Legislative Council (LegCo) member Yang Berhormat Haji Salleh Bostaman bin Haji Zainal Abidin reiterated his call for more information on the provisions on the national budget for foreign direct investments (FDIs) and government-linked companies (GLCs) to be disseminated and for greater transparency during yesterday’s 19th LegCo session.
The LegCo member mentioned this earlier during Tuesday’s meeting.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah said doing so will not necessarily quicken or make the process better.
He said bringing in the public at large into the process of creating FDIs and GLCs would weigh down decision makers, who are “professionals and hold positions in relevant government agencies”, adding that there is a dedicated taskforce for this process.
Yesterday, Yang Berhormat Haji Salleh Bostaman also brought up the need to educate the public and equip them with financial knowledge in preparation of the up and coming Brunei Stock Exchange.
The minister responded that this will be addressed in time when the stock exchange market system is almost ready.
The LegCo member also asked about the nation’s participation in the various trade agreements within the region and how it benefits local micro, small and medium enterprises (MSMEs), along with the need to educate locals to be able to gain benefits from it.
Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said that “the trade agreements involved upgrades the nation’s trade policies. Before that our exports need to be ready”.
The minister added that when products are ready for export, the trade agreements will come into place. On the benefits of FDIs, the minister reiterated that it will create spin-offs for local MSMEs and create jobs.