Established in 2003, the Brunei Economic Development Board (BEDB) seeks to diversify Brunei Darussalam’s economy and promote the country as the preferred investment destination. BEDB recognises five priority business and investment areas: halal, technology and creative industry, downstream oil and gas, tourism and business services.
BEDB focusses on developing the local economy by investing in export-oriented industries and creating spin-off opportunities for local businesses. In return, this will create job opportunities for locals.
Attracting foreign direct investments (FDIs) into Brunei is one of the main strategies adopted by the country to diversify its local economy. BEDB works closely with investors to bridge the gap between their business demands and the country’s economic needs.
Each investor is assigned an account manager as a single focal point. In addition, BEDB provides information on the local investment climate, developmental requirements, laws and regulations, costs of doing business and project information.
BEDB works in tandem with the FDI Action and Support Centre (FAST) who evaluates investment proposals, liaises with government agencies and obtains project approvals. An FDI fast-track system is used to ensure investors obtain all the necessary government permit, licenses and approvals including development and construction approvals and recruitment of foreign labour. The system expedites the process of setting up a business in the country.
Aside from FAST, BEDB also collaborates with Darussalam Enterprise (DARe) to provide operational support for the FDIs.
Through collaborating with various organisations, BEDB has helped facilitate a number of large FDI projects in the country. This includes a multi-billion dollar oil refinery and aromatics plant on Pulau Muara Besar and an ammonia and urea plant at the Sungai Liang Industrial Park (SPARK).
Brunei offers a business-friendly environment in its pursuit of FDIs. In addition to the dedicated support for investors through the combined effort of BEDB, FAST and relevant government agencies, there are other attractive factors that will benefit setting up a business in Brunei.
Among the attractive factors are 100 per cent foreign ownership, credible co-investment partnership, favourable tax regime, sound legal and regulatory framework, competitive utility rates and readily available infrastructure.
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