SCB Holds seminar On SMEs
By Grace Jiu

Bandar Seri Begawan - Small and Medium Enterprises (SMEs) are vital in achieving the goal of economic diversification as 98 per cent of all business establishments in Brunei are SMEs.

His Majesty's government also considers Brunei's SMEs the `engines of future socioeconomic growth'.

This was stated by guest of honour, Dato Hj Mohd Hamid Hj Mohd Jaafar, Permanent Secretary at the Ministry of Industry and Primary Resources (MIPR), in his speech prior to the- SME Seminar held by Standard Chartered Bank yesterday at The Empire Hotel & Country Club.

He added that contributions from the SME sector had yet to reach its full potential.

The MIPR's support programmes and activities for SMEs are based on two strategic goals.

First, the creation of enterprising and socially responsible Bruneian business owners and managers of globally competitive enterprises, and second, to .ensure that goods and services produced locally are competitive and marketable in local and nternational markets.

"Financial institutions will be an important partner in the tri-partite partnership between the government, financial institutions and SMEs, with each stakeholder contributing their strengths and benefiting from such a partnership," the guest of honour said.

He added that as of July 31, 2005, a total of $19.82 million has been released to - 324 qualified SMEs under two schemes under MIPR - the Enterprise Facilitation Scheme and Micro-Credit FinancingScheme - in collaboration with two banks.

He said the seminar was highly relevant in light of His Majesty's announcement two weeks ago regarding the issuance of sukuk al-Ijarah" early next year, which is a positive step in realising the desire of His Majesty's government to develop Brunei not only as an international finance centre but also a major player in the Islamic Financial and Banking system.

Dato Hj Mohd Hamid said the seminar was an opportunity to consider ideas presented and translate them into a range of services that could provide SMEs access to much needed capital for viable ventures at minimal cost while keeping in line with the concepts of Islamic Banking.

Meanwhile, Shalini Warrier, CEO of SCB, in her welcoming remarks said a new business unit has been created that is dedicated to SMEs to ensure that they have the right tools and knowledge to manage their business effectively and provide them with excellent products and high quality service.

During the seminar, Kevin Lau, an economist from SCB, Singapore presented the topic, "Outlook on Global Economics". Mr Lau works in SCB's global research team and is well equipped with a wide spectrum of knowledge and experience, ranging from short-term analysis to longterm fundamental insights.

Haji Shazali bin Dato Hj Sulaiman, Chartered Accountant and resident partner of KPMG, Brunei presented a paper on "Working Capital Management", which is one of the most significant factors of successfully running an SME.

The event also saw a presentation on SCB's offers of SME financial facilities such as Commercial Property Financing, Property Secured Term Loans, Overdrafts, Guarantees, and Instalment Loans.

The seminar was attended by over 100 guests comprising senior government officials and SCB customers.  -- Courtesy of Borneo Bulletin

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