Roundtable Discussion On Economic Diversification
By Amin Hosni

Bandar Seri Begawan - The Centre for Strategic and Policy Studies (CSPS) with the vision of becoming a premier strategic policy research centre in Brunei Darussalam disseminated research findings via an Economic Diversification Roundtable in collaboration with the Asia Inc Forum yesterday at the Indera Kayangan Ballroom of the Empire Hotel and Country Club.

Dato Paduka Mohd Alimin Abdul Wahab, Acting Chairman of CSPS, in his welcoming remarks said the roundtable was one of the main initiatives of CSPS that was set up to perform the role of Brunei's first formal, non-governmental think-tank in line with the CSPS Order 2006.

"We strive to encourage the advancement and dissemination of knowledge and the promotion of research on Brunei Darussalam and all matters pertaining to Brunei Darussalam's interest.

"CSPS's core areas of activities are in research, primarily focusing on economic diversification, social security, education and unemployment and youth issues.

"Economic diversification has been a long standing policy for Brunei since the 3' National Development Plan 1975-79, and after that various efforts have been put up by the government towards this aim.

"The country offers a sound, stable and secure economic climate to encourage foreign direct investment as well as stimulate the growth of local SMEs to expand locally and internationally," said the acting chairman.

He added that Brunei's oil reserves might run out in 30 years or so and the country has to move forward considering its economic policy.

"During the presentation, old ideas as well as fresh new perspectives on how we can overcome the challenges and diversify our economy will be shared by the speakers," he said.

The research reports were presented with recommendations by two consultants namely Mr Manu Bhaskaran from Centennial Asia Advisors Pte Ltd, Singapore and Dr Mark Crosby, Melbourne Business School, Australia.

The research papers emphasised on the expert ideas and opinions on the true nature of the problems in diversifying the Brunei economy and why economic diversification efforts have not been progressing fast enough as expected.

Dr Mark Crosby presented his study on the implementation issues of the proposed Monitor Group Business Clusters, which consist of hospitality and tourism, financial services, business services, and transport and logistics.

Dr Crosby listed several recommendations on bureaucracy and public sector reform, which include red tape, expertise proportion in the public sector, salaries and benefit reduction.

He however emphasised more on human resource reform, which includes university expansion on both seats and the type of school, young entrepreneur programme and also infrastructure development.

Mr Manu Bhaskaran's recommendation on the almost similar issues was expounding more on building an enabling business environment, strengthening the corporate sector and also the strategies for foreign direct investment. He also pointed out that the human capital element will support Brunei's economic diversification in the long term.

The roundtable, which was moderated by Fauziah Dato Talib, board member with CSPS, brought together some 150 stakeholders, policymakers, members of both the public and private sectors, together with esteemed reactors with extensive experience and expertise.

Among the panellists were Dato Paduka Timothy Ong, Acting Chairman of Brunei Economic Development Board (BEDB); Pg Hjh Mariana PDNLDR Pg Hj Abd Momin, Acting Permanent Secretary at the Ministry of Industry and Primary Resources; Dr Roger Lawrey, Deputy Dean of Universiti Brunei Darussalam; and Haji Shazali Dato Haji Sulaiman.

Earlier, Mr Vincent Cheong, CEO of BEBD, touched on various issues relating to Brunei's Economic Outlook for 2008/2009 at the luncheon.

Several important points were tabled with positive recommendations to the nation's economic diversification plans. A report of the roundtable will be compiled for future release to the public. -- Courtesy of Borneo Bulletin

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