Answer for Oral Question PL307

QUESTION

Yang Berhormat Awang Haji Md. Salleh bin Haji Othman

YANG BERHORMAT AWANG HAJI MOHD. SALLEH BIN HAJI OTHMAN requested Yang Berhormat Menteri Ekonomi, Perdagangan dan Industri to state, in efforts to accelerate the diversification of the national economy, which new sectors have been identified as growth drivers over the next 5–10 years, and what strategies and incentives will be implemented to ensure that these sectors generate investment and make significant contributions to GDP?

ANSWER

Yang Berhormat Menteri Ekonomi, Perdagangan dan Industri

In efforts to accelerate the diversification of the national economy, the Government will continue to assess and explore new opportunities based on global economic developments, technological advancements, changes in market demand and the country’s competitive advantages.

This approach aims to broaden the country’s economic base, enhance economic resilience and inclusiveness, attract quality investments, generate high-value employment opportunities, and strengthen sustainable economic growth.

The Government will continue to focus on 5 priority sectors, namely:

1. The downstream oil and gas sector through the development of high-value petrochemical products and derivatives.
2. The food sector by strengthening the country’s food security, increasing local food production and expanding the export potential of agrifood products.
3. The tourism sector through efforts to attract more tourists to Negara Brunei Darussalam by leveraging the uniqueness of the country’s cultural heritage, natural environment and biodiversity.
4. The information and communications technology sector to accelerate digital transformation through the development of Artificial Intelligence (AI) and Data Centres; digital solutions and software development; as well as the strengthening of the creative media industry.
5. The services sector, particularly transport and logistics activities, by strengthening the country’s position as a transport, cargo logistics and transshipment hub for the BIMP-EAGA region.

In addition, the Government has also identified sectors with potential to be explored and developed as future drivers of economic growth, such as the Manufacturing sector, including Advanced Manufacturing, such as downstream aluminium manufacturing and advanced petrochemical-based manufacturing.

Among the strategies that are being and will be implemented to ensure that these sectors contribute to economic growth are as follows:

1. Attracting high value-added foreign direct investment (FDI) capable of driving technology transfer, innovation and the generation of highly skilled employment.
2. Strengthening the development of local businesses to increase productivity, competitiveness and participation in industrial value chains.
3. Providing conducive industrial infrastructure through basic facilities, utilities and an efficient business ecosystem to support investment growth.
4. Encouraging export-oriented and import-substitution activities to expand market access, increase export value and reduce dependence on imports.
5. Facilitating investment and strengthening the business environment, including improving application processes and enhancing the efficiency of government governance.