Brunei will continue to create a culture where small and medium enterprises (SMEs) can grow and thrive with true entrepreneurial spirit and leadership, Dato Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah, the Deputy Minister of Finance said yesterday.

Delivering a keynote address at the Leading Business in Asia Forum held at the Radisson Hotel, he shared some of the work the government has been doing to support the changes in local SMEs and the transformation in many government-linked companies (GLCs).

He noted that the long term policy goals of the government, by way of the Brunei Vision 2035, sets measurable targets for both society and economy to drive economic diversification and sustainability.

"The recent circumstances facing the global economy, including but not least the volatility in the prices of oil and gas underscore the priority our government assigns to the accelerated attainment of the Brunei Vision 2035 targets; in other words, to diversify and meaningfully increase the contribution of sustainable commercial enterprises to drive our economy, and as a means to increase gainful, knowledge-based employment for all Bruneian citizens."

He said that given the current size and structure of Brunei's economy, the government has placed great emphasis on the importance of the success of SMEs in contributing to a sustainable economic development.

He noted that the national SME body DARE (Darussalam Enterprise) was established earlier this year to lead and develop a holistic and well-coordinated strategy to facilitate and drive the tangible growth of SMEs so that they can play a vital part in economic diversification initiatives.

"Brunei aims to bring its SMEs to the next level of growth where focus has been given to create the right environment for innovation to spur and for the market network to expand beyond its shores.

"We continue to capitalise on the foundation we have created over the years in Brunei's iCentre and Knowledge Hub to provide effective and vibrant start-ups the ecosystem to nurture their talents and potentials," he said.

"With the provision of effective incubation programmes and co-working spaces, start-ups are able to tap into collaborative networks and a wide range of great ideas that can be turned into real and tangible opportunities."

Another driving factor is the spillover effect of FDI inflows, he highlighted. "The effort to create strong linkages between foreign affiliates and our domestic SMEs will continue to provide opportunities for partnerships not only in the local supply chains but also in expanding their markets base to a wider network outside Brunei."

"With market liberalisation,active engagement of multilateral trade agreements will allow for easier access to new market partners and will maximise the opportunities for our businesses to benefit from the potentials of the larger overseas markets, and open up opportunities for more FDI inflows and export activities."

Providing an ecosystem conducive for local SMEs to grow is key, he asserted.

"Through the working partnership with DARE, we will continue to create an environment for them to flourish by improving their access to financing, access to wider markets, access to industrial space and access to effective development programs to enhance their capacity, capability and competency."

"We will continue to improve our policy directions, regulations and processes to ensure that we remain relevant and appropriate to address their needs," he said.

Source:
@BRUDIRECT.COM

by BruDirect.com

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