Answer for Oral Question PL260

QUESTION

Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abd. Rahman bin Haji Ibrahim

Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim asked the Minister of Economy, Trade and Industry to state the critical issues raised by MSMEs during BEDB forums or engagements, as well as the way forward being pursued by BEDB to help alleviate the problems faced by these entrepreneurs, particularly in facilitating business activities; access to financial facilities; and improving the business environment to make it more conducive, competitive and resilient.

ANSWER

Yang Berhormat Menteri Ekonomi, Perdagangan dan Industri

The Brunei Economic Development Board (BEDB) strengthens the business ecosystem through collaboration with stakeholders, including chambers and business associations.

Through the MSME Roundtable Series, BEDB Engagement Series and dialogue sessions, BEDB brings together the business community and Government agencies to understand the challenges faced by MSMEs, as well as to explain Government processes and services.

BEDB also collaborates with the Belait District Office and the Belait District Business Community (BDBC) to support the development of economic activities in the Belait District.

The BEDB Business Helpdesk serves as a referral channel for entrepreneurs and the public to submit enquiries and obtain guidance related to business processes and the business ecosystem.

Among the critical issues identified are unclear or time-consuming regulatory and approval processes, difficulties in obtaining financing, a shortage of skilled workers and business capabilities, high operating and logistics costs, limited market access, as well as the limited capacity of local MSMEs to fulfil contract and supply chain requirements.

To address these issues, BEDB will continue to focus on the following efforts:

• strengthening business facilitation through the BEDB Business Helpdesk, dialogue sessions and referrals to relevant agencies;

• expanding access to financing through the Skim Co-Matching, Growth Facilitation Fund, Angel Investing Network, Startup Catalyst Fund and collaboration with banking institutions;

• enhancing the capacity and productivity of local MSMEs through training, coaching, technology adoption and certification support;

• expanding market access through Bruneian Made, Kontena Park, Brunei MSME Festival, expos, business matching and export readiness support; and

• increasing the participation of local MSMEs in supply chains through DARe LINKS, i-Usahawan and collaboration with large companies.

These efforts are aimed at helping to create a more conducive, competitive, resilient and pro-business environment.