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, underscored the critical importance of not just diversifying and sustaining Brunei’s economy, but also making it resilient in the face of global economic challenges.
He said this during a speech marking the 30th anniversary celebration of the Borneo Bulletin Yearbook (BBYB) at Serambi Batil Hall of Tarindak D’Seni yesterday.
The minister also shed light on the ongoing global challenges that continue to affect economies. Despite a notable recovery in 2022 from the COVID-19 pandemic, uncertainties persist in 2023 due to factors such as slowing economic growth, emergence of COVID-19 variants, extreme weather events, and persistent inflation, he said.
Regarding inflation, he acknowledged that though it has receded and stabilised, it remains above pre-pandemic levels.
“This fact underscores the urgency for Brunei’s economy not only to be diverse and sustainable but also fundamentally resilient.”
The minister commended the government’s multi-faceted efforts, noting positive results, particularly in the five priority sectors.
The first quarter of 2023, for instance, witnessed a positive growth of 0.8 per cent in Brunei Darussalam’s economy, driven largely by a significant expansion in the non-oil and gas sector (6.2 per cent). He affirmed the government’s commitment to furthering economic activity and investment in these priority sectors to drive overall industrial and economic growth.
He emphasised on the importance of fostering an ecosystem that encourages economic activities, facilitates local business expansion into global markets, and leverages technology to enhance productivity and resilience. To tackle these challenges effectively, the minister stressed the need for engagement, collaboration, and support from all stakeholders. He highlighted the pivotal role of strong partnerships between the government, private sector, non-governmental organisations and the public in navigating the challenges on the road to achieving Brunei Vision 2035.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew also expressed confidence in Brunei’s future with the whole-of government and whole-of-nation approach under the leadership of 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.
In his message on the BBYB’s 30th anniversary celebration, the minister said, “It has been a pleasure seeing the book’s growth over the years, which has evolved along with technology in its transition from print to digital.
“On this note, the theme of Borneo Bulletin Yearbook 2023, ‘Building the Future,’ highlights the important role shared by each and every one of us here in shaping our future,” the minister said.
“While ‘Building the Future’ may mean different things to different people, as a nation, we all strive for a future that provides us with a high standard and quality of life, with educated and highly skilled people who are productive and achieve their potential in a dynamic and sustainable economy. In short, we strive to attain the three goals of Brunei Vision 2035,” he said. – James Kon
