BANDAR SERI BEGAWAN, Oct. 27 (Xinhua) -- Brunei needs more foreign direct investments (FDIs) that create value-added products and services as this can contribute to increased economic activity and spinoffs, the country's minister in charge of energy and industry affairs said.
Hj Mohammad Yasmin, Brunei's Minister of Energy and Industry at the Prime Minister's Office said in a speech during the opening ceremony of a local biotech center that FDIs are needed to develop the country's economy. The minister added that the FDIs must work collaboratively with government agencies and local micro, small and medium enterprise (MSMEs).
"We invite FDIs from across the supply chain to allow the development of robust value chains and industry ecosystems in the country," he was quoted as saying by local media Thursday.
He said that FDIs must also be able to work further downstream to generate capital, economic spinoffs in the local market, create employment opportunities and ultimately diversity in the Bruneian economy.
With regards to Brunei's investment environment, the minister said that agencies need to work harder to make Brunei an attractive investment destination for foreign investors.
