BANDAR SERI BEGAWAN

THE Ministry of Industry and Primary Resources (MIPR) has created five agencies, including the Ease of Doing Business Unit and the Heart of Borneo Unit, its minister told the Legislative Council (LegCo).

Spelling out the ministry’s proposed budget for the 2014/2015 fiscal year, Yang Berhormat Pehin Orang Kaya Seri Utama Dato Seri Setia Hj Yahya Begawan Mudim Dato Paduka Hj Bakar said the Business Facilitation Centre Unit, Wildlife Section and Halal Industry Innovation Centre have also been set up.

He said the ministry has also earmarked a 500-hectare site at Tungku to develop the halal industry.

In addition, the Weights and Measures Section has been moved from the Prime Minister’s Office’s Department of Economic Planning and Development to the Ministry of Industry and Primary Resources.

The minister proposed a budget of $90.31 million for the 2014/2015 financial year during the 10th LegCo session yesterday.

He said the ministry’s spending will focus on carrying out projects to ensure food safety and security, and enhancing efforts to attract the foreign direct investments (FDIs).

Under the new ministry’s proposed budget, YB Pehin Dato Hj Yahya said $14.5 million would be allocated for the rice cultivation project.

He went on to say that the role of FDIs in generating economic development for continued prosperity, and assisting small and medium enterprises should be well-acknowledged and not taken lightly.

“His Majesty’s Government, through the Ministry of Industry and Mineral Resources, will take more proactive action and (to be) more organised in providing an encouraging and conducive environment for FDIs,” he added.

The ministry will increase its efforts toward promoting investment and business activities in the sultanate, in line with its economic diversification policy of reducing reliance on the oil and gas sector, the minister said.

YB Pehin Dato Hj Yahya said the ministry will ensure competitive regulations, convenient facilities and services in the region.

The organisational structure has been changed in a bid to ensure the plans made ​​are implemented properly, more efficient and organised, he added.

During the LegCo proceedings, the minister also proposed a budget of $33.7 million for projects under the 10th National Development Plan, including $5 million for the BioInnovation Corridor, or previously known as the Brunei Agro-Technology Park at Tungku.

He said the BioInnovation Coridor was formed to attract investments from multinational companies.

The Brunei Times