BRUNEI needs to capitalise on the Reverse Linkages Initiative introduced by the Islamic Development Bank (IDB) to drive more investments in the country, a senior IDB official said yesterday.
IDB Group Chairman and President Dr Ahmad Mohamed Ali Al- Madani said the Reverse Linkage Initiative can help Brunei collaborate with other emerging economies in Africa, Middle East and Central Asia.
The IDB head said that this initiative can help foreign investors find potential investments in the Sultanate while at the same time assist local investors who are keen to invest abroad.
“Since this Reverse Linkage Initiative is a win-win situation for both the provider and the recipient countries, I urge Brunei to support this IDB initiative,” Dr Ahmad Mohamed said in a press briefing held during the IDB Group Day.
IDB launched the Reverse Linkages Initiative to encourage its member countries to exchange know-how, investments and specialist services to promote growth.
Dr Ahmad Mohamed said this initiative is in line with IDB’s mission “to enhance cooperation and solidarity among its member countries.”
“There are things that you (Brunei) have expertise in that other countries don’t have,” he said.
For instance, Brunei can share its knowledge of the oil and gas industry and its ability to maintain high standards of social development with other IDB member countries.
In return, the Sultanate may benefit from knowledge and experience of other member countries in the areas of public-private partnerships and the development of small and medium enterprises.
He added that Brunei can also share its knowledge on the halal industry, as it’s a key player in the lucrative global halal economy which is valued at US$3 trillion to US$5 trillion.
Brunei has successfully marketed a line of halal products in Europe through the Brunei Halal brand. The Sultanate is also known for developing a stringent halal certification process.
He said that Brunei, together with Indonesia, Malaysia and other ASEAN countries, can lead joint ventures to promote the industry and target the huge demand for halal products.
The IDB Group Day, held at The Empire Hotel & Country Club yesterday, aims to introduce IDB Group products and service to stakeholders in the Sultanate.
The Brunei Times
Thursday, September 18, 2014