DAY 4 MORNING
7TH MARCH 2023 - MORNING
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(The meeting began at 9.30 am)
Deputy Clerk
The First Meeting of the Nineteenth Session of the National Assembly convened on the fourth day, Tuesday, 14th of Shaban 1444H corresponding to 7th March 2023M, preceded by a Prayer of Safety.
PRAYER OF SAFETY
The Prayer of Safety was recited by the Honorable Pehin Khatib Haji Awang Emran bin Haji Kunchang (Imam of the Omar Ali Saifuddien Mosque).
Your Honorable Speaker
ِ ُالرحْ يم السَّال ُم عل ْي ُك ْم ورحْ مة ُهللا وبركاتُه َّ الرحْ َٰم ِنَّ ّٰللاِ ِبس ِْم هَي َ َْ َ َ ْ َ ُّْ ّ ُ الحمدwe thank Allah, the Almighty, for His abundant blessings that have enabled us to gather here this morning on the fourth day of the First Meeting of the Nineteenth Session of the National Assembly.
We send our salutations and blessings upon our Great Leader, Prophet Muhammad (peace be upon him), his family, companions, and followers who remained loyal and faithful until the end of time.
Honorable Members. Yesterday afternoon, the Honorable Minister in the Prime Minister's Department and the Second Minister of Finance and Economy delivered an introduction to the Supply Bill (2023) for the year 2023/2024, outlining its clear and comprehensive objectives and priorities to support the well-being of the people and the country.
Honorable Members. The Bill entitled "An Act to provide for the withdrawal of a sum from the Consolidated Fund for the service of the year 2023/2024 and to appropriate that sum for certain purposes" has been fully supported by the Honorable Minister in the Prime Minister's Department and the Second Minister of Defense.
Therefore, it is now appropriate for me to give the floor to the Honorable Members, especially the appointed Honorable Members who wish to discuss this Bill. However, I must remind you that the debate should focus on the fundamentals and the merits of this Bill according to Rule 28(2) of the Standing Orders of the National Assembly.
Now, I would like to invite Your Honorable Awang Abdul Aziz bin Haji Hamdan.
Your Honorable Awang Abdul Aziz bin Haji Hamdan
Bismillahirrahmanirrahim, Assalamualaikum Warahmatullahi Wabarakatuh. Your Honorable Speaker and Honorable Members of Parliament.
Praise be to Allah, I would like to express my congratulations and gratitude to the Minister in the Prime Minister's Department and the Minister of Finance and Economy II for the comprehensive presentation and explanation on the Supply Bill, themed "United Building a More Prosperous Future".
I believe that this budget reflects the main core of developing an inclusive and sustainable national economy through various initiatives for the people. In this matter, I also urge that steps towards saving services and tightening state spending should be a priority. All state expenditures or spending must be monitored carefully to avoid high and continuous deficits.
Furthermore, efforts to improve the quality of services in the government sector are among the approaches that need to be taken into consideration to improve the delivery system and eradicate the complicated bureaucracy system, especially in any application and in providing services to the public.
This is closely related to good, efficient, and effective governance. This matter is closely related to budget targets by supporting an inclusive and resilient national recovery. In this regard, efforts to strengthen public administration operations are among the strategies towards reducing government spending by applying a systematic and up-to-date work culture.
The use of information and digital technology greatly influences faster and cost-effective work methods. The approach towards a green earth also contributes to significant savings by optimizing the use of paper and switching to paperless initiatives. Efforts to strengthen governance, physical accountability, and steadfast sincerity are certainly positive steps.
Your Honorable Speaker and Honorable Members. Referring to the direction of the country, making a sustainable, low-carbon, and climate-resilient country in line with the country's commitment towards achieving net-zero emissions by 2050 as stated in the budget.
Kaola touched on the issue of effective and progressive development planning for the Tutong District. The Sustainable Pekan Tutong Project is a proposed development concept that serves as a guide towards sustainable development, providing economic, environmental, social, cultural, and tourism benefits.
Among the progressive initiatives are:
- Introducing green and clean areas in Pekan Tutong;
- Reducing vehicle density by providing pedestrian and bicycle paths;
- Preserving and maintaining the historical heritage and cultural products found in Pekan Tutong; and
- Using renewable energy towards an environmentally friendly approach and strategies to reduce greenhouse gas emissions.
The mechanism towards implementing this concept requires several important components as project indicators in assisting policy or direction-making in planning and action by creating implementation zones, namely the clean zone, green zone, and safe zone.
To begin with, this project has been implemented since 2020 with the initiative of the Clean Zone Area through a Whole of Nation Approach, and in 2022, Pekan Tutong was awarded the ASEAN Clean Tourist City Award.
Your Honorable Speaker and Honorable Members. As a representative bringing the hopes and inspirations of the people and residents of the Tutong District, I hope that this progress project can be used as a measure and a thought towards driving the progress of Pekan Tutong, which is currently moving slowly. Finally, I fully support the Supply Bill (2023) 2023/2024. That is all.
Peace be upon you and the mercy and blessings of Allah. And may Allah grant us success and guidance.
Your Honorable Speaker
I now invite Your Honorable Haji Awang Sulaiman bin Haji Nasir.
Your Honorable Haji Awang Sulaiman bin Haji Nasir
Thank you, Your Honorable Speaker. In the name of Allah, the Most Gracious, the Most Merciful.
Your Honorable Speaker and Honorable Members. First and foremost, I would like to congratulate and express the highest appreciation to the Honorable Minister at the Prime Minister's Office and Second Minister of Finance and Economy II for presenting the Supply Bill (2023) 2023/2024 yesterday evening, which was concise and clear, in this august House.
All praise be to Allah. One of the focuses of the budget with the theme "United in Building a More Prosperous Future" is on the importance of education, skills, and entrepreneurship, which is a development that we welcome. This is because this priority is critical if the country wants to compete and advance in the new digital economy arena.
This has been stated in the budget towards supporting the country's inspiration to become a Smart Nation. The Digital Economy Masterplan 2025 launched by the Digital Economy Council in June 2020 has provided a framework for developing plans and supporting digital economic development through a Whole of Nation Approach. At the same time, it emphasizes the restructuring of the economy and transformation, helping businesses, especially SMEs, to increase their productivity and helping workers to improve their skills in every opportunity available.
By focusing on efforts to advance this economic recovery, it indirectly can improve the standard of living and ensure the survival of the people towards supporting the Brunei Vision 2035.
Your Honorable Speaker and Honorable Members. In addition, I also hope that the government can implement various initiatives to address the issue of inflation and the rising prices of basic necessities to ease the burden of families in Brunei Darussalam.
