Brunei Darussalam is for the first time organizing an International Food and Bio-Tech Investment Conference, which opened here on Tuesday.
The conference is aimed at attracting potential investors to invest and operate in the Bio-Innovation Corridor.
In an opening address, Haji Yahya Bin Begawan, Brunei’s minister of Industry and Primary Resources, stressed the needs to diversity the country’s economy and to multiply the range of products for export have become extremely urgent.
He said that Brunei’s economy today is still heavily dependent on oil and gas.
“The oil and gas sector currently makes up close to 67 percent of our Gross Domestic product (GDP); represents close to 90 percent of the government’s revenues; contribute a staggering 96 percent of our exports; but employs less than 5 percent of our workforce. Characteristics of an economy heavily dependent on a single or narrow range of products for export and government revenues”, said the minister.
Minister Yahya said Brunei has already created an environment conducive for businesses, characterized by a politically stable climate, clean air, low crime rate and one of the highest living standards in Asia.
Continuing on this path, we seek to foster an innovative business environment and encourage investments in Research and Development in order to create a dynamic and sustainable economy for future generations to come.
The three-day conference will focus on investment opportunities in the Halal Industry Sector besides further disseminating information on the Brunei Halal certification. The conference is designed as an initial platform in promoting Halal Products in the international arena.
Among the topics to be discussed or put forth at the conference are to promote the uniqueness of Brunei Darussalam strategic position in ASEAN and its relations with the international community; the latest trends and opportunities in the Halal Food and Bio Industry; as well as the challenges and investment opportunities in ASEAN. Enditem