Forum explores Brunei’s economic growth, future trends

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Leveraging global trends such as digitalisation while promoting science, technology, engineering and mathematics (STEM) education is important, said Centre for Strategic and Policy Studies (CSPS) Executive Director and Chief Researcher Dr Diana Cheong.

She said this delivering a presentation on ‘Brunei Economic Update and Future Scenarios’ during a forum organised by the French Bruneian Business Association (FBBA) at Radisson Hotel yesterday.

She also highlighted the need for private sector leadership, drawing on international examples and the need to utilise the policies and structures already in place in Brunei.

These include government initiatives to provide digitalisation infrastructure support for artificial intelligence, logistics and connecting to global value chains, public policies that promote competition, innovation and entrepreneurship.

Meanwhile, CSPS senior researcher Professor Alvin Ang highlighted Brunei’s strong post-pandemic recovery and stable inflation. It is noted that diversification is now evident in the economic structure with contributions from non-oil segments already being reflected in overall growth.

CSPS researcher Dr Hazwan Haini discussed the case for targeted industrial policy, focusing on Brunei’s comparative advantage in high-value sectors particularly the downstream and upstream oil and gas sector.

“Sustainable economic transformation requires structural changes, industrialisation, and export upgrading into high-value sector,” he said, adding that specialisation in strategic products can unlock significant growth potential.

French Ambassador to Brunei Darussalam and FBBA Patron Eve Lubin, FBBA Interim President Pierre Imhof and FBBA Honorary President Haji Musa bin Haji Adinin, as well as members of the diplomatic corps and business community were present. – James Kon

French Ambassador to Brunei Darussalam Eve Lubin with speakers from the Centre for Strategic and Policy Studies and French Bruneian Business Association executive members in a group photo. PHOTO: JAMES KON