| Danial Norjidi |
LOCAL Micro, Small and Medium Enterprises (MSMEs) are a vital source of economic output, employment and innovation and the future of the private sector rests with the success of these MSMEs.
This was highlighted by Minister of Energy and Industry Dato Seri Setia Dr Awang Haji Mat Suny bin Haji Mohd Hussein while delivering a speech at the LiveWIRE Business Awards Start-up Funding Scheme ceremony yesterday.
The minister said that the Ministry of Energy and Industry is currently the custodian of a wide range of portfolios – energy, electricity, industry, manpower, climate change, science and technology as well as entrepreneurship – through its close collaboration with DARe (Darussalam Enterprise).
“All of these elements are inter-related. In our journey towards realising the Brunei Vision 2035 goals, it is our collective responsibility to synchronise and harness all these together.
“We see entrepreneurs as one of the major lifelines of our economy who will be key determinants of success – not just in each portfolio we have mentioned, but also for our society’s well-being,” he said.
The minister noted that the importance of entrepreneurs and MSMEs has been highlighted by His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam on a number of occasions. The latest emphasis was during His Majesty’s titah in conjunction with the monarch’s 72nd birthday on July 15 this year.
“Our local MSMEs are not just a source of economic output, but they are a vital source of employment and innovation,” said the minister. “We are counting on entrepreneurs, like yourselves, and MSMEs to realise many of our Brunei Vision 2035 goals and beyond. The future of the private sector rests with the success of our MSMEs – we need to expand beyond the handful of oil and gas enterprises and government-linked companies that currently dominate the private sector.
“Every year, we see roughly 6,000 new jobseekers registering themselves at JobCentre Brunei. The growth of industry and the private sector are vital to ensure employment in the long-term. Job creation is an ongoing effort that will require not only foreign direct investment, but also the organic growth of our local businesses to expand the job market.”
“Our challenge to all of our local enterprises is to grow the non-oil and gas sector, and also to look beyond our national boundaries – to find your foothold in the international market.”
The minister affirmed that the government, along with its partners like DARe and various other agencies and entrepreneurship centres, remain committed to supporting local enterprises.
“We are committed to not only encouraging entrepreneurship programmes like LiveWIRE and the Energy Business Academy, but also creating a conducive business ecosystem for our local businesses and forging linkages between local businesses and FDI companies.”
Among the Ministry of Energy and Industry’s new programmes this year is the i-Usahawan programme, which exclusively ring-fences selected contracts for local Bruneian entrepreneurs to expand opportunities for smaller local businesses.
“We began with the roll-out of the scheme with the Brunei Shell Joint Venture companies contracts and are now seeking to extend it to other contracts. It is our desire to see our Bruneian enterprises grow.
“There are many resources and process improvements now. We encourage entrepreneurs and the public to draw on the current resources and opportunities available to you such as mentorship and training programmes at Darussalam Enterprise, LiveWIRE Brunei and other agencies,” he continued. “Also, do not forget to tell us about your journey so that we too can learn from your experience and provide better support to our local MSMEs.”
The minister highlighted, “We have progressively improved our World Bank Doing Business rankings, rising from number 72 to number 56 in 2018, but there is still much more we can do to help businesses, providing avenues for capacity-building and unlocking new business opportunities.
“We aspire to provide the means to empower our businesses to stand on their own merit and ingenuity to pave the way for themselves and other Bruneians – whether it is other Bruneian entrepreneurs or Bruneian employees.
“The road ahead for our entrepreneurs will be an exciting one, but it may not be easy. We hope that you maintain your enthusiasm for learning and growth as you cannot rest on your laurels in business – your competitor is just around the corner.
“The industrial and economic landscape is rapidly evolving and we must be more attuned to continuous improvements and ensuring customer satisfaction to sharpen our competitive edge,” he added.