'Deliver results to get foreign investments'
Official launch: Deputy Minister of Industry and Primary Resources Dato Paduka Haji Hamdillah bin Haji Abdul Wahab (L) officially launching UBD's International and Management Conference at Chancellor Hall, UBD.Picture: Syafie Nadi
Wednesday, January 9, 2008
BRUNEI needs to move faster and deliver more tangible results in its niche market to attract more foreign investors, even though there has been satisfactory progress thus far, the Deputy Minister of Industry and Primary Resources said.
The three niche products and services Islamic finance, the Brunei halal project and eco-tourism must be developed to an extent that potential foreign investors can see the mutual benefit in partnering with local companies, said Dato Paduka Hamdillah Hj Abd Wahab yesterday.
"Our immediate challenge is within the country, at the national level, not in the world outside which we have no control over," he said during the opening of Universiti Brunei Darussalam's International Business and Management Conference.
Speaking during the conference themed 'Creating Competitive Advantage in the Global Economy', the deputy minister said that key players and stakeholders of the country's economy have to cooperate more effectively and efficiently to improve the nation's economic growth.
"We have some way to go to achieve this, because we are looking at six per cent of these partnerships, but we are delivering only half of that," he said.
Dato Hamdillah said that the private sector, cooperatives and the key industries must play their part and strengthen their respective roles in the niche areas, while linking, networking and supporting one another.
"We in government have to systematically reduce bureaucracy where we find them and we will also measure regularly our performance against global benchmark based on the World Bank Competitiveness Global Ranking Exercise," he added.
The deputy minister said that all three sectors can seek mutually beneficial goals in delivering products and goods better than the competition.
"Competition is good for progress, because it gives incentives for self-improvement."
"Without competition, improvement and innovation are rarely undertaken. The world has benefited from it. Brunei is no exception here," he added.
Furthermore, there is a need to develop a competitive entrepreneurial society whereby individuals sustain their drive for self-growth.
"I am convinced that each of us has the ability to learn and produce the intellectual output, knowledge, skills, creativity and expertise for the country's benefit," Dato Hamdillah said.
To assist small and medium enterprises (SMEs) in the country, the ministry is also planning to introduce a new scheme, named the Export Refinancing Scheme.
No further details of this financing scheme were disclosed.
The deputy minister noted that Brunei has three approaches in promoting SMEs, including expanding business opportunities, providing a favourable business environment for trade and investment, as well as ensuring that the SMEs would take advantage of the opportunities.
The Brunei Times
The three niche products and services Islamic finance, the Brunei halal project and eco-tourism must be developed to an extent that potential foreign investors can see the mutual benefit in partnering with local companies, said Dato Paduka Hamdillah Hj Abd Wahab yesterday.
"Our immediate challenge is within the country, at the national level, not in the world outside which we have no control over," he said during the opening of Universiti Brunei Darussalam's International Business and Management Conference.
Speaking during the conference themed 'Creating Competitive Advantage in the Global Economy', the deputy minister said that key players and stakeholders of the country's economy have to cooperate more effectively and efficiently to improve the nation's economic growth.
"We have some way to go to achieve this, because we are looking at six per cent of these partnerships, but we are delivering only half of that," he said.
Dato Hamdillah said that the private sector, cooperatives and the key industries must play their part and strengthen their respective roles in the niche areas, while linking, networking and supporting one another.
"We in government have to systematically reduce bureaucracy where we find them and we will also measure regularly our performance against global benchmark based on the World Bank Competitiveness Global Ranking Exercise," he added.
The deputy minister said that all three sectors can seek mutually beneficial goals in delivering products and goods better than the competition.
"Competition is good for progress, because it gives incentives for self-improvement."
"Without competition, improvement and innovation are rarely undertaken. The world has benefited from it. Brunei is no exception here," he added.
Furthermore, there is a need to develop a competitive entrepreneurial society whereby individuals sustain their drive for self-growth.
"I am convinced that each of us has the ability to learn and produce the intellectual output, knowledge, skills, creativity and expertise for the country's benefit," Dato Hamdillah said.
To assist small and medium enterprises (SMEs) in the country, the ministry is also planning to introduce a new scheme, named the Export Refinancing Scheme.
No further details of this financing scheme were disclosed.
The deputy minister noted that Brunei has three approaches in promoting SMEs, including expanding business opportunities, providing a favourable business environment for trade and investment, as well as ensuring that the SMEs would take advantage of the opportunities.
The Brunei Times
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