It is crucial that micro, small and medium enterprises (MSMEs) embrace agility and proactivity to seize emerging opportunities and tackle new challenges head-on in sustainability and digital transformation, said Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) Brunei Chair Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim in a speech during the launch of the 29th Consumer Fair.
“The adoption of sustainable practices is also a strategic business advantage, not just an environmental imperative. By integrating eco-friendly approaches, local small and medium-sized enterprises (SMEs) and MSMEs can reduce costs, meet the burgeoning consumer demand for sustainable products, and gain a competitive edge on the global stage,” he said.
He also noted the rapid growth of the digital economy presents immense opportunities. “From e-commerce platforms to advanced data analytics, it can revolutionise business operations, expand market reach, and drive innovation,” he added.
“Our SMEs and MSMEs should embrace these digital strategies to remain resilient and competitive. A shift in culture that values adaptability, experimentation and ongoing learning is required to navigate the constantly changing digital environment. Together, we can support them in navigating this digital transformation, positioning them for sustained success in the future.
“By embracing the benefits of being relatively small and nimble, becoming early adopters of technology and showing a willingness to support the greater social and environmental good, SMEs have opportunities to shape the future local and global agendas,” he said.
Meanwhile, the ABAC Brunei chair said, “We also recognise the vibrant and essential roles that SMEs play in driving the Brunei’s economy through the spirit of innovation, creativity, and resilience. These businesses have been pivotal in diversifying our economic landscape, promoting local products and services, and creating a dynamic marketplace.” – Lyna Mohamad
