There is a need for wisdom and responsibility in expenditure and investment to bring benefits to all levels of society and socioeconomic growth. The proposed budget for the 2024-2025 financial year is expected to stimulate the economy and increase the skills of the Sultanate’s workforce.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah said this during the third day of 20th session of the Legislative Council (LegCo) meeting yesterday.
The minister also quoted His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam’s titah at the opening of the 20th LegCo session where the monarch reminded ministries and government agencies to use provisions prudently to improve services for the people of Brunei.
His Majesty also called for Brunei to refrain from becoming too dependent on the oil and gas (O&G) sector.
Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said fulfilling His Majesty’s vision requires more than just planning but also requires the implementation of strategies based on actual situations with commitment to continuous improvement, as well as strong leadership, transparency and accountability.
The minister said efforts to diversify the economy have shown results but it does not mean the objective has been accomplished. There is need for more effort to improve the standard of living of the people of Brunei.
Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said the Sultanate’s economic indicators are positive, with gross domestic product (GDP) for non-O&G sector since 2017 growing 4.3 per cent on average contributed by O&G downstream activities, trade and finance.
Non-O&G export in 2017 was three per cent and it has grown to 61 per cent last year. It was driven by downstream O&G export and factory made goods. The minister added that in 2021, non-O&G export value exceeded those of the O&G sector.
Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said the growth of non-O&G contributed to market diversification and increased export volume to South American and European countries as well as Australia. Locally manufactured food also penetrated international markets including China, Singapore and Malaysia.
The minister said from the government’s initiatives to increase human capital by providing lifelong learning, skills training and reskilling have lowered the country’s unemployment figures from nine per cent in 2017 to 5.2 per cent in 2022. Employment in the private sector also increased from 53 per cent in 2014 to 69 per cent in 2022.
Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said government and the private sector need to work together to face future challenges, realise Brunei Vision 2035, increase productivity and ensure prosperity in the future. – James Kon
