Brunei will continue to create an environment for businesses to flourish by improving access to financing, markets, industrial space and development programmes, as well as improving policy directions, regulations and processes, while also creating a culture where small and medium enterprises (SMEs) can grow.

This was said by Dato Paduka Awang Haji Mohamad Roselan bin Haji Mohamad Daud, Acting Minister at the Prime Minister's Office while speaking as the guest of honour at the opening ceremony of the India Investrade 2016 event yesterday at the International Convention Centre (ICC) in Berakas.

"Brunei Darussalam has entered into a new phase of growth and development," he said. "We have reformed the way of doing business by taking initiatives to ensure that the business ecosystem and environment is conducive and simplified for start-ups and investors, both for our local and international investors.

"We continue to work towards further improvement in our Ease of Doing Business ranking," he said. "In prior years, we were ranked in the 100s, but as of last year, we have improved to the 84th place.

"We will also continue to create an environment for them to flourish by improving their access to financing, access to wider markets, access to industrial space and access to effective development programmes to enhance their capacity, capability and competency.

"We will continue to improve our policy directions, regulations and processes to ensure that we remain relevant and appropriate to address their needs and the needs of the markets," he continued. "Above all, we will
continue to create a culture where our SMEs can grow and thrive with true entrepreneurial spirit and leadership.

"We will strive to improve on our ranking in the coming years in order to provide an easier and more conducive business environment for all our local businesses as well as overseas investors.

"One of the steps we have taken in streamlining processes is by cutting down red tapes and bureaucracies," he said. "Business registration can be done online and businesses can be set up within a time frame of only 24 hours."

He mentioned the establishment of DARE (Darussalam Enterprise) to promote and monitor the progress of SMEs, noting that DARE has programmes to encourage and boost local SMEs.

He also noted the establishment of the Business Support Centre, where businesses can seek assistance or attain information. All approval processes are centralised at this one stop centre to cut down processing time significantly.

"Through these improvements, our aim is to increase and strengthen our private sector in the local economy and to attract more foreign investors to invest in Brunei Darussalam."

He noted that His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam in a New Year titah in January 2016 unveiled crucial economic reforms to diversify Brunei's economy with the setting up of the Foreign Direct Investment (FDI) and Downstream Industry Committee.

This, he said, is to streamline the approval process for all FDI projects, and also to provide investors with a single point of contact for project implementation. He noted that His Majesty also called for renewed endeavours to improve the country's exports beyond the oil and gas sector, such as in agriculture, fisheries, manufacturing and services sector, including logistics and tourism, among others.

"Brunei Darussalam is currently focusing on sectors that capitalise on our strengths and their ability to grow the economy and provide quality and sustainable job opportunities for our people," he continued.

He highlighted that among Brunei's strengths are its Islamic credentials, its unique way of life based on the Malay Islamic Monarchy (MIB) philosophy, its image as one of the top 10 countries that protects its forests and environment, its highly educated young population and its macroeconomic stability.

"Capitalising on those strengths, Brunei Darussalam is now focused on delivering its five key investment priority business clusters that made up the country's strategic initiatives to grow and sustain the economy," he said.

"These are Halal; Technology and Creative Industry; Business Services; Tourism; and Downstream Oil and Gas."

"In addition to this, we are also promoting our culture and heritage through the development of premium hand handicraft and traditional crafts products."

Source:
@BRUDIRECT.COM

by BruDirect.com

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