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Written Response for Question PT1

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📖 Reading time: 3 minutes
📊 Word count: 455 words

YANG BERHORMAT AWANG ZAINOL BIN HAJI MOHAMED​

QUESTION:

YANG BERHORMAT AWANG ZAINOL BIN HAJI MOHAMED asked the MINISTER IN THE PRIME MINISTER'S OFFICE AND MINISTER OF FINANCE AND ECONOMY II to state the actual amount of FDI successfully realized compared to the planned investment amount over the past five years. Is the ministry satisfied with the success rate or intends to improve investor retention strategies to ensure sustainable investments can have a long-term impact on the country's economy.

YANG BERHORMAT MINISTER IN THE PRIME MINISTER'S OFFICE AND MINISTER OF FINANCE AND ECONOMY II​

ANSWER:

Yang Berhormat Yang Di-Pertua,

First of all, it is important to understand that foreign direct investment (FDI) decisions depend on several key factors, including political stability, economic environment and scale, investment policies, access to quality labor, infrastructure, as well as legal protection for investor interests, supply of raw materials, and so forth.

Alhamdulillah, for the information of Your Honourable Member, so far, there are 26 foreign direct investment (FDI) companies that have started operations in Negara Brunei Darussalam since 2010. These investment activities cover the five main sectors (priority sectors) identified in the Economic Blueprint, namely the downstream oil and gas sector, food, tourism, technology and info-communication, and services. Additionally, until January 2025, a total of 15 FDI projects are in the implementation phase. These projects cover the downstream oil and gas sector, food, tourism, and services.

Based on this information, this Ministry sees that there is still room for increasing the amount of FDI investing in Negara Brunei Darussalam.

Among the measures being taken and will be taken by the government to retain and attract more quality FDI include:

  1. Enhancing Investment Facilities

    The government, through Strategic Development Capital (SDC) and Brunei Economic Development Board (BEDB), will continue to collaborate with foreign investors through co-investment and exploring market opportunities, facilitating processes related to the import of raw materials and the export of products, and ensuring smooth investment operations.

  2. Strengthening Investor Retention Mechanisms

    • The FDI monitoring mechanism is enhanced to ensure investment projects proceed according to the set schedule.
    • The government also holds regular dialogue sessions with investors to address challenges and ensure investment continuity.

  3. Appointment of Referral Agents and Investment Missions

    • To attract more quality investments, the government has appointed referral agents and increased direct investment promotions through overseas investment missions and Investor Forums.
    • The investor follow-up process is also strengthened to ensure each investment receives the necessary support.

  4. Development of Local Workforce

    Efforts are underway to increase the employment rate in the FDI sector by local citizens through training and skill enhancement programs.

With these strategies, the government is confident that the success rate of realized investments can continue to be increased to ensure a sustainable long-term impact on the country's economy.

Thank you, Yang Berhormat Yang Di-Pertua.

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