveness Report that shows Brunei’s improved ranking of 62 out of 140 countries. “I believe these improvements lay the foundation of many future long-term strategic partership and I hope our local business community will capitalise on this and play a bigger role in contributing to our economic development agenda,” he added.
The minister also said that all these positive developments are a testament to Brunei’s attractiveness as a preferred destination for foreign investment and urged the FBBA to work closely with Brunei to promote the country as a preferred investment destination, especially in potential growth sectors such as technology and creative industry, tourism, downstream oil and gas, business services, and Halal product manufacturing.
He also lauded the joint partnership between QAF Brunei and French multinational industrial gas supplier Air Liquide recently for the establishment of Brunei Oxygen Company Sdn Bhd (Brunox), an air separation plant in Kuala Belait that is targetted to meet local demand with potential for export regionally.
During the gathering themed ‘The World Cup’ held at the Tarindak D’Seni in the capital, French Ambassador to Brunei Darussalam Christian Ramage said the theme of the gathering pays homage to France’s recent win in the football World Cup.
He also praised FBBA’s efforts to create closer links between Brunei and France through its support and participation in many national events.
Meanwhile, President of the FBBA Pierre Imhof also described the FBBA as the most active bilateral association in the country that continues to build partnerships, friendships, trust and confidence between French and Bruneian entrepreneurs.