How theocratic nations work? Brunei is in urgent need of economic diversification. Oil prices is crashing and the government is 92% dependent on it for revenues. GDP has been falling for the past 2 years, foreign investments dropping, and international trade has shrunken 14% in 2014. But the Sultanate has other priority in minds.
The country's Ministry of Industry and Primary Resources (MIPR) says it will be investing in four areas to promote industrial development and economic diversification. Minister Yang Berhormat Pehin Orang Kaya Seri Utama Dato Seri Setia Hj Yahya Begawan Mudim Dato Paduka Hj Bakar proposed a budget of B$82.19 million for the financial year 2015/2016 so that the MIPR can implement various programmes through these four clusters: food security, economic diversification, socio-economy and micro-SME development. This is a drop of 9% from the previous year's B$90.31 million.
"The focus of the budget for the 2015/2016 financial year will revolve around continuing efforts in improving production capability and productivity in these (agriculture, agrifood and fisheries) sectors," YB Pehin Dato Hj Yahya said. He added the MIPR will implement programmes that will upgrade infrastructure, raise productivity and optimise developed land. The minister said the halal and the natural resources sectors will most likely attract foreign investments and help diversify the economy.
YB Pehin Dato Hj Yahya said developing the forestry sector can help the Sultanate diversify its economy. "The government's policy is to ensure the sustainable management of forest resources," he said. He added the government is discouraging logging and collecting of wood in forest reserves. He added the manufacturing and services sectors support the local economy. As such, the MIPR will continue to provide facilities to grow these sectors.
He said industrial sites and complexes were constructed to expand the manufacturing and services sectors, attract foreign and local investments and create business opportunities for local entrepreneurs. In the tourism sector, the minister said, "the country's strength is in Islamic, cultural and heritage tourism". Brunei has the lowest tourism figures in ASEAN, at 0.25 million while runner-up Myanmar 2 million. Malaysia has the highest tourist arrivals in the region with 27.4 million and Thailand second at 24.7 million.
The spending on economic development and diversification is ironically, being dwarfed by religious spending at a magnitude of 3 times. The government has allocated a budget of more than B$261.19 million for the Ministry of Religious Affairs (MoRA) for the 2015/2016 fiscal year, Minister of Religious Affairs Yang Berhormat Pg Dato Seri Setia Dr Hj Muhammad Pg Hj Abdul Rahman said. This figure is B$1 million higher than in the previous fiscal year.
The minister says such money is needed to build new mosques due to the growing population in certain areas. In line with the ministry's role in spreading the Da'wah and upholding Syiar Islam (Islamic eminence), he said that the ministry is responsible for reinforcing Islamic education among the young generations, to enhance the skills and quality of work with iman (faith) and taqwa (obedience), to ensure Muslim foods are halal and so on. "All these were not easy tasks but with close cooperation from all parties, government and private agencies, the work have been successfully completed," he said.
This year's budget will focus on the theme of quality human resource, supporting inclusive development. "The theme is not just emphasising worldly development (duniawi) but also hereafter (ukhrawi)," said the minister. For last year B$260 million budget, the ministry spent B$100 million of it on the construction of two Arabic schools – the Kampong Katok Arabic School and Kampong Rimba Arabic School.
http://bt.com.bn/business-national/2015/03...versify-economy
http://bt.com.bn/legco/2015/03/19/religiou...fairs-budget-1m
The country's Ministry of Industry and Primary Resources (MIPR) says it will be investing in four areas to promote industrial development and economic diversification. Minister Yang Berhormat Pehin Orang Kaya Seri Utama Dato Seri Setia Hj Yahya Begawan Mudim Dato Paduka Hj Bakar proposed a budget of B$82.19 million for the financial year 2015/2016 so that the MIPR can implement various programmes through these four clusters: food security, economic diversification, socio-economy and micro-SME development. This is a drop of 9% from the previous year's B$90.31 million.
"The focus of the budget for the 2015/2016 financial year will revolve around continuing efforts in improving production capability and productivity in these (agriculture, agrifood and fisheries) sectors," YB Pehin Dato Hj Yahya said. He added the MIPR will implement programmes that will upgrade infrastructure, raise productivity and optimise developed land. The minister said the halal and the natural resources sectors will most likely attract foreign investments and help diversify the economy.
YB Pehin Dato Hj Yahya said developing the forestry sector can help the Sultanate diversify its economy. "The government's policy is to ensure the sustainable management of forest resources," he said. He added the government is discouraging logging and collecting of wood in forest reserves. He added the manufacturing and services sectors support the local economy. As such, the MIPR will continue to provide facilities to grow these sectors.
He said industrial sites and complexes were constructed to expand the manufacturing and services sectors, attract foreign and local investments and create business opportunities for local entrepreneurs. In the tourism sector, the minister said, "the country's strength is in Islamic, cultural and heritage tourism". Brunei has the lowest tourism figures in ASEAN, at 0.25 million while runner-up Myanmar 2 million. Malaysia has the highest tourist arrivals in the region with 27.4 million and Thailand second at 24.7 million.
The spending on economic development and diversification is ironically, being dwarfed by religious spending at a magnitude of 3 times. The government has allocated a budget of more than B$261.19 million for the Ministry of Religious Affairs (MoRA) for the 2015/2016 fiscal year, Minister of Religious Affairs Yang Berhormat Pg Dato Seri Setia Dr Hj Muhammad Pg Hj Abdul Rahman said. This figure is B$1 million higher than in the previous fiscal year.
The minister says such money is needed to build new mosques due to the growing population in certain areas. In line with the ministry's role in spreading the Da'wah and upholding Syiar Islam (Islamic eminence), he said that the ministry is responsible for reinforcing Islamic education among the young generations, to enhance the skills and quality of work with iman (faith) and taqwa (obedience), to ensure Muslim foods are halal and so on. "All these were not easy tasks but with close cooperation from all parties, government and private agencies, the work have been successfully completed," he said.
This year's budget will focus on the theme of quality human resource, supporting inclusive development. "The theme is not just emphasising worldly development (duniawi) but also hereafter (ukhrawi)," said the minister. For last year B$260 million budget, the ministry spent B$100 million of it on the construction of two Arabic schools – the Kampong Katok Arabic School and Kampong Rimba Arabic School.
http://bt.com.bn/business-national/2015/03...versify-economy
http://bt.com.bn/legco/2015/03/19/religiou...fairs-budget-1m
