BANDAR SERI BEGAWAN, March 7 (Xinhua) -- Brunei will build a free trade zone to facilitate open trade and attract more foreign direct investment, Sultan Hassanal Bolkiah said in a speech delivered at the opening of the 13th Legislative Council session.
The Sultan said that developing Brunei into an attractive destination for trade and investment is a prime priority for the government, according to a local media report on Tuesday.
"To accomplish this, I have consented to the establishment of a Free Trade Zone to provide more ease for investment activities, particularly in the manufacturing sector," said the Monarch.
The Sultan raised the issue of global economic prospects for this year. "The global economic situation continues to experience instability, despite the recent recovery in oil prices. With world oil prices projected to fall lower at any time, we need to be more cautious."
With this in mind, he said that his government would step up efforts to diversify the country's economy.
"The latest efforts in this direction have already begun to take effect, although it will need some time to achieve the desired result."
In terms of investments, the Sultan noted that several foreign investors have expressed interest in the country's potential as a viable investment destination.
"A number of foreign direct investment projects will commence operations, while others are still in the implementation stage and several more investment proposals being under review," said the Sultan.
"This certainly is a positive development in view of strengthening the economy and benefiting from it. The increase in economic activity will bring more employment and business opportunities for local citizens and residents, yet we must not be too complacent since economic transformation requires long-term planning."