In the short and long term, among the issues that are being focused on are related to dependence on imports, the cost of food imports, foreign labor issues, subsidies, transportation, logistics, technology, agriculture, and research and development (R&D).
Furthermore, I sincerely hope that the government will take steps to tighten enforcement of relevant acts to ensure that traders always conduct their business ethically and do not take excessive profits, resulting in an increase in the prices of goods and services.
Your Honorable Speaker and Honorable Members. In an effort to stabilize the country's spending, the decision to postpone any mega projects that require large funds is quite challenging. Employment opportunities can be created through the distribution of small-scale government projects in both urban and rural areas. Among the government's current measures to privatize some projects such as maintenance work, infrastructure maintenance, and others under privatization methods are among the efforts to reduce the government's spending burden, and indirectly, it can stimulate business activities among Micro, Small and Medium Enterprises (MSMEs) consisting of local companies and thus open up job opportunities. However, I suggest that the selection of companies through government tenders should prioritize companies that employ local workers.
Your Honorable,
The participation of grassroots organizations such as the Village and District Consultative Councils (MPMK) in economic activities has led to the establishment of legitimate businesses that offer services such as grass cutting. These companies are collectively run by the villagers and monitored by the relevant Village and District Consultative Councils.
This is a development that should be proud of and deserves strong support from all parties. Projects or domestic work that are usually dominated by foreign laborers can be fully taken over by local residents in the future, God willing.
Sincerely,
May peace be upon you and God's mercy and blessings.
Your Honorable Speaker
I now invite Your Honorable Awang Haji Mohd. Salleh bin Haji Othman.
Your Honorable Awang Haji Mohd. Salleh bin Haji Othman
In the name of Allah, the Most Gracious, the Most Merciful, peace be upon you. Your Honorable Speaker and Honorable Members. I am pleased to express my gratitude to the Honorable Minister in the Prime Minister's Department and the Minister of Finance and Economy II for presenting the Supply Bill (2023) for 2023/2024, which I consider to be quite comprehensive.
Alhamdulillah, I am of the opinion that the 2023 Budget with the theme "United Building a More Prosperous Future" is a progressive step by the government in enhancing efforts towards economic stability and the well-being of the people, especially in addressing the increasing cost of living and unemployment issues that are currently being felt. I believe that although this Budget may not provide a complete solution, the government remains committed to addressing current issues by diversifying assistance and initiatives to ensure the welfare of the people, especially those who are targeted.
To realize this hope, all parties must work together, including Government-Linked Companies (GLCs) and Foreign Direct Investment (FDI), which play an important role in ensuring economic development remains robust, in addition to helping the government succeed in developing Brunei Darussalam in a prudent, systematic, and effective manner. This is not limited to initiatives in welfare programs, community and entrepreneurship, but also in other developments, including land matters such as updating Temporary Occupation Licenses (TOL) applications, continuing housing assistance through the National Housing Scheme that can help realize the people's dream of owning their own homes, and at the same time, towards cultivating government administration and the needs of the people to manage finances better, be frugal, and focus spending on more essential matters to control inflation and avoid wastage.
Your Honorable Speaker and Honorable Members. I also hope that this Budget can be managed as best as possible, especially matters related to welfare assistance through the National Welfare Scheme (SKN), which has already been implemented in 2020. Issues arising from public problems must be taken seriously and appropriately addressed immediately. In improving human resources as stated in the budget targets, the development of dynamic, proactive, and innovative human models, research and development programs, mastery of science and technology, mastery of knowledge and skills should be enriched in their implementation scope, especially among entrepreneurship and the new generation of society, so that they can produce new creations, new products, new placements, and new economies. The government does not need to be stingy in spending a considerable amount, especially in investing towards creating educated, capable, and skilled human resources that ultimately have a significant impact on the country's progress.
In sha Allah. That's all, and peace be upon you. May Allah's blessings and guidance be upon you.
Your Honorable Speaker
I now invite Your Honorable Awang Haji Mohamad Danial @ Tekpin bin Ya'akub.
Your Honorable Awang Haji Mohamad Danial @ Tekpin bin Ya'akub
In the name of Allah, the Most Gracious, the Most Merciful. Your Honorable Speaker and Honorable Members. I am pleased to express my gratitude to the Honorable Minister in the Prime Minister's Department and Minister of Finance and Economy II for presenting the Supply Bill (2023) for the year 2023/2024 with the theme "United Building a More Prosperous Future" in sha Allah. I believe that this budget is people-friendly, with a focus on maintaining public welfare.
Efforts to improve the quality of life of the people are important by building and providing conducive infrastructure such as housing, health, information and communication, education, and electricity with a priority focus on remote and marginalized areas.
Your Honorable, unresolved issues of the people should be seen as a responsibility and trust that needs to be addressed immediately, so that there are still families who have not been able to fully enjoy the facilities provided by the Government of Brunei Darussalam.
In an effort to strengthen the foundation and fundamental of the country's economy and create new areas of growth in potential strategic areas, this can be achieved through eco-tourism, biotechnology, and modern agriculture.
In addition, these sectors and other areas such as education, health, Islamic finance, and halal food marketing are great potentials to become sources of growth for a resilient and advanced new economy through budget initiatives that support an inclusive and resilient national recovery.
Meanwhile, strategic planning to utilize the excellent heritage resources of Brunei Darussalam such as the Tasek Merimbun Heritage Park in the Tutong District as a basis for implementing and creating eco-tourism-oriented spin-off economies can be utilized to benefit all parties, especially local residents.
Taman Warisan Tasek Merimbun has been awarded as an ASEAN Heritage Park since 1984 and has great potential to drive eco-tourism activities, especially in the Tutong District. I understand that efforts are currently underway and will be implemented by the relevant parties through the transformation and eco-tourism project of Taman Warisan Tasek Merimbun. It is hoped that it can be occupied to obtain the desired agreement and cooperation towards formulating short, medium, and long-term strategic plans through a whole-of-government and whole-of-nation approach with government agencies, Village Consultative Councils, local residents, and stakeholders.
I would like to touch on the safety of the people, which is the main focus of the budget towards maintaining public welfare, where initiatives towards strengthening safety in all aspects must be taken into account. This includes the participation of Village Consultative Councils and Neighborhood Watch Committees. I suggest that additional allocations be provided so that safety activities and programs can be continuously implemented.
Regarding the safety of residents living near the coast, climate change based on the Sea Level Rise Wikipedia article predicts that sea levels will rise by 3.7mm, or 0.46 inches per year. Between 1901 and 2018, the average global sea level rise has increased between 15cm and 25cm, or 6 to 10 inches.
