Dynamic Sales Team Needed
By Khairunnisa Ibrahim

Bandar Seri Begawan - Brunei Darussalam needs to be more aggressive in attracting Middle Eastern businessmen to invest in the country's property and private equity funds, according to economists.

The contest for petro-dollar investments, sparked by reports of oil-rich countries looking to Asia for suitable investment instruments, has also made it imperative for Brunei to give increased attention to the adherence to principles of transparency in its official dealings, they said.

Dr Mohamad Nabil Almunawar, a senior lecturer at the Faculty of Business. Economics and Policy of the Universiti Brunei Darussalam, said that Brunei has yet to impress Arab investors with what it has to offer. "Political stability is one of them. In terms of stability, Brunei has one of the best in the region," he said.

Brunei's planned entrepot in Pulau Muara Besar and the industrial park in Sungai Liang are projected to generate lucrative returns for the country. Dr Mohamad Nabil said these facilities are also among ideal projects that can draw the attention of investors.

Without sufficient marketing and promotion initiatives, however, such projects will be easily overlooked by investors, said the head of UBD's Business and Marketing Department.

"Therefore, the relevant authorities have to make the country's projects (and competitive advantages) known to the potential investors," he said.

Brunei could not afford to delay the planning and execution of effective marketing strategies, he emphasised, noting that neighbours Malaysia and Singapore have already embarked on campaigns to promote themselves as ideal investment destinations for Islamic finance and banking.

Dr Mohamad Nabil said Brunei should consider sending representatives to promote the country to the Middle Eastern businessmen. "This proactive action has been taken by the Pakistan government and it is said to have borne fruits for the country," he added.

Speaking on the need for transparency in governance, the senior lecturer said clearer economic policies would also boost the country's potential as an investment destination. In an earlier interview with The Brunei Times, Jamal Abbas Zaidi, CEO of the Bahrain-based Islamic International Rating Agency, said transparency and aggressive marketing are critical to efforts to attract foreign investors.

He said state regulations that govern finance and investment must be made clear. Making such regulations known to the public could even serve as a marketing strategy, he added.

Oil-rich' countries and newly emerging players in the Middle East are looking to the Asian region to invest their petro-dollars. They are on the lookout for financial and investment products, particularly those that conform to their religious beliefs.

This has urged many countries to promote Shariahcompliant capital markets and investment instruments.

Several Southeast Asian nations have already jumped on the Shariah-compliant bandwagon, including Malaysia and Singapore. -- Courtesy of The Brunei Times

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