Bandar Seri Begawan - Relevant authorities need to start promoting Brunei as a destination of abode and peace in order to lure potential foreign direct investors into investing in vertical development to stimulate economic growth, according to some entrepreneurs in the Sultanate.

A 35-year-old businessman, who wished to be named James told The Brunei Times that the influx of tourists into the country would depend on how relevant authorities promote the approval of the Land Code Strata Act (Chapter 189), by His Majesty the Sultan of Brunei.

He said: "They (relevant authorities) need to think of how they are going to promote Brunei as a place for foreigners and tourists to come in and invest.

"For someone who has never been to the country, they would not just buy some property without knowing how it will be taken care of, who will rent it, and how the money is going around."

James remarked that it would take some time to initiate programmes, as well as proper management firms to convince foreign direct investments (FDI) into the country.

He cited a programme in Malaysia called "Malaysia My Second Home (MM2H) Programme" as a good programme to attract FDI's to help Brunei's economic sector.

Another entrepreneur who wished to be named Alfred, stated the same view.

"Brunei Tourism should promote how beautiful the country is, and that is a peaceful place to stay in. They should also encourage investors to invest in our country's real estate industry because properties here are worth investing in," he said.

"You never know they might want to retire in Brunei one day."

Alfred added that foreign investments could also facilitate further developments in other sectors, aside from the real estate industry.

At times, FDI can bring in expertise and standards into the country to improve whatever we currently have," he said.

He explained that the more tourists entering into the country, the more the opportunity for them to invest which would benefit the entire society.

"It is a good thing for our economy, because the more tourists that come in, the more money everyone will get to make."

However, Alfred said that Brunei Tourism should promote Brunei to the outside world, regardless of the approval of the Land Code Strata Act.

"I think the Land Code Strata Act and tourism industry are mutually exclusive in their own regards," he pointed out.

Brunei Tourism Chief Executive Officer, Sheikh Jamaluddin Sheikh Mohamed said that he was positive that the approval of the Land Code Strata Act (Chapter 189) would attract the number of foreign investors and tourists into the country.

"Brunei is such a beautiful place to stay, with excellent infrastructure. The approval of the strata act would open up a new sector for tourism in the country," he said.

"We will definitely work along the lines in promoting Brunei through press conferences when we go abroad, to inform foreigners about the approval of the strata act."

However, Sheikh Jamaluddin stressed that the country's private sector needed to start in the development of vertical buildings (apartments, flats and condominiums) to create interest amongst FDIs.

-- Courtesy of The Brunei Times

Source: http://www.brudirect.com/index.php/200907202743/Second-Stories/promote-strata-act-to-lure-fdi-in-property.html

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