In this matter, Your Honorable hopes that the government through relevant agencies will pay attention to this situation which is related to the decree of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam at the Opening Ceremony of the First Meeting of the Nineteenth Session of the Legislative Council in 2023, regarding the ASEAN Centre Of Climate Change. May Brunei Darussalam always be protected by Allah SWT from any disasters and calamities. Ameen.
Thank you and may peace, mercy, and blessings of Allah be upon you. And with Allah's guidance and blessings.
Your Honorable Speaker
I now invite Your Honorable Mr. Mohammad bin Abdullah @ Lim Swee Ann.
Your Honorable Mr. Mohammad bin Abdullah @ Lim Swee Ann
In the name of Allah, the Most Gracious, the Most Merciful. Assalamualaikum warahmatullahi wabarakatuh.
Your Honorable Speaker and Honorable Members. To begin, I am pleased to express my highest gratitude to the Honorable Minister in the Prime Minister's Office and Second Minister of Finance and Economy for presenting the 2023 Bill, Supply 2023/2024 which is quite informative.
I see that the budget with the theme "United in Building a More Prosperous Future" , Insha'Allahwill benefit all parties, the government sector, private sector, and the people and residents of Brunei Darussalam. It is in line with the initiatives that are being and will be implemented in the private sector, which aims to create economic stability and improve the welfare of the people and residents of Brunei Darussalam towards achieving the Vision of Brunei 2035.
In the meantime, this budget also targets efforts towards building a knowledge-based economy. This can be successfully implemented by giving significant attention to efforts aimed at increasing productivity, creativity, and innovation, as well as focusing on sectors that have stronger competitiveness.
For Micro, Small and Medium Enterprises (MSMEs), especially One Village One Product (1K1P) entrepreneurs, they should take advantage of this opportunity to improve the quality and quantity of their products to remain relevant and marketable. These efforts and initiatives have been outlined in the budget through the development of a dynamic, proactive, and innovative human capital.
In addition, efforts to provide advanced local workforce in line with current and future job and industry needs are a continuous effort by the Human Resources and Employment Planning Council (MPEC) together with relevant parties in creating employable and marketable local workforce by providing i-Ready, SkillsPlus, SPIN, and Tradeskills programs.
Support and cooperation from all parties are crucial in realizing the goals of this budget.
Your Honorable, private sector and NGOs work together to implement various related programs from time to time.
Your Honorable, the Speaker and Honorable Members. Towards supporting an inclusive and resilient national recovery as outlined in the focus budget theme towards upgrading existing commercial areas is important to keep up with the changing times.
In this regard, I hope that plans for transformation and progress for commercial zone areas in Pekan Belait and Pekan Seria will be established to ensure that businesses in these areas can be utilized by Micro, Small and Medium Enterprises or MSMEs to remain relevant in carrying out current business activities.
Finally, I request support for the Supply Bill 2023/2024 that has been presented. Thank you.
Assalamualaikum warahmatullahi wabarakatuh. With Allah's blessings and guidance, peace be upon you.
Your Honorable, the Speaker
I now invite Your Honorable Dayang Hajah Rosmawatty binti Haji Abdul Mumin.
Your Honorable Dayang Hajah Rosmawatty binti Haji Abdul Mumin
In the name of Allah, the Most Gracious, the Most Merciful, peace be upon you. Good morning and greetings. Thank you, Your Honorable Speaker. I fully support the Supply Bill 2023/2024 presented by the Honorable Minister in the Prime Minister's Department and Second Minister of Finance and Economy, which was clear and detailed.
Here, I would like to raise a few questions:
I would like to refer to two topics under the Development Allocation, namely Electricity $69,159,450.00; and
National Housing $65,398,889.00.
Considering the significant allocation for Development Expenditure in the Electricity and National Housing sectors, I would like to seek clarification on whether the Ministry of Finance and Economy has ensured the feasibility of the planned projects to ensure that the allocation provided can be utilized effectively according to the plan.
My second question is regarding the allocation of $5.96 billion for the Financial Year 2023/2024. Can the Ministry of Finance and Economy share the actual percentage of usage for the existing allocations in general over the past 3 years?
The last question from myself. I refer to the allocation of $44 million for Education Services under the Ministry of Education specifically to finance the hiring of experts and educators including CFBT. I would like to seek clarification if the government has plans to replace these CFBT teachers with local teachers. For over a decade, the Ministry of Education has been hiring teachers from CFBT. Are there no local teachers who are capable of replacing them? Does the government have an exit strategy for these CFBT teachers? Thank you, Your Honorable Speaker.
Peace be upon you and God's mercy and blessings.
Your Honorable Speaker
Honorable Members. Specific questions will be examined after we convene in the Committee when we scrutinize the relevant ministries or budget. For now, we are only looking at the suitability of this law whether we pass it or not.
I now invite Your Honorable Dayang Hajah Safiah binti Sheikh Haji Abd Salam.
Your Honorable Dayang Hajah Safiah binti Sheikh Haji Abd Salam
بسم هللا الرحمن الرحيم. Thank you, Your Honorable Speaker.
Your Honorable Speaker and Honorable Members.
السالم عليكم ورحمة هللا وبركاتهand greetings. On this occasion, I fully support the Supply Bill 2023/2024 which has been presented clearly and in detail by the Honorable Minister in the Prime Minister's Office and Second Minister of Finance and Economy on Monday, 13th of Sha'ban 1444H corresponding to 6th of March 2023M.
On this occasion as well, I express my highest appreciation and gratitude to the Honorable Minister in the Prime Minister's Office and Second Minister of Finance and Economy for the clear presentation.
Your Honorable Speaker and Honorable Members.
The budget theme "United in Building a More Prosperous Future" shows the government's commitment to building a resilient and dynamic economic foundation and resilience towards sustainable economic growth to achieve Brunei Vision 2035.
In this matter, for Your Honorable's view to achieve blessings in the implementation of these initiatives and to obtain blessed sustenance for our country through the desired economic growth, I feel that all parties in the public and private sectors should continue to adhere to the teachings of Islam in carrying out all state administration in accordance with the Malay Islamic Monarchy philosophy and the desire of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam to make Brunei Darussalam a blessed country, a peaceful and prosperous country, and a country that is forgiven by Allah.
Your Honorable Speaker. I refer to the statement by Your Honorable, the Minister at the Prime Minister's Office and Second Minister of Finance and Economy, regarding the expected national budget deficit of $2.9 billion. In this situation, I am certain that all ministries should take a prudent approach in spending and avoid any wastage in expenditure.
Therefore, I also believe that it is necessary to ensure that the existing allocations are utilized and utilized efficiently by all sectors and all ministries as planned based on the allocations provided.
