Minister calls for improvement of Brunei's business environment

Brunei's Minister of Industry and Primary Resources YB Pehin Dato Hj Yahya has said the business environment in Brunei needs to be improved while red-tape burdens need to be removed.

The minister made the remarks at the opening of the World Bank Workshop on Ease of Doing Business, the sate-run Radio Television Brunei (RTB) reported on Wednesday.

Minister Hj Yahya said that in order to enable business and industry to grow, the country also needs to ensure credit to flow unimpeded and create an environment of growth and competitiveness.

The minister said that therefore since last year the Brunei government has enhanced its inter-agencies collaboration and the country's private sector; and enhanced investment, small and medium-sized enterprises (SME) growth and job creation through various socio-economic reforms.

The Ease of Doing Business initiatives are among those given top priority and attention by Brunei's very top leadership, the minister added.

"We are also aiming for top 20 positions in Ease of Doing Business. In relation to this target, we reduce our corporate tax to 18.5 percent which is among the lowest in the region," he said.

The one-day workshop was attended by more than 50 people. Two experts from the World Bank have been invited to facilitate and provide specific expertise during the workshop.

The World Bank workshop was specifically organized not only to showcase and share reforms that Brunei has done and those that are in the pipeline but also to provide avenue for in-depth discussions on existing and new methodologies introduced this year and next year, the RTB said. Endi