JPKE recently published FDI and IMTS for Q1 of 2011. From the report it indicates that FDI had increased to 121.8% from B$175.84 million to B$389.93 million in the same period of last year. As for IMTS, Brunei total trade had increased to 18.3%. So what do we make out of this information?
Well for a start, we continually to believes that Brunei need foreign fiat currency in order to develop our country. We show little faith in our own currency. It also indicates that we continually depleting our precious resources for the benefits of others. It is rather disheartening.
On the same token, we took steps in persuading the country to save up. We introduce high import tax on vehicle. We proposing new electric tariff. We continually reminding people about the high subsidy given by the government as it if the country is running out of money and can no longer afford them. Isn't it ironic?!
I do not know why we continue to ignore the very fact that the Brunei can do the required investment herself. People need to realize that Brunei have the authority and ability to create her own money and invest in the country itself. My suggestion would be for Brunei to invest in herself. I propose that:
- Make electric cars and hybrid cars more affordable by eliminating the import tax.
- Give grants to the population in producing their own electricity.
- Build Light Railway System (LRT).
- Introduce nation wide school bus system.
- Seriously consider nuclear or geothermal energy.
- and many more.
As I said in my previous posting, going to work to produce real goods and services (such as oil and gas) to export for someone else to consume does us no economic good at all, unless we get to import and consume the real goods and services others produce in return. Put more succinctly: The real wealth of a nation is all it produces and keeps itself, plus all it imports, minus what it must export.
Imports are real benefits. Exports are real costs.
Please do not get me wrong with my negative views. My sole intention is for our people to see the logic and applied all known facts in our pursuit of developing Brunei Darussalam.