Therefore, I feel that an assessment of the effectiveness and efficiency of the allocation of funds should be made through the establishment of Key Performance Indicators (KPIs) in determining the KPIs on financial effectiveness and efficiency for the overall expenditure of the relevant ministries in general. This will ensure that the allocations provided are in accordance with the appropriate planning.
Furthermore, I refer to several identity programs and similar programs to prepare local children with work experiences, integrity resilience, and discipline. I see that planning for these programs is very significant in preparing our local children to enter the workforce after completing their education or undergoing education at a higher level.
In this situation, I also believe that programs like this should be implemented or established, made into a comprehensive asset in centers or higher education institutions so that all our local children will have resilience and always be prepared to face the job market after completing their studies.
Your Honorable Speaker and Honorable Members. Referring to the allocation of scholarships amounting to 42.8 million for the management of scholarships by the Ministry of Education and the Ministry of Religious Affairs, I welcome this allocation for our outstanding students who will, God willing, lead our country as future leaders.
In this matter, the selection of these students' majors must be aligned with human resource planning and also synchronized with the appropriate job allocations so that the government's investment in these students will not be detrimental, especially to the government, because when they graduate, they are already provided with suitable positions and jobs, and this is to avoid any losses to the government and prevent an increase in the unemployment rate in the country. Your Honorable Speaker and Honorable Members. I once again express my highest appreciation and gratitude to the Honorable Minister in the Prime Minister's Department and the Second Minister of Finance and Economy for the very detailed presentation for the welfare of the people and the progress of our country. God willing. That is all.
Your Honorable Speaker
I now invite Your Honorable Dr. Awang Haji Mahali bin Haji Momin.
Your Honorable Dr. Awang Haji Mahali bin Haji Momin
Peace be upon you and the mercy and blessings of Allah. Your Honorable Speaker and Honorable Members. I fully support the 2023 Bill and Supply 2023/2024 presented by the Honorable Minister in the Prime Minister's Department and Second Minister of Finance and Economy yesterday. I congratulate the initiative that has been and will be made to increase the country's gross output to make our country prosperous. Touching on the budget for the Financial Year 2023/2024, which is "United Building a More Prosperous Future," is indeed appropriate for us to achieve the country's 2035 mission. All praise be to Allah, thank you for the given theme.
Your Honorable Speaker. I urge all citizens, especially public servants, to be excited about the theme in order to increase and multiply efforts to change the routine or business as usual way of working to achieve the goal of the theme because we only have 12 years to reach the vision of 2035.
Furthermore, Your Honorable Speaker. It was mentioned that 70% of basic needs such as rice are imported from foreign countries and there have been efforts to reduce our dependence on foreign countries.
May I ask, are these basic needs supplies sufficient at this time and how long can we survive if there is an unexpected disruption in the supply from importing countries to this country such as COVID-19?
Thank you, Your Honorable Speaker.
ُ و السَّال ُم عل ْي ُك ْم ورحْ مةُ هللاِ وبركاتُه.وباهلل التوفيق والهداية
Your Honorable Speaker
I now invite Your Honorable, Awang Haji Salleh Bostaman bin Haji Zainal Abidin.
Your Honorable Awang Haji Salleh Bostaman bin Haji Zainal Abidin
In the name of Allah, the Most Gracious, the Most Merciful.
Thank you, Your Honorable Speaker. Congratulations to me/your humble servant/ myself on the proposal of the financial budget for the year 2023/2024 by the Honorable Minister in the Prime Minister's Department and the Second Minister of Finance and Economy.
I have only been sitting for 2 hours listening to the arguments after retirement.
I apologize that I have not yet digested the contents of the budget issue, so I will briefly give my views and seek clarification. I will provide comments and suggestions when discussing the ministry's budget later, Insha'Allah.
Your Honorable Speaker and Honorable Members. First of all, I would like to congratulate the staff of the Ministry of Finance and Economy for achieving the skillsplus budget for the Financial Year 2021/2022, although it is marginal, it is still skillsplus. "United in Building a More Prosperous Future", a wonderful theme. May we be able to achieve it.
A budget of $5.9 billion has been proposed for the Financial Year 2023/2024, but I have some doubts as the Expenditure Results Book 2022/2023 shows only $4.9 billion. Perhaps there is an error or I am not aware of the reconciliation from $4.9 billion to $5.9 billion. Your Honorable Speaker, in addition to the earlier suggestions made by Honorable Members, it is necessary to educate the public servants about this budget, as 80% of it is allocated for the payment of salaries and benefits to the public workers. This will motivate them to work harder and achieve the recommended budget goals.
I hope that a thorough review has been conducted in the ministries to ensure that they can contribute to achieving the budget goals through their routine work as efficient service providers to the public.
I recommend that each ministry should allocate activities in this budget according to their needs and understanding, so that the explicit and implicit meanings of this budget can be conveyed and observed by the public service.
I also suggest that the authorities make efforts to explain this budget to the public who ask, "What is in the budget for me?" so that they can also be excited.
Due to the large number of budgets, efforts, and government initiatives, they are "Lost in translation," even though they are good initiatives. But they cannot be achieved if we lack effective communication skills. Explain how this budget will specifically address the country's agendas, such as what are the targets or KPIs to eradicate poverty. What is the target of this budget to reduce unemployment?
What percentage of this budget will increase new job opportunities? Regarding FDI, I am excited about the government's initiatives to attract various FDI to supplement the existing industries. I recommend that the FDI that comes should take lessons learned from previous FDI and review its terms and conditions to make it suitable by taking into account the lessons learned from previous FDI. I also recommend that the target FDI should complement and supplement our existing strengths or enhance them to achieve Wawasan Brunei 2035, which focuses on FDI that targets achieving Food Security, Halal Brunei Brand, and Tourism, and will generate many jobs and new revenue streams.
Your Honorable Speaker and Honorable Members. Our budget is usually conservative. It is based on the concept of sustainability, affordability, and income stream, where the income stream must help to improve this budget.
We hope that the decision we make can achieve the Brunei Vision 2023, which is a sustainable economy. If a businessman wants to expand his business and is willing to take a loan, and his hope is that his business will grow and pay back the loan, we are willing to seek funds so that economic growth is faster than expected from a conservative budget.
If we want to involve more aggressive national output to achieve the Brunei Vision 2035, what is the condition of our budget? Do we need a bigger budget to increase economic growth in achieving the Brunei Vision 2035, which is expected to be achieved in 12 years?
Your Honorable Speaker and Honorable Members. In relying on Allah's blessings, we pray that the blessings and provisions of our country will be expanded. I support the Law (2023) Supply Bill, 2023/2024. Peace be upon you and Allah's mercy and blessings.
Your Honorable Speaker
Now I invite Your Honorable Pengiran Haji Isa bin Pengiran Haji Aliuddin to speak.
