Thai Ambassador to Brunei Chirdchu Raktabutr said getting information and finding local business partners remain one of the challenges in setting up a business in the sultanate.

“Businessmen from Thailand require local partners to invest in the sultanate,” he told The Brunei Times on the sidelines of the Second Thai Halal Product Fair held in conjunction with the ongoing Brunei International Trade and Consumer Exhibition (BITC) at the BRIDEX in Jerudong.

“Thai entrepreneurs are currently testing the Brunei market. If our products cater to the needs of the market in Brunei, then there is a good opportunity for Thai entrepreneurs to start a business here,” he said.

Chirdchu said the number of participating Thai businesses at the five-day product fair has increased from 17 to 24 compared with the First Thai Halal Product Fair in 2015.

This, he said, reflects the eagerness of Thai entrepreneurs and companies to tap the Brunei market.

He said out of the 17 participants last year, three or four Thai entrepreneurs have found local partners to set up joint ventures in Brunei.

“Mostly, the business partnerships are in food supplements as Thai entrepreneurs want to leverage on the Brunei Halal brand certification,” said the ambassador.

Since Brunei is still a new market to most Thai entrepreneurs, Chirdchu said the trade fair aims to help Thai entrepreneurs meet potential business partners.

“Brunei wishes to have Thai investors here (in Brunei) and Thai also aims to get Bruneian investors to partner with Thai entrepreneurs (in Thailand),” he said.

The strength of Brunei Halal’s product branding is widely attributed to its certification system which is recognised worldwide and has the advantage of a single accreditation body under Brunei’s Ministry of Religious Affairs, industry players had previously said.

The brand was launched in cooperation with the Ministry of Primary Resources and Tourism (formerly known as the Ministry of Industry and Primary Resources).

This is also in line with the sultanate’s goal to diversify its economy by developing several industries such as halal food manufacturing.

Brunei Halal accreditation starts at the source and only producers that meet the standards of halal and the high quality and safety associated with it will get Brunei Halal certification.