15:34 | 04/01/2016 Global Economy
Brunei's Sultan Haji Hassanal Bolkiah has said several important reforms will be taken to fulfil the country's aspiration to diversify its oil and gas-reliant economy, the state Radio Television Brunei reported on January 1st.
A busy shopping area in Brunei - Photo: Vietnam News Agency
In his New Year speech to the nation, the Sultan stressed the need to reflect on the country's economic performance where in the last few years, the growth rate of the Gross Domestic Product, GDP has slowed down, saying the country should continue toward strong, competitive economic growth besides realizing that challenges from the uncertain world economic situation are increasingly harder.
The Sultan said a Foreign Direct Investment (FDI) and Downstream Industry Committee will be formed, which is tasked with implementing reforms to increase competitiveness in attracting foreign investors to the country.
The Sultan also outlined several of his government's ongoing projects, including the Temburong Bridge project and the High Voltage Electricity Transmission Line Project between Lumut and Kuala Belait and the Lumut Electrical Generator Capacity Adder Project, saying they are viewed as a large-scale modernization of the sultanate.
He also highlighted the importance of strengthening determination and efforts to continue being patient and more progressive in the face of the challenges of time and situation.
The Sultan noted, apart from oil and gas, many sectors can contribute to the sustainable growth such as, among others, agriculture and fisheries, manufacturing, services including financial, transportation, logistics, telecommunications, commercial and tourism./.