Government Pledges Help For Small and Medium Entrepreneurs

Bandar Seri Begawan - In pursuit of the development of Small and Medium Entrepreneurs (SMEs) in Brunei, the Industry and Primary Resources Ministry is constantly in close contact with all business associations in the sultanate.

The ministry is also collaborating with other agencies including financial institutions, the academia, and other supporting agencies in public and private sectors both locally and internationally for expertise and support in building up the capacity of the SME's in Brunei to become more competitive to current business challenges.

The action plan is in the process of developing, which will act as road map for development of SMEs towards creating an environment contusive for SMEs competitiveness as well as enabling them to actively participate and take full advantage of the globalise world.

The Permanent Secretary at the Industry and Primary Resources Ministry Dato Haji Idris highlighted this while delivering a working paper at the Young Entrepreneurs International Conference yesterday.

Dato Haji Idris said the emerging new breed of entrepreneurs indicate its determination, courage and readiness to embrace challenges.

Involvement of young entrepreneurs in SMEs would definitely play a strategic role and significantly contribute to sustainable development of the country.

He said in the prospective of Brunei, SMEs constitute businesses that employed 100 people or less.

Statistically SMEs account for almost 98 per cent of the estimated 6,000 business establishments currently active in Brunei.

About 59 per cent are involved in the service sector including 27 per cent that are in trading and wholesale activities.

Around 33 per cent are involved in manufacturing and construction sector and the rest are in primary resource sector.

He also said that micro enterprise is another important aspect of SME in gaining recognition all over the world.

In Brunei, he added that these businesses have five or less employees.

They account for about for 43 per cent of the estimated total number of business establishment in the sultanate. He said SME also plays role of provider of employment

With growing need for employment creation, SMEs could resolve the increasing rate of unemployment.

The Young Entrepreneurs Association of Brunei (YEAB) conference concluded yesterday.

YEAB President Gwendalyn Lee in her closing address said the association would continue its efforts towards building confidence on the contribution that young entrepreneurs can make to the community.

Brudirect.com