“The world has emerged from an unpredictable period but we are still facing challenges such as consequences of the pandemic that is still being felt, ongoing conflict disrupting supply chains as well as rising inflation and interest rates.
“Brunei Darussalam, as a Kingdom of Unexpected Treasures, is unique in some ways. The Sultanate is very stable despite this era of chaos and confusion,” said Yang Amat Mulia Pengiran Muda Dr Abdul Fattaah, Chairman of Baiduri Bank, during a town hall forum on ‘Thinking big in a small market’ yesterday.
“We face the same challenges found in many small economies,” Yang Amat Mulia Pengiran Muda Dr Abdul Fattaah said, adding that Brunei has a small and youthful population, which has its benefits of having vibrancy and many interesting characters. However, the challenges include a small customer base and limited talent pool.
Similar to several small economies, the Sultanate is heavily dependent on oil and gas (O&G) and its industry is the most developed in the country with many in the workforce seeing O&G players and the government as attractive employers and major drivers of the economy.
Yang Amat Mulia Pengiran Muda Dr Abdul Fattaah said, “We are aware that we are a small market and this is a challenge for the business community. We should identify success stories and learn from those that have overcome such struggle. This is why forum like this is important. We can find ways to overcome challenges through people that have gone through the processes.”
The forum convened by Asia Inc Forum at Radisson Hotel saw over 130 entrepreneurs and managers of micro, small and medium enterprises (MSMEs) from various industries, constituting a diverse representation of the Brunei economy.
Adinin Group of Companies Managing Director Haji Musa bin Haji Adnin, during the session on ‘How to grow a Brunei business’ shared his entrepreneurial journey and lessons in building a business in the Sultanate and beyond as well as the leadership needed to transform it into a large operation.
Meanwhile Ricardo’s Catering co-founder Mari Gonzalez, Super Thirteen Streetwear founder Mizi Bahrin and Superfish Growers co-founder Willy Lee shared their experiences and methods employed to ensure resilience in their businesses during a session.
Certified Blue Ocean Strategy consultant and Chief Executive Officer of UCSI Consulting Group from Malaysia Dr Raj Kumar introduced a new concept of creative non-disruption, which is a business strategy where MSMEs innovate and create without disrupting their respective markets or industries.
The closing session on ‘How to prepare for the future’ featured Serikandi Group of Companies Chairman Shaikh Haji Khalid bin Shaikh Haji Ahmad, Guardian Brunei Country Manager Jennifer Yang and Baiduri Bank Head of Corporate Banking Leonard Lee.
Shaikh Haji Khalid cited key trends that could impact businesses in the future and suggested preparations for MSMEs.
Leonard Lee meanwhile shared that Baiduri Bank is committed to helping MSMEs prepare for the future and navigate possibilities that lie ahead.
Asia Inc Forum Chairman Dato Timothy Ong Teck Mong was also present at the event. – Azlan Othman
