Response for Oral Question PL149

Reading Summary

📖 Reading time: 4 minutes
📊 Word count: 604 words

YANG BERHORMAT AWANG ZAINOL BIN HAJI MOHAMED

QUESTION:

YANG BERHORMAT AWANG ZAINOL BIN HAJI MOHAMED asks the MINISTER AT THE PRIME MINISTER'S DEPARTMENT AND MINISTER OF FINANCE AND ECONOMY II to state what the Ministry's approach is to strengthen confidence in the local market and services so that the domestic economy remains competitive and does not continue to experience value leakage abroad, given the trend of citizens spending and seeking services abroad, including medical services.

YANG BERHORMAT MINISTER AT THE PRIME MINISTER'S DEPARTMENT AND MINISTER OF FINANCE AND ECONOMY II

ANSWER:

Thank you, Yang Berhormat Yang Di-Pertua.

Kaola would like to thank Yang Berhormat Awang Zainol bin Haji Mohamed for the question about the trend of citizens tending to spend abroad. In answering this question, allow kaola to share that the Ministry of Finance and Economy is constantly working to strengthen the domestic economy to remain competitive.

Among the approaches taken by this Ministry is through the implementation of promotional sale activities such as Brunei Salebration, managed by the Department of Economic Planning and Statistics (JPES). This initiative aims to stimulate consumer spending domestically and encourage support for local businesses.

In addition, traders are also advised and encouraged to explore opportunities to further increase spending levels domestically, through their participation in promotional sales activities or themed campaigns, such as Youth Day, Ocean Week, and others, or by launching more extensive media campaigns to attract the public to spend more locally.

The Brunei Economic Development Board (BEDB) is also actively empowering Micro, Small and Medium Enterprises (MSME) to be able to provide competitive products and services. This includes providing product development support, certification, marketing, and market access to boost consumer confidence in local brand products. BEDB also encourages strategic collaboration between local enterprises to increase production scales and reduce production costs through economies of scale.

Besides that, BEDB also implements initiatives like Bruneian Made and the Proudly Business Awards to raise awareness and buyer confidence in the quality of local products. Collaboration with local supermarkets is also enhanced to improve market access for local products, while the implementation of the Standard Consultancy Programme can help MSMEs obtain international certification to increase global competitiveness.

The Ministry of Finance and Economy and BEDB are also committed to creating a business-friendly and responsive ecosystem. Among these include providing strategic platforms like the BEDB Business Helpdesk and organizing dialogue sessions with public and private sector stakeholders to identify the business challenges faced and the necessary pro-business policy improvements.

As for the question regarding local medical or healthcare services, the Jerudong Park Medical Centre (JPMC), which is the main private healthcare provider in the country, is always committed to offering international-standard services to reduce citizens' reliance on treatment services abroad. JPMC also provides comprehensive treatment in various fields such as neurology, oncology, and the latest organ transplant program, with the support of modern facilities and local and international expertise. JPMC also introduces services like teleconsultation, health screening packages, and insurance partnerships to enhance access and trust in the local health system. These initiatives are not only hoped to increase patient confidence but will also support domestic economic growth by keeping expenditure within the country.

In addition to medical services, there are also several other efforts that have been carried out as strategic steps towards import substitution initiatives. Among the efforts taken are through the production of local rice by Wasan Milling Company Sdn Bhd (WMC), which is sold in the local market as an alternative to the existing rice in the market. Moreover, PDS Abattoir Sdn Bhd (PDS) has introduced a product named 'EnW' which focuses on selling economically priced processed products to meet public demand.

That's all, thank you, Yang Berhormat Yang Di-Pertua.