First Budget Focus-Enhance Investment Activity

The theme for the Financial Year 2020/2021 National Budget remains similar as the Financial Year 2019/2020 which is Investing In Our Future. Four main foci are also maintained to uphold the budget's theme. The first focus of the Financial Year 2020/2021 Budget is to enhance investment activity. In line with efforts to realise the aspiration in diversifying the economy, an Industry Roadmap is currently drafted with the aim to provide a conducive industrial eco-system and increase flexibility as well as competitiveness of the nation's main sectors through strategies and action plan. Yang Berhormat Dato Seri Setia Doctor Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister's Office and Second Minister of Finance and Economy explained the matter.

Yang Berhormat said the first main sector, is the oil and gas downstream industry. Towards developing foreign direct investments, FDIs in oil and gas derivatives sector and downstream production from existing companies, Hengyi Industry Sendirian Berhad has successfully implemented the start-up plant on the 3rd of November 2019 and has began production of paraxylene from the Aromatic Crackers unit and achieving satisfactory production standards. While Brunei Fertilizer Industry Sendirian Berhad, is currently in the factory construction phase for the production of Ammonia and Urea, and is expected to begin operations in May 2021. The factory will have the capacity to produce 2200 metric tonnes per day of Ammonia which will be processed to produce 3900 metric tonnes of granular urea fertiliser per day.

The second main sector is the food industry. Towards developing this industry, a number of strategies have been identified to reduce the gap in the Ecosystem and Value Chain Industry. Three aspects will be focused under the industry namely the Primary Production through cooperation with the Ministry of Primary Resources and Tourism. Secondary Production, by ensuring the overall potential of Value Chain will be developed to the maximum in the country and Supporting Industries such as logistic and cold storage.

The third main sector is digital economy. One of the government's main initiatives in expediting the country's digital economy agenda is by integrating the infrastructure network of telecommunications companies in Brunei Darussalam into a subsidiary that is One hundred percent owned by Darussalam Asset Sendirian Berhad called Unified National Network Sendirian Berhad, UNN which will continuously invest and improve telecommunications infrastructure in efforts to establish a State of The Art and Best In Class Fixed Mobile Convergent Network.

Fourth is the tourism industry. The developed Tourism Industry need to be Sustainable, Responsible and Inclusive. The Brunei Economic Development Board also plays its role as FDI promoter and facilitator for the industry

And finally, the Service Sector. There are a number of investments and infrastructure improvements made by government agencies. One of them is the takeover of the Muara Container Terminal by Muara Port Company Sendirian Berhad. There have been an improvement in service provided to the customers in particular shipping companies. Apart from that, a Brunei Darussalam and Republic of Singapore joint working group at the Ministerial level in the field of agrifood has been established. This will facilitate collaboration between the private sector in the field of agrifood to attract investment and establish jobs. At this level, focus will be given in the field of aquaculture.

Source: Radio Television Brunei

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