Brunei going beyond World Bank requirements

National 1 minute, 43 seconds

BANDAR SERI BEGAWAN

BRUNEI is going beyond the World Bank’s ‘Doing Business’ requirements to ensure optimum efficiency in the ease of doing business, said the minister of energy and industry at the Prime Minister’s Office recently.

The minister said that the government is going beyond the World Bank’s requirements because the most important thing is to ensure a pro-business climate in the sultanate.

At a press conference last week, Yang Berhormat Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj Mohammad Yasmin Hj Umar said that this will help ensure that all endeavours ultimately benefit the people.

Last Wednesday, the World Bank released its latest report which measured the efficiency and regulation of domestic businesses.

In the rankings, Brunei was the most improved economy in the world for the second year running.

The sultanate had the highest increase on its ‘distance to frontier’ (DTF) score with 5.28 points, giving Brunei a total score of 65.51 out of 100.

YB Pehin Dato (Dr) Hj Mohammad Yasmin noted that indicators measured by the World Bank are based on feedback from people on the ground.

“They are private respondents and are not chosen by the government. This is why it is important,” YB Pehin Dato (Dr) Hj Mohd Yasmin said.

Ease of Doing Business (EODB) Unit Head Ak Mohd Abdul Aziz Pg Ali Hassan said Brunei has undertaken many reforms and have eliminated business licenses for a number of businesses.

An example of such a reform is the shortening of the waiting period for halal applications and procedures.

Halal certification and permit can now be obtained within 45 calendar days as opposed to the old process which could take anywhere between two months to two years.

Ak Aziz said Brunei has to level up its commitment and ensure the reforms are felt on the ground for next year’s World Bank ‘Doing Business’ report.

“The government agencies and the private sector need to work hand in hand, and maintain our focus and drive across all areas measured by Ease of Doing Business,” he said.

The Brunei Times