BANDAR SERI BEGAWAN: Legislative Council (LegCo) member Pehin Orang Kaya Indera Pahlawan Datuk Seri Setia Awang Suyoi Othman expressed support for the Supply Bill for the Financial Year 2026–2027, underscoring the need to strengthen economic diversification, human capital development and investment strategies to achieve Wawasan Brunei 2035.
During the fourth day of the First Meeting of the 22nd LegCo session, he noted that of the total allocation of BND6.3 billion from the Consolidated Fund, BND3.53 billion is expected to come from government revenue, while the remainder represents a budget deficit.
While acknowledging that such deficits have occurred in recent years, he said it is important to explore alternative ways to increase national revenue without placing additional burden on the public in order to maintain fiscal stability.
He highlighted the pro-growth orientation of the budget, particularly its focus on economic diversification through investment in infrastructure, innovation and human resources.
Welcoming the allocation of BND576.085 million to the Ministry of Education Brunei, he also commended the achievements of students and educational institutions both locally and internationally, noting that these successes reflect the collective efforts of stakeholders in strengthening the country’s education system.
Touching on broader economic challenges, he said global conflicts affecting supply chains, climate change and slow economic growth continue to pose challenges, making it crucial for the country to accelerate efforts to diversify the economy beyond its traditional reliance on oil and gas revenues.
Among the sectors highlighted for further development were downstream industries, agro-food production, aquaculture and fisheries, construction, tourism and the digital economy.
He also emphasised the importance of investing in human capital, improving public sector efficiency and strengthening infrastructure such as electricity and water supply, roads, housing and public transport.
The LegCo member welcomed initiatives to strengthen the role of micro, small and medium enterprises (MSMEs) and the private sector, including improving access to financing, simplifying licensing procedures and expanding market access.
He also supported the use of public-private partnerships for government projects and continued efforts to attract foreign direct investment.
Citing successful investments in the country, including Hengyi Industries and Brunei Fertilizer Industries, he said such projects demonstrate the nation’s potential to attract more international investors.
Quoting the titah of His Majesty The Sultan and Yang Di-Pertuan of Brunei Darussalam during the opening of the 22nd LegCo session, he stressed the need for more proactive implementation of development strategies and stronger efforts to attract strategic investments to drive economic growth and strengthen government finances.
He concluded by expressing hope that sustained economic growth would create more employment opportunities, raise incomes and improve public services for the people and residents of the country, while reaffirming his support for the Supply Bill. - Borneo Bulletin/ANN
