Neighbouring Brunei a force to be reckoned with

MIRI: Bruneians are a force to be reckoned with as they complement the Miri market during the economic slowdown, Miri Mayor Lawrence Lai said at the opening of Mitraf 9 on Friday night.

“A lot of people predict that the economic outlook for this year is not good. The depreciation of the ringgit, low oil prices, economic slowdown and unemployment contribute to the decline in market confidence and purchasing power of the public,” Lai said.

He said entrepreneurs were becoming more cautious, vigilant and conservative in doing business which would make the market sluggish.

However, Miri has the advantage of proximity to Brunei where the strong Brunei dollars make Bruneians a force to be reckoned with as they complement the Miri market.

“Remember the saying that crisis does not only mean danger but opportunity. Take this advantage and challenge and you will be rewarded,” he said.

Lai is confident that traders would come out with a solution and find ways to tackle this. Organising a trade fair like this could be a way out of the economic doldrums.

The mayor said to make the economy vibrant, it was important to bring in foreign investments hence important for Miri to have direct international flights and to deepen Miri Port, and that the creation of job opportunities mean more spending power.

Mitraf 9 attracted a total of 76 firms to participate.