bdec secretariat1 secretariat of the brunei darussalam economic council the council’s...
TRANSCRIPT
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SECRETARIAT OF THE BRUNEI DARUSSALAM ECONOMIC COUNCIL
The Council’sRecommendations &
Implementation
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Economic Council’s Recommendations
Action Plan for Recovery 3 point action plan Short Term
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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
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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
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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
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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
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3. Communications Initiative
Program to communicate the Action Plan to government agencies and private sector
Maximum transparency be accorded to government’s economic initiatives
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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
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Economic Council’s Recommendations
Strategy for Sustainable Growth 3 strategies Medium & Long Term
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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
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(continued)
Develop mechanisms to meet temporary liquidity shortfalls such as the issue of government bonds and other financial instruments
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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
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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
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(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
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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
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(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)
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(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
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(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
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(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
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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
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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