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SECRETARIAT OF THE BRUNEI DARUSSALAM ECONOMIC COUNCIL

SECRETARIAT OF THE BRUNEI DARUSSALAM ECONOMIC COUNCIL. The Council’s Recommendations & Implementation. Economic Council’s Recommendations. Action Plan for Recovery 3 point action plan Short Term. 1. Stimulus Package. Introduce Payment Scheme & Credit Fund

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SECRETARIAT OF THE BRUNEI DARUSSALAM ECONOMIC COUNCIL

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  1. SECRETARIAT OF THE BRUNEI DARUSSALAM ECONOMIC COUNCIL The Council’s Recommendations & Implementation BDEC Secretariat

  2. Economic Council’s Recommendations • Action Plan for Recovery • 3 point action plan • Short Term BDEC Secretariat

  3. 1. Stimulus Package • Introduce Payment Scheme & Credit Fund • Boost Spending in Select Strategic Areas • More Public Housing Projects • More Small Scale Tourism Infrastructure • More IT infrastructure • Invest in People through • Hospitality Industry Training Program • National IT Training Program BDEC Secretariat

  4. Stimulus Package • Banks will provide credit to SMEs at low interest rates with government guarantees • A Special budget has been allocated • 512 new housing projects have started • Infrastructure work will be undertaken • 25 tourism projects will be implemented • BruNet expansion & IT projects for schools have begun • Canberra Institute of Technology is providing hospitality & tourism training to 1300 people BDEC Secretariat

  5. 2. Implementation Strategy • Coordination at Senior Ministerial Level • 3 bodies to be set up • International Business Advisory Panel • Public Policy Think Tank • Permanent Business Council BDEC Secretariat

  6. Implementation Strategy • HRH The Minister of Foreign Affairs is undertaking the role of the Coordinating Minister as Chairman of the Economic Council • The Terms of Reference for the 3 advisory panels have been prepared and are being reviewed BDEC Secretariat

  7. 3. Communications Initiative • Program to communicate the Action Plan to government agencies and private sector • Maximum transparency be accorded to government’s economic initiatives BDEC Secretariat

  8. Communications Initiative • The Council’s report is available to the public both through the internet or hardcopy • All relevant ministries have been briefed • Press releases are issued every time there is a new project • The Council is now monitoring the progress undertaken by the various ministries in implementing the Council’s recommendations BDEC Secretariat

  9. Economic Council’s Recommendations • Strategy for Sustainable Growth • 3 strategies • Medium & Long Term BDEC Secretariat

  10. 1. Strengthening Government Finances • Control government expenditure through clear prioritization and eliminate wastage • Reduce the size of the public sector through privatisation • Broaden and strengthen the government’s revenue base through broadening the tax base, gradual removal of subsidies as well as corporatisation and privatisation BDEC Secretariat

  11. (continued) • Develop mechanisms to meet temporary liquidity shortfalls such as the issue of government bonds and other financial instruments BDEC Secretariat

  12. Strengthening Government Finances • Government expenditures & budgeting system are currently being reviewed • Tax laws are currently being reviewed • Corporatisation of Brunei Telecoms have begun (Provident Fund and Electricity are currently undertaken) • Subsidies are currently being reviewed • Govt bonds at primary trading can be introduced by MOF when required BDEC Secretariat

  13. 2. Strengthening the Private Sector • Expand the size of the private sector through privatisation and foreign investment • Encourage local and foreign investment through reducing and simplifying government policies and procedures which have a bearing on private enterprise • Develop local SMEs through easier access to financing BDEC Secretariat

  14. (continued) • Encourage investment in Brunei by reviewing and revising restrictions on the ownership and development of land and its use as collateral to raise financing • Facilitate private sector liquidity through ensuring prompt government payments • Expand and enhance the competitiveness of the oil and gas industry • Promote economic diversification through the provision of incentives and first class infrastructure BDEC Secretariat

  15. Strengthening the Private Sector • Acts related to Investment Promotion & Incentives have been reviewed and amended:- • Economic Development Board Act • Industrial Coordination Act • Investment Incentives Act • Other laws and regulations related to businesses are currently being reviewed • Land ownership policies are currently being reviewed BDEC Secretariat

  16. (cont.) – Enhancing SME’s Capability • An IDF is currently available with the IDBB as well as a new Credit Fund with other banks • Preliminary study by PSB of Singapore has been issued & will be discussed • MIPR currently undertaking study on local participation in business (with MIER) BDEC Secretariat

  17. (cont.) - Enhancing HRD • MOE is currently reviewing education policy • MOH (Labour Dept) are currently undertaking some of the recommendations (eg. apprentice scheme for unemployed graduates) • PMO has issued new circular outlining rules on the placement of civil servants with private/public companies BDEC Secretariat

  18. (cont.) – Expanding Oil Industry • BSP is pumping oil at maximum capacity 207,000 barrels per day • BSP is currently rehabilitating many of its existing fields • BOGA is undertaking a study on the formation of a national oil company • Another company has been awarded the right to explore – Fletcher • Downstream industry possibilities are being undertaken BDEC Secretariat

  19. (cont.) – Other Actions • Avoidance of Double Taxation Agreements and Bilateral Investment Treaties are currently being negotiated with ASEAN, Asian, African and European Countries • Privatisation - Sale of corporatised agencies’ shares are expected to be done within 5 years of its corporatisation BDEC Secretariat

  20. 3. Establishing the Foundations for Sustainable Growth • Modernise Brunei Darussalam’s legal and regulatory framework • Enhance human resource development and deployment • Launch a concerted drive to enhance productivity within the public and private sectors • Establish a first class ICT through public and private sector investment BDEC Secretariat

  21. Establishing the Foundations for Sustainable Growth • A National Law Review Committee is undertaking a review of all existing laws • The HR Committee is currently undertaking a National HR Policy • The Formation of a National Productivity body is currently being studied • An IT Council has been formed BDEC Secretariat

  22. Preparation of Brunei Darussalam Economic Blue Print BDEC Secretariat

  23. BDEC Secretariat

  24. THANK YOU BDEC Secretariat

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