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Setting Local Product Standards and Cooperatives’ Economic Impact Discussed

Bandar seri begawan: The setting of local product standards and the contribution of cooperatives to the country's economy were key topics discussed by Appointed Members during the Committee of Supply Debate concerning the Ministry of Finance and Economy.

According to Radio Television Brunei, the debate highlighted several critical areas, including the importance of monitoring additional costs associated with used vehicle insurance and the urgent need to establish standards that would allow local products to penetrate international markets. Members emphasized a more aggressive strategy to develop Temburong District into an international 'green investment' hub, which could enhance the nation's global economic standing.

The discussion also focused on the revival of cooperative capital, which has the potential to significantly contribute to the country's economic growth. Implementing effective monitoring mechanisms was urged to ensure that registered traders actively contribute to the national economy.

Other issues addressed included upgrading halal certification and exploring opportunities in the halal industry, which encompasses Islamic financial products. The debate also noted that the increase in the price of goods is influenced by external factors, underscoring the need for strategic economic adjustments.