It's Going To Be A Good Year, Says Economic Chief
By CT Hj Mahmod

Bandar Seri Begawan - The year looks like a good one for Brunei, as sultanate's Gross Domestic Product will grow between 3 to 4 % the Acting Director General of the Economic Planning and Development Department, Awg Hj Razali bin Hj Mohd. Yusof, predicted during a panel discussion yesterday.

He was outlining the current state of the country's economy during the first panel discussion of yesterday's Young Entrepreneurs International Conference.

Prince Qawi, Royal Patron, Young Entrepreneurs Association of Brunei (YEAB) as well as other leading young Brunei businessmen were present during the discussion.

Awg Hj Razali was among the four panelists from leading investment entities in Brunei, which included Mr. Robert Miller, CEO Brunei International Financial Centre, Sheikh Jamaluddin Shiekh Mohamed, Director, Industrial Promotion and Tourism Department, and Mr John Perry, CEO Brunei Economic Development Board.

Dato Paduka Hj Hamdillah bin Hj Abd. Wahab, Managing Director Brunei LNG Sdn.Bhd, moderated and discussions evolved around 'Brunei Outlook - Challenges and Opportunities for Entrepreneurs', that mainly focused on the promotion of Brunei resources including human capital, physical infrastructure and natural surroundings.

Sounding upbeat Awg Hj Razali noted the increase of business registration and licences from 2000 to 2002, which indicated the boost in confidence of the business community. He disclosed that the number of licences increased from 942 in 2000 to a whopping 1,436 in 2002, number of business licence renewal jumped from 3,652 in 2000 to 4,273 in 2002, whereas the number of new business registration increased from 2,651 in 2000 to 3,477 this year.

He also highlighted that "opportunities lies within what the 8th National Development Plan, which has allocated budgets towards various sectors, beginning with the introduction of the new sector - ICT (Information Communication Technology), with its $177 million budget for this year".

"$89.5 million for Industry and Commerce sector, $165.1 million for transportation and communication, $ 211 million for Social Service sector, $178.5 million for Public Utility, $91.9million for public building, and $70.1million for security."

Following his presentation, Mr Robert Miller gave entrepreneurs an overview of the role of Brunei International Financial Centre (BIFC), which is to "position Brunei as an equal partner in the global financial marketplace by creating new opportunities for the financial sector and all supporting services".

"In the context, of working together with young entrepreneurs in Brunei, they represent wide representation and support in BIFC strategy, in terms of the emerging economies, fertile grounds for international planning, risk management, stabilisation of private sector, promote economic diversification, and investment promotion," he explained.

Mr Miller also disclosed, at present there are a total of 1, 100 companies has registered under BIFC..

The third panelist, Shiekh Jamaluddin, in his paper, stated that the tourism industry can only go from strength to strength, in which there are positive indications that this industry is now gaining strength. This is contributed by the ongoing effort of the department in generating greater awareness of Brunei as a tourism destination.

He said that the tourism board is positioning Brunei as a golfing destination made possible by the existence of the Empire Golf and Country Club.

Sheikh Jamaluddin, concluded his paper by enlightening young entrepreneurs with his five important factors to become a successful CEO, namely; Financial Management, International Experience, Information Technology, Staff Motivation and the Management of Change.

Lastly, Mr John Perry outlined the opportunities generated by BEDB efforts to attract foreign direct investment with the two-pronged projects, Aluminum Smelting at Sg. Liang and Pulau Muara Besar. (Courtesy of Borneo Bulletin)

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