Bandar Seri Begawan - Brunei's bid to diversify its economy is on the right track, the country director for the Oxford Business Group (OBG) yesterday said, noting the Sultanate is well placed to weather the global financial crisis given its "relative financial stability".

OBG's Neslihan Aydagul was speaking during the signing yesterday of a memorandum of understanding between the government and the international analysis group to publish the third annual edition of The Report: Brunei 2009, an analysis of Brunei's economy.

"Our analysts are confident that despite the ongoing global economic adjustment, Brunei is well placed to capitalise on its strategic location in Southeast Asian's growth region and stable political environment to attract greater flows of international trade and business," she said.

She said Brunei's relative financial stability throughout the crisis has given the Sultanate an edge over its peers in weathering the crisis.

"Our editorial interests in this country stem from our confidence that Brunei's decision to find new growth sectors is already reaping dividends," she said.

"Hydrocarbons will undoubtedly continue to play a significant role in its economy, but we have also seen the country branch out in other directions such as exploring opportunities in Islamic financial services, transport and logistics, ecotourism, halal foods, agriculture and aquaculture, while developing a much broader and deeper range of industrial activities."

She added that there are also clear signs that Brunei's bid to improve education and develop human resources is gathering momentum as the country moves to embrace a knowledge-based economy.

She said the report will serve as a business tool for market leaders to position the country as a transforming economy which is already reaping the rewards of diversification and welcoming new technologies and industries.

"It will also generate huge interest among potential investors looking for opportunities on the back of the growth taking place across Asian countries," she said.

The country director further said the book will lead the way as the prime source of business intelligence on Brunei's economy, citing last year's report had the largest audited circulation of any English language book on Brunei with 59,000 copies distributed internationally.

This encouraging response was also echoed by Hj Osman Hj Mohammad, senior special duties officer at the Prime Minister's Office, during his opening remarks, where he said that at the national level, more than 21,000 copies of the report were circulated to the public, private sectors as well as NGOs and institutions since the launching.
He added that the publication is hoped to benefit local businesses in extending their business sphere beyond Brunei.

Held at the Centre for Strategic and Policy Studies, the signing ceremony was witnessed by guest of honour, Pg Dato Paduka Osman Pg Hj Patra, permanent secretary at the Prime Minister's Officer.

Signing on behalf of the government was the Senior Special Duties Officer at the Prime Minister's Office, Hj Osman Hj Mohammad, while the Oxford Business Group was represented by the country director.

The book is scheduled to be completed in September and published in October.

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