SPARK avenue for economic diversification

SPARK avenue for economic diversification


New opportunities: Pg Kerma Raja Pg Hj Kamarulzaman (R), chairman of the Sg Liang authority, accompanied by the Chairman of the 34th AJBM Shazali Dato Hj Sulaiman (L) during their visit to Sg Liang Industrial Park.Picture: BT/Jefrisalas
BELAIT

Wednesday, November 5, 2008

SOME 50 of the 34th Asean-Japan Business Meeting (AJBM) delegates had the opportunity to a firsthand view of Sungai Liang Industrial Park (SPARK), that was designated to become a world class petrochemical hub during a visit to the project site yesterday.

Organised by Brunei Economic Development Board (BEDB) the visit provided an avenue to enlighten delegates on business opportunities that are currently present in Brunei Darussalam, particularly at SPARK.

Prior to the visit, the delegates were briefed on "New Business Opportunities in Brunei Darussalam" by BEDB Chief Executive Officer Vincent Cheong at the MMC Centre in Sungai Liang.

The CEO briefed the delegates on Brunei's economic background, especially the low inflation rate of 1.5 per cent. This is comparably low compared to other Asean countries.

The low and attractive corporate income tax incurred by businesses were explained to the delegates as one of the most attractive feature in conducting business.

He took this opportunity to further explain Brunei's attentiveness in conserving its flora and fauna in the Heart of Borneo Project.

His presentation covered other aspects such as the current economic challenges experienced by the country where he revealed that with a GDP of 2.1 per cent to support the population growth of 2.7 per cent it actually erodes away per capita income.

Vincent explained to the delegates on the nation dependency on oil and gas industry, as 96 per cent of its export coming from this sector.

Later during his briefing the CEO informed the delegates with attractive potential industry to be invested in the nation that includes not only extending the oil and gas value chain but also by leveraging on Islamic brand.

"Brunei's strategy includes looking at the halal pharmaceutical and cosmetics industry, in which BEDB are currently in the process of coming up with its guidelines," said Vincent.

Those present were also briefed on a number of BEDB initiative namely SPARK, Pulau Muara Besar and the Anggerek Desa Technology Park

Present yesterday in the briefing were the chairman of Sungai Liang Authority Pg Kerma Raja Pg Hj Kamarulzaman PPSDB Pg Hj Ali, the head of delegation Tosghitaka Hagiwaran senior advisor for Komatsu Corporation, Senior Officials from BEDB.

The visit was among the highlights for 34th AJBM, a joint effort between Keizai Doyukai and Asia Inc Forum before the delegates' departure yesterday evening. (DKR1)

The Brunei Times