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BANDAR SERI BEGAWAN, July
15: The Sultan of Brunei announced Saturday the establishment of an
international financial centre and called for the development of halal
food processing for export to other Muslim countries as part of the
government's policy of upgrading skills and broadening the economy to
compete in the global environment.
"The centre is
designed to make our nation a financial centre for finance, banking,
securities and insurance," Sultan Hassanal Bolkiah said in a speech
marking his 54th birthday anniversary at the Istana Nurul Iman (Palace
of the Radiance of Faith).
He said the move
"will provide employment opportunities in addition to allowing
skills and technology transfers from the financial arena to
locals."
Referring to the
forthcoming Asia-Pacific Economic Coorperation (APEC) forum in Bandar
Seri Begawan and a "Visit Brunei" tourism promotion scheduled
for 2001, the Sultan said his country would "make good use" of
the two events.
"The presence of
foreign visitors, including representatives of the international
business community from the Asia-Pacific region, should benefit local
business for the purposes of establishing strategic alliances," he
said.
"Our role in the
regional and international economy will become more apparent once we
have the capacity to produce halal food products," the Sultan said.
Noting that Brunei had
already passed laws last year to ensure that fresh meat and poultry
supplies were in accordance with Islamic laws, he said he hoped the
measures could be extended to cover processed food products.
The Sultan announced that
the Government-owned Development Bank of Brunei would be renamed the
Islamic Development Bank of Brunei. Financial services provided to
small- and medium-sized enterprises would be incorporated into that
concept, he added.
In order to compete in
the global marketplace, the Sultan said his government would continue
its policy of improving the domestic economic environment.
"This entails
observing and studying our current management system, including
regulations that warrant amendment," he said. Other requirements
include changing mindsets and encouraging positive attitudes along with
"efforts to avoid excesses, minimize the deficit and increase
national revenue."
Despite the recovery from
the regional economic crisis, the Sultan indicated the government would
continue to keep a tight lid on spending, which should reflect the
"genuine needs and priorities" of Brunei citizens.
"We are aware that
our society's social values and aspirations will experience changes
brought about by the winds of global change. And we are prepared for
such changes. " |