Answer for Oral Question PL250

QUESTION

Yang Berhormat Awang Haji Mohamad Danial @ Tekpin bin Ya'akub

YANG BERHORMAT AWANG HAJI MOHAMAD DANIAL @ TEKPIN BIN YA'AKUB asked MENTERI EKONOMI, PERDAGANGAN DAN INDUSTRI to state the measures currently being implemented to strengthen economic security, energy security and food security as part of the national security agenda.

ANSWER

Yang Berhormat Menteri Ekonomi, Perdagangan dan Industri

As explained by Yang Berhormat Pehin Datu Lailaraja Mejar Jeneral (Bersara) Dato Paduka Seri Awang Haji Halbi bin Haji Mohd Yussof, Menteri Penyelaras Bagi Keselamatan Negara, Menteri di Jabatan Perdana Menteri dan Menteri Pertahanan II, a National Committee for Addressing the Impact of the Middle East Conflict and Current Developments (KK-MKKTTPS) has been established, serving as a national platform for addressing any crisis or external shocks that have the potential to affect the resilience and security of the country, and chaired by the three Coordinating Ministers.

In its efforts to strengthen the country's economic security, the Government continues to implement various measures to enhance economic resilience against global uncertainties, reduce dependence on particular sectors, and strengthen a more diversified and sustainable economic foundation.

The key measures include:

• Accelerating economic diversification by continuing to assess and explore new opportunities based on global economic developments, while focusing on five (5) priority sectors;
• Attracting high-value-added foreign direct investment (FDI) that drives technology transfer, innovation and high-skilled employment;
• Strengthening the development of local enterprises to increase productivity, competitiveness and participation in global value chains;
• Providing conducive industrial infrastructure through basic facilities, utilities and an efficient business ecosystem;
• Encouraging export-oriented activities and import substitution to reduce dependence on imports and strengthen supply chain resilience; and
• Facilitating investment and strengthening the business environment through process improvements, the reduction of regulatory burdens and more efficient governance.

The Government aims not only to diversify the economy, but also to develop the country's strategic capabilities in critical sectors such as food, energy, logistics and technology, in order to enhance national resilience against external disruptions. In this regard, the Brunei Economic Development Board (BEDB) will continue to facilitate strategic investments in the agri-food, logistics, high-value manufacturing and digital economy sectors to strengthen domestic capabilities, diversify sources of economic growth and enhance national resilience against external shocks.

In relation to energy security, the Government will continue to strengthen the reliability of energy supplies through the development of energy infrastructure, improve energy-use efficiency, expand the use of renewable energy and ensure a sustainable gas supply to meet domestic needs and support the country's economic development.

Next, regarding food security, the Ministry will continue to strengthen local food production through the development of the food sector as one of the country's priority sectors. In addition to increasing productivity and the use of modern technology, the Ministry also encourages strategic investment throughout the food value chain, including food production, processing, logistics, storage and distribution activities. This approach aims to strengthen domestic supply chains, reduce vulnerability to disruptions in imported supplies of relevant commodities and enhance the resilience of the country's food supply.

Overall, these efforts reflect the Ministry's continued commitment to building a more diversified, resilient and sustainable economy, while strengthening energy and food security as the foundation for the well-being of the people and the resilience of Negara Brunei Darussalam in facing economic and geopolitical challenges as well as climate change.