Our Challenge Is To Achieve Brunei Vision

Bandar Seri Begawan - "Our challenge is not in the world outside which we have no control over; our immediate challenge is within the country, at the national level," said Dato Paduka Hj Hamdillah bin Hj Abd Wahab, Deputy Minister of Industry and Primary Resources in his keynote address during the opening ceremony of the International Conference on Business and Management.

In other words, he said that in order to create a "Competitive Advantage in the Global Economy", we should not exert ourselves on external factors - such as the impounding rise of China and India, the rapid growth of Gulf countries, and the superior technological advancement and innovations powered by the developed economies, but instead focus on what we want at the end of the journey: "The Brunei Vision", which is to achieve "A Diversified, Competitive and Sustainable Economy".

This could be done through the diversification of the economy so that the country does not depend only on oil and gas; through the development of an entrepreneurial society at all levels, which is competitive locally and globally; and finally through the strengthening of the private sector`s economic role through exports.

"Hard work begins at home," said Dato Hamdillah. "We have to move faster, and tangible results need to be delivered in earnest, to an extent that potential FDIs can see the mutual benefit in partnering with Brunei companies to enable our niche strategy (Islamic Finance, Brunei Halal and Eco-Tourism driven by the Heart of Borneo project) to work.

"The government, the public sector, the business (the industries) or private sector and the cooperatives have to collaborate more effectively and efficiently to synergistically attain higher levels of the nation`s economic growth," he said. "Indeed, by joining forces, all three sectors can help to solve common problems together, in delivering goods and services better than the competition."

He said the Ministry of Industry and Primary Resources has undertaken and implemented several policy initiatives in support of attaining "The Brunei Vision", one of which is the adoption of the niche strategy that focuses on sectors that capitalises on various inherent strengths and abilities to see the economy grow and provide quality and sustainable job opportunities, especially for the youth.

An example of a niche sector identified which is built on Brunei`s strong Islamic credential is halal foods, namely the "Brunei Halal" Project, which is an attempt at tapping into the growing Muslim population of over 1.9 billion worldwide and a halal food market which is valued at more than US$500 billion.

Another policy that has been implemented is facilitating access to market opportunities for local entrepreneurs through active participation in sub-regional, regional and international forum. He said, "By forging closer economic partnerships or free trade agreements with countries in the Asean, Apec, OIC, we are expanding our market outreach as well as the business, trade and investment opportunities for our entrepreneurs." He added that such agreements and economic partnership arrangements also give access to technology and skills.

Continuous attention has also been given to HRD, of which Brunei has been ranked 34th in the world in terms of Human Development Index (HDI) as reported by the 2006 UNDP Human Development. He said that this highly educated and flexible human resource will be our most critical asset in facilitating economic diversification and sustaining the socio-economy, and it is the ministry`s ambition to continuously improve its global ranking.

Brunei`s international recognition through the Heart of Borneo project was also brought to light, especially since it is one of the key players in probably the most important global forest conservation initiative today.

He also highlighted the challenge in ensuring that SMEs are efficient and competitive, considering the very small domestic market, and suggested three broad approaches in promoting the country`s SMEs.

Firstly, by expanding business opportunities through projects of the Brunei Economic Development Board, namely Sungai Liang Industrial Project and Pulau Muara Besar Mega Port Project, which are aimed to stimulate the country`s industry and SMEs whilst strengthening the export strategic potential. This flagship project aims at creating more than 7,000 jobs and attracting more foreign direct investments, and its significance lies in its intention to break away from the comfort zone and complacency enjoyed by the status quo.

Secondly, by providing a favourable business environment for trade and investment, which would include a stable government where graft and corruption are not tolerated at all levels and individual rights are protected; availability of industrial sites at competitive lease and rental terms; and competitively priced utilities and excellent and modem infrastructure are available for various economic activities.

And thirdly, by ensuring that SMEs are able to take advantage of those opportunities. The ministry`s aim to provide an integrated support programme to promote the development of SMEs include: training and business advisory services; facilitating access to finance (enterprise facilitation scheme, micro-credit scheme and a new scheme that is in the works i.e. Export Refinancing Scheme); product and trade promotion programme; site development for production and industrial activities; and access to technology, technical support and scientific services.

Source: www.brudirect.com (9 Januari 2008)
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