Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah addressed several topics, including the development of special economic zones, during the First Meeting of the 22nd Session of the Legislative Council (LegCo).

The minister was responding to key issues raised by LegCo members including the importance of establishing standards to enable local products to penetrate international markets.

He described such initiatives as sustainable investments that would contribute to economic growth and create employment opportunities for locals.

On the issue of abandoned vehicles, the Ministry of Transport and Infocommunications had previously implemented measures to address cars left along roadsides, and these efforts will continue.

Regarding insurance premiums, the minister explained that higher charges for vehicles older than six years are based on commercial risk assessments. Older vehicles generally incur higher maintenance costs and pose greater risks, which justifies increased insurance loading by providers.

Touching on the Kuala Belait Revitalisation Project, the minister noted that a dedicated working group has been established to assess existing buildings for redevelopment in collaboration with the private sector.

Referring to last year’s food fair, he shared that discussions with organisers revealed that most supplies were sourced locally. However, he stressed that future events should involve greater participation from local companies and entrepreneurs.

He proposed increasing the participation of local vendors at such events, prioritising the sourcing of goods from Brunei-based suppliers, and providing opportunities for local businesses to take part in similar events abroad.

These recommendations have been agreed upon with organisers and are being monitored to ensure local businesses gain international exposure. The minister also addressed suggestions to introduce a property tax, noting that many countries implement various forms of taxation, such as sales tax, corporate tax, personal income tax, and stamp duties.

He confirmed that discussions are ongoing with the Ministry of Home Affairs to explore whether existing systems could be enhanced instead of introducing new taxes.

On developments in Temburong, several foreign invesment proposals have been received. While some investors have withdrawn after due diligence, others remain in negotiation, with a number of projects still under evaluation.

Regarding cooperatives, over 160 are currently registered, but only 39 are active. The Ministry of Finance and Economy is working closely with active cooperatives to ensure compliance with regulations, including the submission of financial statements and annual returns, while strengthening their overall operational foundations.

Efforts to promote halal products continue, with Brunei-made goods showcased internationally, including in Singapore. While reception has been positive, the minister highlighted the need to strengthen domestic production capacity to meet demand.

To support this, a government developed food processing centre is expected to be completed this year, which will be accessible to both government-linked companies and private sector players.

Under the Brunei Green Economy Framework, several key sectors have already been identified for development.

The government is currently in discussions with the government of the United Kingdom to build a strong foundation for implementation, including regulatory frameworks and financing mechanisms. These efforts aim to position Brunei to capitalise on emerging opportunities within the green economy.

Overall, the session underscored the government’s continued focus on economic diversification, strengthening local industries, and ensuring sustainable development in Brunei Darussalam.

(news source: Borneo Bulletin; pic source: Info Foto, Jabatan Penerangan)