Your Honorable Pengiran Haji Isa bin Pengiran Haji Aliuddin
Thank you, Your Honorable Speaker.
Assalamualaikum warahmatullahi wabarakatuh. Bismillahirrahmanirrahim.
It is easy for me to carry out my task and unravel the knot from my tongue if I explain to you and may my words be understood.
Your Honorable Speaker and wise Honorable Members. I would like to congratulate the Honorable Minister in the Prime Minister's Office and Second Minister of Finance and Economy II on the presentation of a very comprehensive budget. "Brunei people are steady." Regarding the Bill entitled: "An Act to Provide for the Withdrawal of a Sum from the Consolidated Fund for the Service of the Financial Year 2023/2024".
Your Honorable Speaker. I fully agree and support the allocation of funds, and I would also like to congratulate all the ministries and departments for working hard to improve government efforts and initiatives to save expenses while at the same time striving to reduce spending without affecting the standard of living of the people and the country.
Your Honorable Speaker.
I would like to congratulate Your Honorable Minister in the Prime Minister's Department and Minister of Finance and Economy II for the very comprehensive presentation. "They are steady people from Brunei." Regarding the Bill entitled: "An Act to Provide for the Withdrawal of a Sum from the Consolidated Fund for the Service of the Financial Year 2023/2024".
Your Honorable Speaker.
I fully agree and support the allocation of funds, and I would also like to congratulate all the ministries and departments for working hard to improve efforts and initiatives to save government spending while at the same time striving to reduce spending without affecting the standard of living of the people and the country.
Your Honorable Speaker and Wise Honorable Members.
"All praise be to Allah." Efforts towards improving economic growth have been highlighted, and there have also been positive developments regarding it.
As we all understand, one of the keys to positive development is business activities from the private sector, including Micro, Small and Medium Enterprises (MSMEs). Your Honorable is interested in the government's efforts through Darussalam Enterprise in providing relevant infrastructure and support programs so that MSMEs can operate sustainably and competitively.
What Your Honorable wants to touch on is the group that needs attention and assistance, namely the less fortunate local residents who are not familiar with how to start a business until they succeed. Not only guiding but also mentoring them until they succeed.
As a local entrepreneur, I am a chicken farmer. What I have gone through and what I believe other entrepreneurs have gone through in the process of starting a business from the idea creation stage to the peak of business success is not an easy and smooth selling matter, especially if it involves less fortunate people who have no reference point to start a business to support their livelihood and towards education.
It is important to remember that these are talented business people. Due to not knowing the routes and ways to navigate this business, our talents will be buried directly and indirectly. Therefore, taking this into consideration, I would like to suggest that the role of Darussalam Enterprise be expanded.
This can be done by broadening its perspective or establishing a special agency with various names. Sometimes we can create a One Stop Agency, One Stop Business Agency, One Stop Business Care, to facilitate and guide local citizens, especially the less fortunate, to start their PMKS businesses in their respective fields and provide opportunities for growth.
I would like to refer to the Hansard report of yesterday's First Council Meeting. I quote from page 19: "...Since 2016, 15,000 entrepreneurs have been assisted through entrepreneurship training, start-up establishment, standard-related training to obtain international standard certification under the Co-Matching scheme, and so on...". However, what I would like to suggest is that Darussalam Enterprise be value-added in a coordinated manner.
From here, I have had experience in the chicken farming business. If you are a chicken farmer, you should only focus on productivity and not on managing a lot of paperwork. For example, if you hire foreign workers, you have to deal with the Labor Department under the Ministry of Home Affairs. If you buy a lorry, you have to deal with the Land Transport Department. It's different when it comes to health inspections.
As a result, new and young entrepreneurs tend to be afraid of dealing with different ministries. I suggest having something like Darussalam Enterprise or a One Stop Business Agency to provide a channel for young entrepreneurs to start and succeed in their businesses.
Without this service, entrepreneurs will only focus on their main business and not bother with other departments. If this VIP service is available for our local businesses, Insha'Allah, we can achieve the Wawasan Brunei 2035 vision sooner than expected. I guarantee it won't take until 2035. This is our weakness, the fact that we have different ministries and departments. For example, if I have a chicken coop but no electricity, I have to deal with the Electrical Services Department.
The Ministry of Primary Resources and Tourism cannot do anything about it because it is under foreign jurisdiction. If there is an agency that manages this, which is empowered, feared, they will direct all ministries to accelerate, to achieve Wawasan Brunei 2035. I believe that with the One Stop Agency that I mentioned earlier, Your Honorable Speaker will achieve Wawasan Brunei 2035 if one bullet hits three targets, it can be done if the person doing business:
i. Has a high level of education;
ii. Has a quality of life that is business-oriented; and
iii. Has a sustainable, affordable, and dynamic economy.
I apologize, Your Honorable, if there is any language that may be unpleasant to Your Honorable, it is only to share suggestions to accelerate our efforts to the government to improve the economy by expediting it.
Thank you. وباهللا توفيق ولهدايه والسالم عليكم ورحمة هللا وبركاته
Your Honorable Speaker
Now I invite Your Honorable Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Haji Awang Adanan bin Begawan Pehin Siraja Khatib Dato Seri Setia Haji Mohd Yusuf.
Your Honorable Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Haji Awang Adanan bin Begawan Pehin Siraja Khatib Dato Seri Setia Haji Mohd Yusuf
In the name of Allah, the Most Gracious, the Most Merciful, and greetings.
Firstly, I would like to extend my highest congratulations, gratitude, and appreciation to the Honorable Minister in the Prime Minister's Office and Second Minister of Finance and Economy for presenting the comprehensive and detailed Budget for the session 2023/2024. Furthermore, in this assembly, I also support the presented Budget for 2023/2024.
It is also in line and aligned towards our common goal of achieving the Wawasan Brunei 2035 for Brunei Darussalam, which is an educated, highly skilled, successful, high-quality people and a dynamic and resilient national economy.
Your Honorable Speaker and Honorable Members. Praise be to Allah, we are grateful to the presented budget which has proven the high commitment and concern of the government under the leadership of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam towards the welfare and well-being of the people to ensure that our lives continue to be in a state of peace, prosperity, and sustainable development.
Furthermore, this budget has shown continuous efforts in various projects, action plans, strategic plans, and initiatives to strengthen the socio-economic development of the country towards a more sustainable, competitive, and resilient nation.
I believe, and perhaps the Honorable Members here also agree, that the initiatives presented by the Honorable Minister at the Prime Minister's Office and Second Minister of Finance and Economy certainly require high and solid cooperation and commitment from all stakeholders, not only in the government and private sectors but also from all the beloved people and residents of Brunei Darussalam.
