Rokiah Mahmud
Entrepreneurs must be bolder in pursuing business goals, taking advantage of new innovations and technology and reach beyond the country’s borders, said Minister at the Prime Minister’s Office (PMO) and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah.
“As we all know, the COVID-19 pandemic has heavily impacted the livelihood of many of micro, small and medium enterprises (MSMEs),” said the minister during the launch of the Brunei MSME Festival at BRIDEX Hall 1 and 2, Jerudong yesterday.
“Challenges such as supply chain disruptions, issues of manpower and unstable cash flow have jeopardised business stability, forcing them to find innovative and effective ways to stay afloat,” he said.
“This includes pivoting business models to embrace technology,” said the minister, adding that this included adopting digital payments for cashless transactions, and explore new markets to diversify revenue.
“Some businesses have shifted to e-commerce, allowing them to reach customers who are unable or reluctant to shop in-store,” he said. “As we navigate through an ever-changing business landscape, it is important to instil a high level of entrepreneurial spirit, adaptability and flexibility in pursuit of business sustainability and growth.
“We should not lose sight of every opportunity that has the potential to bring our development to the next level,” he said, adding that this includes opportunity to bring the business “beyond Brunei shores”, through exports or participation in international value chains, through franchising, or other means.
“Today, the globalisation of value chains has paved the way for greater integration and sustainable linkages between MSMEs and the larger enterprises by way of encouraging more participation of domestic MSMEs in international trade as suppliers of goods and services to larger businesses,” said the minister.
“By focussing on product innovation, adaptation to local markets, digitalisation, supply chain innovation, and marketing innovation, businesses can expand their reach, increase their competitiveness, and position themselves for long-term success in overseas markets,” he said.
The minister noted the importance of nurturing business growth for economic progress called for more effective collaboration between the government, agencies and private sector trade and business associations to create an enabling environment for businesses to flourish and grow.