| Danial Norjidi |
TO ENSURE local micro, small and medium enterprises (MSMEs) are viable and sustainable, Brunei needs entrepreneurs and inventors with a global perspective so that solutions they develop can become solutions for other countries and have the potential to compete in the Asean region and globally.
This was stated by Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim, Minister at the Prime Minister’s Office and Minister of Finance II while delivering a speech at the closing ceremony of B{CODE} – Brunei’s 1st National ICT Hackathon yesterday.
“As we all know, in this era of globalisation without borders, ICT facilities have changed most aspects of our lives,” he said. “With the speed and application of this technology, it has not only facilitated the telecommunications sector but also had a clear and wide impact in the increased contribution of other sectors. For example, trade through e-commerce, transport through mobile applications, finance through FinTech and more.
“The use of the latest technology has been recognised as a fundamental element for any country that wants to see a surge in economic activity. So it is no wonder that the largest companies in the world today are also technology-based companies.
“Globally, the world has witnessed what is called the Fourth Industrial Revolution, which stresses the importance of the digital economy. The existence of some of the latest technologies such as the Internet of Things (IoT), artificial intelligence (AI), 3D printing and the impact of disruptive technologies and so on has opened up new opportunities for us to continue to explore and develop.”
Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim, Minister at the Prime Minister’s Office and Minister of Finance II at the event. – DANIAL NORJIDI
In a study conducted by the McKinsey Global Institute, this latest technology will contribute to changing society 10 times faster and with 300 times more impact when compared to the previous Industrial Revolution, he shared.
“With these rapid developments, it is definitely an opportunity that is very important in our efforts, from both the government and non-government, to work together to develop and diversify the economy.”
He said that, for connectivity, statistics for the year 2016 show that mobile phone penetration rate in the country has increased by 11 per cent to 125.5 per cent, while the broadband penetration rate of mobile phones increased by 19 per cent to 121.2 per cent.
“Alhamdulillah, we are grateful and proud to see a number of micro, small and medium enterprises (MSMEs) in the country have already seized the opportunity that has been presented by this connectivity, and arranged their business plans based on the use of technology. This approach, Insya Allah, will open new markets and expand the existing MSMEs, and for start-ups, it will generate innovation and creativity through competition.”
The minister added, however, that “to ensure local MSMEs are viable and sustainable, it requires entrepreneurs and inventors with a global perspective, so that solutions that are presented can be expanded and become solutions for other countries, and have the potential to compete in the Asean region and globally. This is because Asean has a population of 636 million and is the 7th largest economy in terms of Gross Domestic Product (GDP) and is expected to become one of the largest digital economies in the world in 2025”.
He highlighted that the government, in a concerted effort to achieve Brunei Vision 2035, will continue to implement key reforms to ensure that the business environment in the country will be more favourable, pro-business and viable. With facilities that have been channelled through certain agencies, it is hoped that opportunities would be welcomed by the operators and the local designers, especially to companies that are innovation and creativity-oriented, he said.
“Although Brunei Darussalam’s participation in the digital economy is still at a low level at this point, it has the potential to be developed and expanded more effectively. What is important is that skills training in the use of this technology must be improved and diversified further, in line with the current needs and changes in the world.”
He explained that this is to prepare locals to be more robust, to have more potential and able to meet to meet the labour market needs of the industry, and thus be able to compete regionally and globally, whether in the field of digital entrepreneurship or as skilled individuals.
The minister also expressed his hope that the B{CODE} competition as well as the activities carried out through it will become a starting point and catalyst for the development of digital technology and innovation clusters through the development of local “Made in Brunei” applications which have marketability not just at a national level but also at a global level.
“We must dare to venture into new fields and be confident in ourselves. Do not just wait for the opportunities, but create the opportunities,” he said.
He shared that by nurturing a culture and mindset to think in an open and global way, it is hoped to produce a positive mindset to seize and identify opportunities that are available, and to explore these opportunities more widely to generate sustainable income.
He also expressed his hope that the networking that has been developed through this programme will be maintained, upgraded and expanded in order to support this group to be able to help improve, through feedback in any effort, towards achieving the results that are hoped for.
“Congratulations to all par-ticipants of the competition, especially the winners of each category. Hopefully, the participants will be able to utilise the knowledge and experience gained as well as possible,” he said.
“For the winners of each category who will receive the prize of a grant worth B$20,000, it is hoped that it will help in bui-lding their respective applic-ations and new intellectual property,” he added.
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