In addition, any planning or initiatives must be continuously monitored or reviewed and any issues that arise must be resolved immediately until the planning or project becomes a reality to be felt by stakeholders including the people and residents of Brunei Darussalam and it must meet the set prime time.
Your Honorable Speaker and Honorable Members. We are pleased to announce that a sum of $5.96 billion has been allocated in the budget and allocation for government purposes for this year and 2024. Meanwhile, the Estimated Government Revenue for the same financial year is projected to be $2.99 billion.
In this regard, the government will bear a budget deficit of approximately $2.97 billion. I would also like to suggest that any unnecessary sudden expenses that are not a priority should be postponed as much as possible to consider the government's declining revenue from $6 billion in 2022/2023 to $2.99 billion in 2024, which is estimated.
At the same time, hopefully the shared efforts will be able to help the government to identify sources of income not only for fiscal year 2023/2024 but also for the upcoming fiscal years.
I would like to suggest here that the complaints among traders, especially among MSM (Micro, Small and Medium Businessmen), be addressed by the regulator (Central Bank) to be more flexible and encourage any financial institution to truly assist in facilitating financial loans to companies, especially those with acronyms including MSM, to work together to develop their respective businesses.
Looking at the situation, this is also for us to further develop and advance local entrepreneurs, especially those who start businesses without models or finances. They certainly have problems. Therefore, I suggest that we show flexibility wholeheartedly to address the problems faced by entrepreneurs who start their businesses or companies. This is a reality that we must face if we want to progress and truly help local entrepreneurs to develop and advance their businesses, especially those with potential to penetrate foreign markets.
I also researched here that the government's income still largely depends on the revenue from oil and gas sources and that a market price of over USD70 is needed to balance the country's budget.
Your Honorable Speaker and Honorable Members. Regarding paragraphs 27 and 73 in the budget presentation, the agreements signed by the government for the benefit of MSMEs, we need to find ways to bridge the gap for MSMEs to take advantage of the signed agreements.
Your Honorable Speaker and Honorable Members. His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam has commanded during the Opening Ceremony of the First Meeting of the Nineteenth Legislative Council Session on last Thursday, 9th Sha'ban 1444H, corresponding to 2nd March 2023, among others, the importance of increasing the government's revenue.
In relation to that, Your Honorable, I have conducted research and would like to touch on the procedure for starting a business ease of doing business which since 2016 our country has abolished 2 Business License Acts for businesses above 12th grade for certain types of businesses.
This renewal initiative is very good and welcomed, especially solely to make it easier to start a business to be expedited and transparent as a continuous government effort in creating a pro-business, business failure competitive business environment in this country.
It also further enhances economic activities and job opportunities by increasing the number of traders who can conduct their business in this country. What I would like to raise is the Annual Business License to be reviewed properly, which was previously charged at a certain rate under the Business License Act that has been abolished, which has certainly reduced government revenue by millions of ringgit.
Renewals introduced to facilitate the process of starting a business should be maintained, but they need to be reviewed and re-examined from the following aspects:
Imposing a Business License or any payment or registration, even if we do not impose a Business License. This is solely and the payment of this license is not a different practice. It is a standard or standard practice outside the country. For the purpose of control and also to ensure that they have social responsibility to the community and the country where they conduct business or enterprise.
What I mean is one of the ways we uphold the command of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam so that we as technocrats or thinkers can find ways or identify how we can help the government to generate government revenue and also for the benefit of all citizens and residents of this country; and
Regular issuance procedures to ensure that it is not misused in jointly maintaining public safety, welfare, security, and peace and complying with the laws enforced in this country.
What I have noticed myself is that it is being misused. Some open businesses here and there and they are only allowed in one premise and in that license, it states that they are allowed in this village but now we see them arbitrarily opening businesses, especially foreign nationals, and there are also those who misuse Work Passes or use them as businesses, they give them to holders of Registration Passes who profit from them and charge them to be paid to them.
I recommend that we do not allow matters that do not comply with this law to become rampant, and together we control and handle them so that they do not become an issue that could jeopardize the welfare and safety of the people and residents of this country.
In this assembly, we also express our gratitude to the presence of Allah for the government's programs and initiatives towards achieving the goals that have been suggested in the budget. For example, we propose a project worth $50-51 million, an intelligent hub that will house the Endemic Intelligent Response Unit, which costs approximately $51 million (please correct me if I am wrong).
We have various systems such as BruHims and BruHealth. Can we not integrate or upgrade these existing systems to save expenses and move towards cost-effectiveness? Is there a solution to be made with a central body that oversees ICT matters to avoid duplication?
"Why is there no attention given to the existing system for use with the ministry or sharing? For example, the smart card. We have our name, address, or all personal data at the Immigration and National Registration Department, at the Ministry of Home Affairs, and we obtain a driving license from the Road Transport Department. It is difficult to manage, sometimes I see only different departments issued by this department.
Can't we share information from our own experts whom we fully trust instead of from foreign countries that may only be for profit? Why don't we use our skilled ICT or digital experts to analyze the possibilities of using their expertise and experience and the requirements of a position so that we can reduce wasteful spending but use what we have that we can expand or upgrade in any ICT system?"
In the meantime, sometimes we overlook the importance of providing basic services to the public who directly feel and enjoy what we should give them, while focusing too much on complicated projects that are oriented towards high technology but sometimes saddening.
As an example, there are some roads with potholes that are not upgraded or maintained. Another example is when complaints are received about government facilities that are not repaired or maintained, and toilets that are not only dirty in hospitals but also in government facilities and mosques.
This is one of the feelings of the public that should be respected. It is not that large projects should not be continued, but we should provide services to the public, and we should not overlook issues like this. Perhaps the issues should be identified whether it is due to lack of supervision or commitment from those responsible, or maybe we provide contractors who do not have accreditation or certification that allows them to clean a place better and more perfectly, especially in hospitals that require cleanliness and patient safety that we should pay attention to.
Sometimes, complaints are received that it is difficult to admit patients to the ward due to insufficient beds. This has been noted and accepted from public feedback on this matter. Thank you, Your Honorable, finally, I seek permission and apologize so that together we can reflect on the words of Allah in Surah Ar-Rad verse 11 which among others states, "Verily, Allah will not change the condition of a people until they change what is in themselves."
It is hoped that all of us as citizens and residents of this country will take lessons from the words of Allah to be absorbed in our hearts and fully appreciated so that together we can work hand in hand and sincerely contribute to opening our minds and attitudes more positively as intended in the words of Allah and, God willing, we will achieve the Brunei Vision 2035 together.
