Brunei Darussalam has seen a positive improvement on the Gross Domestic Product, GDP with recovering oil prices. The Minister at the Prime Minister’s Office and Second Minister of Finance and Economy said that the improvement is hoped to maintain the positive momentum for GDP and economic diversification, by intensifying efforts in implementing Foreign Direct Investment projects with particular focus on sectors, such as the Technology & Creative Industries, Tourism, Downstream Oil & Gas, Business Services and Halal Manufacturing. Yang Berhormat Dato Seri Setia Doctor Awang Haji Mohd Amin Liew bin Abdullah, stated the matter while delivering his keynote speech at the 48th ASEAN Banking Council Meeting yesterday morning.

Touching on ASEAN, Yang Berhormat said ASEAN needs to be at the forefront of the Fourth Industrial revolution as ASEAN’s digital economy has the potential to add an incremental $1 trillion US Dollars in Gross Domestic Product, GDP by 2025. In order to take full advantage of this opportunity, there needs to be financial mechanisms and solutions in place for the cross-border trade for ASEAN goods and services offered. More than 150 senior banking executives from the 10 ASEAN Countries are attending the meeting, hosted by the Brunei Association of Banks. The two day meeting discusses developments in the region’s banking and finance sector. Also present were Dato Seri Paduka Awang Ahmaddin bin Haji Abd Rahman and Dr Awang Abdul Manaf bin Haji Metussin, the Deputy Ministers of Finance, Ministry of Finance and Economy and Yang Berhormat Nik Hafimi binti Abdul Haadii, Member of the Legislative Council.

Source: Radio Television Brunei