APEC Business Advisory Council (ABAC) Brunei members, Chief Executive Officer of Standard Chartered Brunei Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim and Exceltech Solutions Sdn Bhd Managing Director Hafriz Fayadh bin Haji Musa, presented the ABAC report for 2024 to the Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah on Thursday.
Themed ‘People. Business. Prosperity’, this year’s ABAC report focuses on the pillars of economic integration, sustainability and human development.
It highlights key initiatives such as advancing the Free Trade Area of the Asia-Pacific (FTAAP), strengthening supply chain resilience, and fostering digital trade through a regulatory framework that supports data security, cybersecurity and innovation.
The report also recommends establishing a Greener Trade Framework to ensure sustainable growth and emphasises the importance of interoperable digitalisation and inclusion, including expanding venture capital access for women entrepreneurs and preparing the workforce for a green, digital economy. These priorities align with ABAC’s commitment to the APEC Putrajaya Vision 2040.
The recommendations will be formally presented to APEC leaders during the annual ABAC Dialogue this month in Lima, Peru. Pengiran Aki Ismasufian expressed pride in representing ABAC in the handing over of the 2024 report to APEC economic leaders.
He said, “This occasion not only showcases the strong collaboration between the public and private sectors but also marks a significant milestone in advancing economic growth and dialogue in the country. It is a testament to the value we place on engaging with key stakeholders and contributing positively to Brunei’s economic initiatives. We are excited about the insights and recommendations in the report, and we believe they will play an integral role in shaping the future of our economy.”
Meanwhile, Hafriz Fayadh said, “As we prepare for the upcoming APEC Summit and ABAC 4 meeting in Peru, Brunei Darussalam is dedicated to championing initiatives that advance micro, small, and medium enterprises (MSMEs), circular economy practices, and sustainability across the Asia-Pacific region. MSMEs are the backbone of APEC economies, including Brunei, and by enhancing their digital capacities and market access, we create pathways for resilient growth and innovation. Promoting a circular economy allows us to align economic growth with environmental stewardship, ensuring resources are utilised efficiently and sustainably. Brunei looks forward to contributing to meaningful discussions that prioritise inclusive, sustainable economic development for a resilient and prosperous future.”
The ABAC report provides strategic recommendations to support resilient, sustainable growth across the APEC region while advancing the Putrajaya Vision 2040.
ABAC is dedicated to promoting progress in digitalisation, inclusivity, sustainability, and MSME development through both national efforts and collective experiences across APEC. – James Kon
