BANDAR SERI BEGAWAN, April 1 (Xinhua) -- Local and international business communities can expect more reforms and improvements in Brunei's business environment in the short, medium and long-term, a trans-department government committee said Saturday.
Brunei was named the most improved economy in the world for two years consecutively in Doing Business and was ranked 72 out of 190 economies based in the World Bank Doing Business Report 2017, Brunei's Secretariat to the Ease of Doing Business (EoDB) Steering Committee, a trans-department government committee in the Prime Minister's Office, said in a statement published on Saturday.
"Despite the encouraging progress and positive performance, Brunei still lags in many international best practices and will need to continue driving its ambitious reform agenda to achieve its top 20 target amidst growing competitiveness in the region", the committee stated.
The EoDB Steering Committee comprises 13 champion groups from various government departments and agencies under the Prime Minister's Office, Ministry of Finance, Ministry of Home Affairs, Ministry of Primary Resources and Tourism, Ministry of Religious Affairs, Ministry of Health and Ministry of Communications.
"This has ensured that the improvements in government processes and reforms were not only conducted in a whole of nation approach, it also provided a holistic view of the whole value chain and will continue on bringing the country closer to the target of top 20", the committee said in the statement.
The steering committee convenes every month for each of the champion groups to report the progress of their action plans, highlight challenges that require support from other relevant agencies and present the performance of key processes.
Other than focus on improvements in government process, there has also been amendments in legislations. These amendments would further promote a Pro-Business environment by allowing courts to reduce the amount of time in settling commercial cases, provide protection to companies that have financial problems and encourage transparency through better corporate governance, the committee added.