In the name of Allah, the Most Gracious, the Most Merciful, peace be upon you and Allah's mercy and blessings.
Your Honorable Speaker
Thank you, Your Honorable Speaker. Now, I would like to invite Your Honorable Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Haji Awang Suyoi bin Haji Osman.
Your Honorable Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Haji Awang Suyoi bin Haji Osman
Thank you, Your Honorable Speaker.
Kaola would like to express sincere gratitude to the Honorable Minister at the Prime Minister's Office and Second Minister of Finance for presenting the Supply Bill (2023) for the year 2023/2024.
Kaola welcomes the efforts taken by the Ministry of Finance to achieve positive economic growth for the year 2023/2024 amidst the global economic crisis of falling oil and gas prices, the COVID-19 pandemic, high inflation rates, and unstable geopolitics.
Brunei Darussalam is still projected to achieve positive economic growth. It is hoped that this projection will become a reality, especially in our efforts to achieve positive economic growth. We involve all stakeholders, including the private sector, especially local entrepreneurs, GLCs, and foreign investors through foreign direct investment, FDI.
As shared yesterday by the Honorable Minister at the Prime Minister's Office and Second Minister of Finance, some foreign investors have already signed agreements to invest in the country. Meanwhile, other international companies have also shown interest in investing in our country.
It is believed that FDI will not only contribute to the country's revenue but also provide job opportunities for local graduates who are looking for employment every year after leaving school and educational institutions. In this regard, we must identify the existing job fields and expertise and prepare them to fill those jobs later.
Regarding the allocation distributed to ministries such as the Ministry of Education, it should be increased not only in providing new programs to improve academic skills and school leavers but also in improving the quality of school buildings and higher education and increasing the number of school teachers as educators.
Your Honorable Speaker. The allocation given to CFBT, for example, which has been in Brunei Darussalam since 1995, is $48 million. It is hoped that this will have a significant impact on the achievement level of our students in the country. This is to ensure that education in this country is of high quality and able to produce high-caliber students for the future of the country. However, as we expect teachers to improve their efficiency and skills and make continuous adjustments to changes in their environment, their services and welfare also need attention.
I am also pleased to note, Your Honorable Speaker, that in the allocation presented, the Ministry of Health also receives an align share and I hope that with this allocation, the quality of healthcare and treatment in the country can be improved. This depends on having sufficient healthcare personnel, from specialists, doctors, health life professionals to nurses. Currently, it takes a long time to obtain the services of a specialist, perhaps due to a shortage of specialists or scheduling issues, among others.
Note: "Kaola" is not present in this transcript. "Beta" is also not present, so no translation is needed.
I hope that not only their numbers are sufficient through the appointment of their positions, but also sufficient in terms of training and expertise provided. In this matter, even if we have sophisticated medical equipment and treatments, we still need competent and trained hospital staff to use them. Therefore, the welfare of their well-being as frontliners in providing medical services should not be overlooked.
Your Honorable Speaker. To conclude, I would like to once again express my heartfelt gratitude to the Honorable Minister in the Prime Minister's Office and Second Minister of Finance and Economy for presenting a comprehensive budget for the Financial Year 2023/2024 and for addressing all aspects in our journey towards Wawasan Brunei 2035. I fully support the approval of the Financial Year 2023/2024 Budget. I am confident that under the leadership of His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, and with the support of all our people, we can realize Wawasan Brunei 2035 for the well-being of the people and residents of Brunei Darussalam. Amen. Peace be upon you and God's mercy and blessings. Thank you.
Your Honorable Speaker
I would like to invite Your Honorable Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim.
Your Honorable Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim
Thank you, Your Honorable Speaker, for giving me the opportunity to discuss the budget for the Financial Year 2023/2024.
بسم هللا الرحمن الرحيم
Your Honorable Speaker, Honorable Members. السالم عليكم ورحمة هللا وبركاته and greetings. First and foremost, allow me to congratulate and commend the Ministry of Finance and Economy and the Honorable Minister in the Prime Minister's Office and Second Minister of Finance and Economy for presenting the budget paper for the Financial Year 2023/2024, which was comprehensive, clear, full of factual information, and very informative, covering strategic focuses that are very encouraging.
َ ْلح ْمدُ ِللههI believe that what was presented, especially regarding the budget theme: 'Building A Prosperous Future Together' with its three main focuses by the Honorable Minister in the Prime Minister's Office and Second Minister of Finance and Economy yesterday, is reasonable and appropriate. I think we should fully support this budget with its focuses as it will further strengthen the socio-economic resilience of the country. In addition, it also includes several key strategies to address current issues such as unemployment and social media of the people, poverty eradication measures, cost of living, and most importantly, it focuses on achieving Brunei Vision 2035. This is important, especially in the current global economic situation that is still challenging and uncertain, especially regarding the uncertainty of oil and gas prices, which this country is also experiencing. I am also grateful that in the face of the COVID-19 pandemic, هللا سبحانه وتعالىhas also bestowed His continuous mercy and grace on this country with world oil prices at a very encouraging level in the past two years.
Similarly, the country's efforts to bring in large-scale projects in downstream sectors that have started operations also play a role in driving the country's growth in non-oil and gas sectors such as the main resource sectors, trade, and services that are mostly operated by Micro, Small, and Medium Enterprises.
"Praise be to Allah", we have all felt the impact of this when the IMF, AMRO, and ADB have forecasted that the country will record positive growth between 3% to 3.6% in 2023, despite the global economic outlook being predicted to be somewhat slow in those years. I also congratulate the Ministry of Finance and Economy for recording a surplus in the Financial Year 2022/2023, even though the amount is considered minimal.
I feel that all of this is by the permission of Allah and the blessings of the visionary and wise leadership of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, who is always concerned about the welfare of the people. I believe that with prudent financial management, regular maintenance plans, and the industry in the oil and gas sector, as well as efforts to collect revenues firmly, hopefully, the projected deficit of approximately $2.97 billion can be reduced, "God willing".
Your Honorable Speaker. I myself welcome the presented priorities. It covers important aspects in generating economic growth, improving the business ecosystem, and strengthening the country's competitiveness to attract more quality job opportunities. This will not only reduce the cost of importing goods but also make the cost of exporting the country's products more competitive.
Alhamdulillah, I am grateful that the country has also been able to attract new FDI as presented yesterday. One of the things that caught my attention is the collaboration between MPC Ventline Agencies and Regional Container Line Private Limited, which will enable Muara Port to develop as a transshipment destination. This will certainly reduce the market price of goods in the country.
Hopefully, this effort will make the logistics cost of the country more competitive. However, this matter needs to be monitored in detail so that this objective can be achieved successfully. The same goes for the Brunei Bay Southern Anchorage handling project and the second phase of Hengyi Industries Sendirian Berhad, as stated.
