IHTHS to participate in Brunei’s Free Trade Zone

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Waqiuddin Rajak
BANDAR SERI BEGAWAN

Waqiuddin Rajak 
BANDAR SERI BEGAWAN 

THE International Halal Trade Hub and Services (IHTHS) is moving to participate in Brunei’s Free Trade Zone, following the numerous partnerships it has secured within the last two years since its inception. 

The move is aimed at increasing trade activities and investments, while at the same time create job opportunities for the locals by utilising the infrastructure that has already been built and developed by IHTHS. 

IHTHS’s trading advisor Ramlee Begawan Pehin Dato Paduka Hj Zainuddin said the hub’s international counterparts will also be there to participate in the trading activities. Within the zone, projected commercial activities include the trading of raw materials between merchants, services to package and process as well as freight services to send goods overseas.

Pictures: Zaim Kasmat

“Since it is a free trade zone, it will definitely be regulated differently; within the zone, goods and services sold will be duty free, but once they are out, then it will depend on which countries they are going to – whether they will be excised or not” he said.

But the point of having the free trade zone, he said, is to allow convenience for overseas merchants to trade with Bruneians; particularly it’s Nano-Micro-Small and Medium Entreprises who needed much exposure for them to grow.

At the moment, IHTHS has partnered up with more than 10 international companies overseas, including Ikatan Pengusaha Muslimah Indonesia (IPEMI), Sabah Entrepreneurs Chamber of Commerce and Halal Korea Co Ltd. 

Once materialised, the hub will then outsource services from these partners to operate the free trade zone; which will be the first in Brunei, alongside the duty-free zone at the Brunei International Airport.  The IHTHS yesterday also received a visit from the deputy minister of Energy and Industry, Dato Paduka Matsatejo Sokiaw, who had the chance to view some of the products sold by IHTHS and its partners.

Among those products include packaged food and eateries, with some displaying fashion and cosmetics; products that may also be traded within the free trade zone once it is available. 

Also present during the visit was the Darussalam Enterprise’s Chief Executive Officer Javed Ahmed and other government officials.

The Bruneian