Answer for Oral Question PL053

QUESTION

Yang Berhormat Awang Lau How Teck

YANG BERHORMAT AWANG LAU HOW TECK asked MENTERI DI JABATAN PERDANA MENTERI DAN MENTERI KEWANGAN DAN EKONOMI II to state the Ministry’s efforts to increase the confidence of local entrepreneurs and investors. What measures need to be strengthened to ensure that the country’s business environment remains stable, predictable and conducive to facilitating long-term investment?

ANSWER

Yang Berhormat Menteri di Jabatan Perdana Menteri dan Menteri Kewangan dan Ekonomi II

In increasing the confidence of local entrepreneurs and investors, the Government, through the Ministry of Finance and Economy, remains committed to ensuring the availability of consistent policies, good governance and continuous, data-based monitoring to further enhance the effectiveness of the efforts undertaken.

In supporting the capacity development of local entrepreneurs and investors, the Ministry of Finance and Economy, through the Brunei Economic Development Board (BEDB), acts as a 'key enabler' by implementing various initiatives. These include the provision and offering of industrial sites, including the facilities provided, as well as basic infrastructure such as roads and utility facilities such as electricity and water supply, similar to the support provided to foreign companies (FDI).

In addition, BEDB supports local enterprises and investors by facilitating access to the domestic market through local platforms, which will help local companies strengthen their business position in the domestic market as a foundation for expansion into regional and global markets. BEDB also provides additional support to investors in formulating and implementing future export plans for their products through initiatives such as advisory services, capacity development and training, promotion, as well as business matching.

In improving the business ecosystem and pro-business governance, BEDB has introduced several initiatives such as the BEDB Engagement Series, Roundtable Dialogue with Business Community, MSME Roundtable Series as well as Dialogue Sessions and close cooperation with local Chambers of Commerce and business organisations. These initiatives aim to strengthen collaboration between the public and private sectors, while helping the Government to understand and address the challenges faced by businesses, towards supporting the establishment of a more pro-business and resilient ecosystem.

In addition, to further strengthen a more conducive business environment, efforts to enhance integrated coordination among government agencies through a whole-of-government approach will continue to be intensified. With integrated coordination, the relevant approval processes, the provision of frameworks and regulations, as well as effective monitoring, can be carried out more transparently, efficiently and cohesively, while also reducing any duplication of work.

The adoption of technology also needs to be further expanded among local entrepreneurs in line with global economic developments, so that they can become more competitive in the domestic and international markets. In addition, digitalisation initiatives need to be accelerated, particularly for services related to government licensing and permit processes, towards achieving a higher level of efficiency within the country’s business ecosystem.

Overall, these measures will, God willing, contribute to the establishment of a more stable, predictable and conducive business environment, thereby enabling investors to make long-term plans with greater confidence and supporting sustainable economic growth.