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 in his speech on Tuesday on the summary of Policy Debate on Supply Bill and Motion for the Development Fund on the sixth day of the First Meeting of the 22nd Session of the Legislative Council (LegCo) revealed the positive developments in attracting Foreign Direct Investment (FDI) where a total of 25 FDI companies have started operations in the country and several new investment projects are underway, which are expected to create job opportunities for locals.

He also mentioned that “therefore, efforts to strengthen the investment ecosystem will continue to be intensified, including improving the business environment, enhancing public-private sector cooperation, and developing the skills of the local workforce to align with industry needs”.

The government, he shared “is currently implementing a more mature and strategic approach to attract FDI. This approach involves a shift in investment attraction strategies, which no longer focus solely on promoting general investment opportunities but now emphasises on the preparation and presentation of identified, structured and ready-to-implement investment projects, showcasing Brunei Darussalam’s position within the regional value chain”.

He added, “The projects promoted to investors now come with more comprehensive information, including data on the availability of industrial sites, infrastructure and utilities, local supplier networks, and the availability of skilled labour. With this information, investors can assess investment opportunities more clearly, thereby increasing certainty, reducing risks, and accelerating the investment decision-making process.”

The minister highlighted, “This approach is evident in the development phase of the downstream oil and gas industry at Pulau Muara Besar. Hengyi Industries, which has been operating for over six years, has created a mature industrial ecosystem, including infrastructure facilities such as power plants, jetty and logistics facilities, as well as water treatment facilities.

“The availability of such infrastructure and ecosystem is now being leveraged by the Brunei Economic Development Board (BEDB) to attract investors in downstream products such as aniline, isopropyl alcohol, and more, enabling new projects to be implemented faster and at more competitive costs.”

In addition, he added, “This same approach is being applied in the development of the food sector through initiatives such as the Brunei-Singapore Agri Tech Food Zone’ (BN-SG ATFZ).

“This initiative leverages the strengths of both parties, where Brunei Darussalam provides the land and the food industry environment, while Singapore contributes industry expertise, market networks, and access to a broader food ecosystem.”

Overall, he explained, “This approach ensures that investors not only see the potential of investment opportunities but also projects that have been developed in a more organised manner, with clear business models and a solid position within the regional value chain.

“This allows foreign investments to not only bring capital into the country but also make a more meaningful contribution to the diversification of the economy, the development of local enterprises, and the creation of quality job opportunities.”

He shared, “The government also acknowledges the views on the importance of empowering strategic sectors such as agriculture, aquaculture, the food industry. logistics, tourism, and the halal industry, which have great potential to contribute to the diversification of the national economy.”

Referring to the question raised by LegCo member Yang Berhormat Hajah Rosmawatty binti Haji Abdul Mumin on Green economy project available for investment and the inter-agency coordination mechanism to ensure their swift and consistent implementation, he revealed, “Relating to Green buildings project under the Twelfth National Development Plan (RKN12), a working group or project team has been established to identify and examine existing projects that have green elements to further strengthen the application of such elements as well as to develop new green-concept development projects.

“Through this approach, potential projects for investment will open up opportunities for private sector involvement, including foreign investors with expertise in green building construction.”

In assessing RKN projects that may incorporate green elements, he said, “A local green achievement assessment tool, the Brunei Accredited Green Unified Seal (BAGUS) under the Authority for Building Control and Construction Industry (ABCi), will be used. It is the plan of The Project Team for BAGUS to receive accreditation and be established as a standard for use in government and private sector building projects in the country.”

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