Monday, November 19, 2007
INCREASING economic competition from India and China will deepen and widen Asean's economic integration envisioned in the Asean Charter and the Asean Economic Community blueprint to be signed tomorrow and Brunei Darussalam will have all to gain from such an integration.
Brunei's commitment to the Asean Charter will pave the way for it to tap into the benefits of regional economic integration and boost its industries.
With a total GDP of $1.45 trillion, Brunei will be able to leverage its trading position through its membership in Asean to open up ties with new and important strategic investment and trading partners and strengthen existing ones to diversify its economy away from oil and gas.
This would mean local businesses that are looking at investing overseas will gain more from the protection afforded by the introduction of a new culture of adherence to rules. All this would mean more investments, more jobs, and more industries to tap into global market demands.
On the environmental front, the Asean Charter's focus on issues on the environment such as climate change and environmental sustainability will also boost the sultanate's Heart of Borneo initiative and provide a boost to its nascent green and eco-tourism industry.
With the Charter likely to toe the line for much needed changes to some of Brunei Darussalam's economic policies in order to align itself to the rest of the region, overseas investors looking to tap into the country's industries will also benefit from less bureaucratic and more transparent regulatory framework within the country.
This would create a more level playing field for investors and local partners alike, and would only have positive benefits for Brunei's economic diversification process, promoting Brunei as an attractive investment destination.
Local businesses that are thinking of venturing overseas will also be afforded protection by the legal and regulatory frameworks put in place by the Charter.
The sultanate's drive to push into the halal market that is worth over US$600 billion, catering to 1.6 billion muslims worldwide, can also be leveraged through Asean's economic integration if the country can get its internal roadmap for halal branding and promotion on track.
However Asean's successful economic integration hinges on all Asean members to step up to the plate to be accountable to the Charter's requirements.
As Singapore's Prime Minister, Lee Hsien Loong said, "The Charter moves Asean towards a rules-based organisation, coupled with transparent regulations, is critical in enhancing Asean's credibility and attracting investors. I am confident that with the right attitude and political will, we (Asean) will achieve this."
To a large extent, the same would be expected from Brunei's own government agencies.
After the signing of the Charter, the respective government agencies charged with aligning the country's policies with the Charter would need to step up to the plate to ensure Brunei can truly gain from the signing of the Asean Charter and reap the benefits of Asean's economic integration.
The Brunei Times
Brunei's commitment to the Asean Charter will pave the way for it to tap into the benefits of regional economic integration and boost its industries.
With a total GDP of $1.45 trillion, Brunei will be able to leverage its trading position through its membership in Asean to open up ties with new and important strategic investment and trading partners and strengthen existing ones to diversify its economy away from oil and gas.
This would mean local businesses that are looking at investing overseas will gain more from the protection afforded by the introduction of a new culture of adherence to rules. All this would mean more investments, more jobs, and more industries to tap into global market demands.
On the environmental front, the Asean Charter's focus on issues on the environment such as climate change and environmental sustainability will also boost the sultanate's Heart of Borneo initiative and provide a boost to its nascent green and eco-tourism industry.
With the Charter likely to toe the line for much needed changes to some of Brunei Darussalam's economic policies in order to align itself to the rest of the region, overseas investors looking to tap into the country's industries will also benefit from less bureaucratic and more transparent regulatory framework within the country.
This would create a more level playing field for investors and local partners alike, and would only have positive benefits for Brunei's economic diversification process, promoting Brunei as an attractive investment destination.
Local businesses that are thinking of venturing overseas will also be afforded protection by the legal and regulatory frameworks put in place by the Charter.
The sultanate's drive to push into the halal market that is worth over US$600 billion, catering to 1.6 billion muslims worldwide, can also be leveraged through Asean's economic integration if the country can get its internal roadmap for halal branding and promotion on track.
However Asean's successful economic integration hinges on all Asean members to step up to the plate to be accountable to the Charter's requirements.
As Singapore's Prime Minister, Lee Hsien Loong said, "The Charter moves Asean towards a rules-based organisation, coupled with transparent regulations, is critical in enhancing Asean's credibility and attracting investors. I am confident that with the right attitude and political will, we (Asean) will achieve this."
To a large extent, the same would be expected from Brunei's own government agencies.
After the signing of the Charter, the respective government agencies charged with aligning the country's policies with the Charter would need to step up to the plate to ensure Brunei can truly gain from the signing of the Asean Charter and reap the benefits of Asean's economic integration.
The Brunei Times