I hope that these projects will be continuously monitored to ensure that their implementation runs smoothly, transparently, and systematically.
It is suggested that basic laws and specific regulations need to be formulated so that the spin-off from this FDI can provide benefits to local SMEs in this country and generate job opportunities for local youths.
Skills training for local youths who will participate in the success of these projects needs to be implemented from now on as a proactive step for the country to meet the needs of these industries.
Your Honorable Speaker, we realize that in the government's efforts to make the business environment of this country more conducive, not only for starting businesses but also for those that have developed to become more advanced, it will require a workforce that is highly dedicated, committed, and productive.
I understand that the government has been actively trying to improve application processes through the introduction of digital transformation such as Smart Nation, e-Commerce, e-Economy, more comprehensive and sophisticated IT systems, but for these systems to move in line with demand and be up-to-date, they need to have continuous change management so that the system runs smoothly and efficiently.
In kaola's opinion, a transparent and consistent delivery and monitoring system is crucial to make the business environment more business-friendly. It will also measure whether the aspirations, policy directions, and targets presented in the Economic Blueprint have been achieved and felt on the ground, especially by shareholders.
Your Honorable Speaker, another matter that kaola touched on is related to the progress of youth in several businesses in this country. Your Honorable Member who spoke earlier has already touched on this matter, so kaola will briefly touch on and add value to this matter.
So far, our youth in this country are forward-looking, visionary, and ready to advance themselves. They have dared to explore new fields such as the economy, digital, social innovation, agribusiness, creative industries, software, and so on. For example, Micro, Small and Medium Enterprises (MSMEs) established by these youths, we notice that they are more tech-savvy and know how to use platforms such as Instagram, Facebook, WhatsApp for their product marketing and logistics.
Note: The Arabic words "Your Honorable" and "Beta" are not present in the given text.
Sometimes, they have their own websites or apps to market their products to customers, but Your Honorable, it is understood that they only need guidance to access finance and upgrade their skills in terms of technology, financial management, and marketing to be more resilient and competitive.
Praise be to Allah, in terms of initiatives, we are not lacking in institutions that handle youth entrepreneurship issues. I, myself, have noticed institutions of higher learning such as UBD, UNISSA, and others, including NGOs, GLCs, Livewire, financial institutions, which have their own programs to cultivate interest and elevate youth to venture into this field of trade.
In the Ministry of Culture, Youth and Sports (MCYS), for example, there is a Youth Entrepreneurship Steering Committee that implements the Youth Development Centre's Graduate Trainer Program involved in Micro, Small and Medium Enterprises (MSMEs). We also have the iEntrepreneur Program, Retail Entrepreneurship Program, Entrepreneurship and Innovation Centre, UBD also assists students in establishing new start-ups carried out by students and graduates every year.
Similarly, Your Honorable, UNISSA would like to congratulate and commend everyone involved in this effort. However, we are unsure about the monitoring and tracking system in place, whether they are continuing or otherwise.
May I ask a few questions for clarification purposes only?
Overall, how many youths have ventured into entrepreneurship so far? Do we have up-to-date data on the business categories they are involved in?
What other assistance has the ministry and other government agencies provided to further uplift youths who want to be self-sufficient, not only in terms of business but also their involvement in charitable work and exploring new fields that can be developed by these youths, such as Big Data, Cloud Computing, Green Energy, and Eco-Friendly Technology?
What collaborations or partnerships have these institutions established with the Entrepreneur Bank, for example, to provide funding to youths who venture into this business and training to enhance their skills? For this, I would like to know how many local entrepreneurs, especially Bumiputeras, have successfully obtained their loans and what assistance services have been implemented by the bank in terms of improving the technological, technical, management, marketing, and financial skills of borrowers consisting of Micro, Small, and Medium Enterprises (MSMEs).
I propose, as did Your Honorable Pengiran Haji Isa earlier, to establish a body that can integrate and coordinate all government efforts, GLCs, NGOs, related financial institutions, and the involvement and progress of youth in business and PMKS, so that it is more focused, organized, and accessible to all interested parties to help and develop youth entrepreneurship and PMKS.
If we have successfully created a National Welfare System to obtain data on those who apply for assistance, why can't we create a similar application or platform that can make all data on youth businesses, start-ups, and PMKS available to facilitate the coordination of all these agencies, including tracking and the necessary skills assistance, so that it can be channeled effectively and efficiently.
I hope that this matter will be thoroughly reviewed so that the involvement of these youths in business and PMKS can be expanded and fully utilized, and will become an excellent platform to help raise their businesses to gradually higher regional and international levels.
Your Honorable Speaker.
The last issue that I would like to touch on is, as we understand, in order to drive the country's economy, important components are Micro, Small and Medium Enterprises (MSMEs) and Domestic Consumption. Investment and spending from both of these components are crucial to drive the economy and generate a multiplier effect for the country's economy.
As we know, the country's economic growth rate in recent years has been low. However, the banking sector in this country is still able to record a very healthy level of profit and liquidity.
Therefore, I suggest that the regulators and players in the banking sector examine and reduce the interest rate on financial profit loans to both of these sectors to further stimulate economic activities in this country.
That's all, thank you.
"Peace be upon you and God's mercy and blessings. And with God's help and guidance."
Your Honorable Speaker
Thank you. Your Honorable Members, we have given the opportunity to the appointed Your Honorable Members to debate and give their statements regarding the Supply Bill that has been presented by the Minister in the Prime Minister's Department and Second Minister of Finance and Economy.
I think that's enough for us to discuss. However, at a suitable time when we move to examine these Bills one by one, perhaps the Second Minister of Finance and Economy or other Ministers involved will be able to answer some questions and issues raised by Your Honorable Members as their understanding. So let's continue with our plan first. I think it's time for us to vote on whether the Supply Bill (2023), Supply 2023/2024, should be passed or not.
Your Honorable Members, I now want to ask if Your Honorable Members who agree that this Bill should be passed, please raise your hand.
(All Members raise their hands in agreement)
Thank you. It seems that everyone agrees.
Deputy Clerk
An Act to provide for the appropriation of a sum from the Consolidated Fund for the service of the financial year 2023/2024 and to allocate the said sum for certain purposes.
Your Honorable Speaker
Honorable Members. We have heard a lively debate on the relevant Bill. I would like to now adjourn this Parliament session for a lunch break. ان شاء للاwe will reconvene as usual this afternoon at 2.30 pm. That is all, ُ و السَّال ُم عل ْي ُك ْم ورحْ مةُ هللاِ وبركاتُه.وباهلل التوفيق والهداية
ADJOURNED
(The Parliament session is adjourned)
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