Monarch lauded for steering the economy

Published on The Brunei Times (http://www.bt.com.bn/en)
Monarch lauded for steering the economy
Sobrina Rosli and Debbie Too
BANDAR SERI BEGAWAN

Wednesday, July 16, 2008

HIS MAJESTY'S well-known benevolence aside, the monarch's success in steering the country's economy has earned him praises from both the diplomatic community, and business and industry.

"These are exciting times for Brunei," said Philippines Ambassador to Brunei Virginia H Benavidez. "And it is not just the gains from the increasing prices of oil, the fiscal surplus, the trade expansion.

"It is the host of economic initiatives and fiscal priorities being pursued by the Brunei Government," she stressed.

His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, the Sultan and Yang Di-Pertuan of Brunei Darussalam has succeeded in promoting a vision of a "modern and economically sustainable country to the people", taking steps to ensure the crafting of the Wawasan Brunei 2035, the Outline of Strategies and Policies for Development 2007-2012, said Benavidez, who is also the dean of the diplomatic corps. This shows Brunei's determination to attain economic diversification.

Brunei's potential to further the gains of the oil and gas sector has also grabbed the attention of diplomats.

Indian High Commissioner to Brunei Riewad V Warjri emphasised the potential of Brunei's business environment to contribute to the growth of foreign direct investments.

"Now with the oil and gas prices being so high, the potential to move mid-stream and downstream is even better with Brunei's good geographical location," Warjri said.

Moreover, Benavidez lauded His Majesty's vision in regard to the establishment of the Sungai Liang Industrial Park, the i-Centre and the Muara Island Port, and initiatives to pursue the Pulau Muara Besar (PMB) project and the Brunei Halal Brand. This, she said, bode well for the growth of the Brunei economy.

"I believe that the development of the PMB project would have spin-offs in neighbouring countries as well, including the Philippines. It could serve as an important hub for the Bimp-Eaga sub-region.

"The thrusts and programmes of His Majesty's government through the Ministry of Industry and Primary Resources to encourage the future generation of Bruneians to view agriculture as a lucrative commercial venture are laudable," Benavidez emphasised.

For his part, British High Commissioner to Brunei John Saville said: "Brunei has positive factors for business, it's safe, clean and has a good family environment. The 1.5 per cent average inflation is another positive factor and there are exciting things happening in the petroleum sector, where a diversification downstream could generate employment."

John W McIntyre, deputy chief of mission from the United States, said: "The United States of America looks forward to expanding the mutually beneficial trade with the people and businesses of Brunei. We believe both of our countries have the opportunity to enhance our productive, fair, and open commercial endeavours."

The Brunei Times

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