Brunei-Turkish JV sets up margarine plant in Serasa

National 2 minutes, 9 seconds

BANDAR SERI BEGAWAN

BRUNEI-TURKISH joint venture Western Food and Packaging is building a margarine manufacturing plant in Serasa, which is slated to be completed in August this year.

In an interview, the minister of energy and industry at the Prime Minister’s Office said the plant is one of the many foreign direct investment (FDI) projects the government is working on to spur economic growth and create more jobs.

Yang Berhormat Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj Mohammad Yasmin Hj Umar said the project will create about 90 jobs, including 85 for locals.

In his speech at the Brunei Shell Joint Venture (BSJV) SME event on Thursday, he said the government is working hard to ensure opportunities will be available for SMEs to continue and develop their businesses.

The government is also focused on increasing its FDIs which will in turn open up opportunities for local SMEs.

The minister cited two examples of these FDIs – the petrochemical project in Pulau Muara Besar and the Brunei Fertilizer Industries Sdn Bhd in the Sungai Liang Industrial Park.

During the interview, YB Pehin Dato Hj Mohd Yasmin said the Brunei Fertilizer Industries will be using by-products of the oil and gas industry.

Speaking on FDIs, the minister said they are zooming in on efficiency when it comes to working on the processes for FDIs.

In his new year titah this year, the Sultan announced the setting up of a Foreign Direct Investment (FDI) and Downstream Industry Committee, which is tasked with implementing reforms to increase competitiveness in attracting foreign investors to the sultanate.

YB Pehin Dato Hj Mohd Yasmin said the Sultan’s announcement of this committee is central to these efforts, which would allow the right FDIs to enter Brunei.

“The right FDIs would provide returns to the government and ensure benefits for our local SMEs and employment for our locals,” he said.

The minister went on to say that it is important for investors to bring in new technologies and potential for knowledge transfer.

Some projects which the minister cited for this to be practiced were in the setting up of the oil country tubular goods (OCTG) at the Salambigar Industrial Park, the upcoming margarine manufacturing plant and pharmaceutical plant.

YB Pehin Dato Hj Mohd Yasmin added that the government is also looking into exploring other market segments such as well services for multinational companies to be set up here.

“Without a doubt, SMEs play an important role in this process. The SMEs will be required to provide competitive goods and services to attract such investments,” he added.

The Brunei Times