The Brunei Economic Development Board (BEDB), under the Ministry of Finance and Economy (MOFE), is actively working to attract Foreign Direct Investment (FDI) by promoting investment opportunities at regional and international expos. Targeted countries include Japan, South Korea, Australia, Singapore, and India.
This was highlighted by Minister at the Prime Minister’s Office and Minister of Finance II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, in response to a question raised by Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abd Rahman bin Haji Ibrahim during the 9th day of the 21st Legislative Council meeting Tuesday.
To ensure that local entrepreneurs benefit from FDI, including opportunities in the supply chain, BEDB has consistently promoted these prospects. This initiative specifically encourages local MSMEs (Micro, Small, and Medium Enterprises) to act as suppliers and vendors for large FDI companies.
Through the DAreLINKS initiative, more than 600 contract opportunities have been made available to local businesses.
Notably, the downstream oil and gas sector has generated significant positive spin-off effects. For example, Hengyi Industries Sdn Bhd’s operations have benefited from services and supplies provided by 121 local companies, Brunei Fertilizer Industries (BFI) by 230 companies, and Brunei Methanol Company (BMC) by 32 companies.
These spin-off effects not only create business opportunities for local MSMEs but also help to enhance their operational capabilities, leading to the establishment of new companies to meet the needs of large and FDI companies across various industries.
The companies involved have provided services in sectors such as IT, infrastructure, construction, facility maintenance, mechanical and electrical services, landscape maintenance, event management, safety, catering, HSE training, and the supply of products like clothing, PPE, and ICT equipment.
In addition, FDI projects such as the Acetic Acid Production and Aniline (AAA) project, a spin-off from the government-linked Polygel Organometallic Sdn Bhd, utilise petrochemical products from Hengyi, BFI, and BMC as raw materials.
Brunei Rotary Engineering Sdn Bhd has also been established to provide engineering services, procurement, and construction (EPC) support to existing factories and companies.
The BFI company has further potential to unlock new investment opportunities through its production of ammonia and urea, which can be used in the production of formaldehyde, melamine, and more.
The minister emphasised that FDI companies have had a positive impact by increasing business opportunities for local MSMEs, thereby enhancing their capabilities and meeting the service requirements of these foreign investors.
Last year, local entrepreneurs received over BND3.2 million for specialised services such as engineering, marine, maintenance, waste management, and security. The logistics sector for imports, exports, and warehouse services accounted for at least BND6.65 million, while suppliers of chemicals, machinery, and workforce services spent BND9.64 million.
This ongoing support from FDI companies has gradually enhanced the capacity of local entrepreneurs, positioning them for continued growth in line with Brunei’s expanding FDI landscape. – Lyna Mohammad
