Brunei needs to expand its economy base, says HoIris Kong
14th May, 2015
WITH the unpredictable fluctuations of oil and gas prices globally, Brunei needs to expand its economy base to acquiring at least 25 to 30 per cent of oil and gas independent industries.
The Bio-Innovation Corridor (BIC), now in its first phase of development, has been set to fulfill this economic diversification strategy through developing an internationally renowned Halal-themed industry park.
This was said by Gary Ho, Managing Director of SQW and BIC Managing Consultant, following yesterday’s session of the International Food and Biotech Investment Conference at The Empire Hotel & Country Club.
“Ideally, Brunei’s economy needs to be more independent from oil and gas,” he said. “The Bio-Innovation Corridor will hopefully make that happen.”
The BIC will pave way for what could be the beginning of Brunei’s massive industrial expansion, with over a dozen companies, both locally and internationally, targeting to occupy the BIC site by the end of Phase
Covering a land mass measuring up to 628 hectares and up to 195 hectares earmarked for industrial usage, the BIC could potentially provide up to 28,000 full-time employment opportunities.
Not only is the BIC focussed on economic diversification, it will also bode well for the development of Brunei Halal’s international establishment, where foreign investors are endorsed with the halal certification.
“The Brunei Halal Certification standard is a government-backed standard, unlike most countries where Halal certifications are made through private agencies,” he explained, adding that the Ministry of Religious Affairs’ involvement in the Brunei Halal Certification should ensure the highest standard of Halal certification internationally.
Source: Borneo Bulletin