Since Brunei Darussalam entered the endemic phase on June 1, 2022, some of the country’s economic sectors affected by the COVID-19 pandemic, like the air transport sector, have made a big comeback, said Acting Director of Planning under the Department of Economic Planning and Statistics (JPES) at the Ministry of Finance and Economy, Dayangku Norhanidah binti Pengiran Haji Masshor.
“For example, the air transport sector has grown by more than 100 per cent in the first nine months of 2022 compared to the same time last year. This corresponds to an increase in the number of air passenger arrivals and departures as a result of the lifting of air travel restrictions,” she said when 300 first-year students from various academic fields attended the Malay Islamic Monarchy lecture at the University Islam Sultan Sharif Ali on March 22.
The lecture focussed on the rise in domestic demand, which is one of the main factors leading to the recovery of a number of different industries in the economy. Businesses and economic sectors play a major role in not only relying on domestic demand but also looking for new export opportunities, which don’t just include the export of goods but also services.
As a step towards achieving Goal 3 of Brunei Vision 2035: A Dynamic and Sustainable Economy, the lecture session stressed on Brunei Darussalam’s economic framework.
It described the Economic Blueprint, which serves as a set of guidelines for different agencies and people, as well as several initiatives by the government and the private sector to promote sustainable economic growth in the country. Private sector development focussed on five areas: downstream oil and gas, food, information and communications technology (ICT), tourism, and services.
These create an opportunity to develop micro, small and medium enterprises (MSMEs) through the Retail Entrepreneurship programme, providing residents with experience in the field of entrepreneurship, and human capital development, such as through the i-Ready Apprenticeship programme.