KEMENTERIAN KEWANGAN DAN EKONOMIBRUNEI DARUSSALAMTOWARDS A DYNAMIC AND SUSTAINABLE
ECONOMYECONOMIC BLUEPRINT FOR BRUNEI DARUSSALAM

Published By:
Ministry of Finance and Economy
Brunei Darussalam© Ministry of Finance and Economy, Brunei Darussalam 2020
ISBN 978-99917-72-30-1
All rights reserved. No part of this book contents may be reproduced in any form or by any means whether
electronic, photocopying, recording, or otherwise, without the prior written permission of the Ministry of
Finance and Economy.

Illustration and photos courtesy of the Information Department, other agencies and private.

Designed by the Department of Economic Planning and Statistics, Ministry of Finance and Economy.
Printed by Print Plus Sdn Bhd, Brunei Darussalam.

ii

TITAH“Alhamdulillah, I am grateful that with the blessing and grace of Allah
Subhanahu Wata’ala, Brunei Darussalam’s economic development and growth
have seen significant progress over the years. Several efforts towards diversifying
our economy have been put in place through increasing local businessdevelopment and Government-Linked Companies as well as attracting foreign
direct investments. Recent years have seen positive growths in both our Gross
Domestic Product and exports, with encouraging developments particularly infood, downstream oil and gas as well as manufacturing sectors. Nevertheless,with our target period for Wawasan Brunei 2035 closely approaching, we need toaccelerate further our progress in economic development and growth.
Against this backdrop, I have consented on the formulation of the Brunei
Darussalam Economic Blueprint that will help steer us towards realising the Third
Goal of Wawasan Brunei 2035 - A Dynamic and Sustainable Economy.
Making this vision a reality means all parties must work together in awhole-of-nation approach, drawing on all of our strengths.
In actively pursuing our development goals, we must continue to uphold
our Melayu Islam Beraja (MIB) values, safeguard our political stability andsovereignty as well as fulfill our commitment in preserving the environment.
I hope that this economic blueprint will serve as impetus to a growing
economy, underpinned by strong governance, resilient and thriving businesses
able to harness economic opportunities created by the fourth industrial
revolution allowing for increased innovation, productivity and competitivenessalong with the emergence of new industries.
Insya’ Allah, through our solidarity and collective efforts, the prosperity wehave achieved over the years will continue and can be enjoyed together by our
future generation.

Wabillahi
Wabarakatuh.”

TaufiqWal-Hidayah,

Wassalamu‘Alaikum

Warahmatullahi

SULTAN HAJI HASSANAL BOLKIAHSULTAN AND YANG DI-PERTUAN
OF BRUNEI DARUSSALAM

iii

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 Darussalamiv

v

Progressing Towards a
Dynamic and Sustainable Economy
Foreword from The Honourable
Dato Seri Setia Dr Awang Haji Mohd Amin Liew
bin Abdullah
Minister at the Prime Minister’s Office andMinister of Finance and Economy IIA

lhamdulillah, with the blessings of Allah
Subhanahu Wata’ala, it is with great
pleasure that I present the 'Economic
Blueprint for Brunei Darussalam — Towards a
Dynamic and Sustainable Economy’.
Upholding His Majesty's Titah on 1st January 2020
on the occasion of New Year 2020, and towards
achieving the third goal of Wawasan Brunei 2035,
the Ministry of Finance and Economy hasembarked on the development of this Economic
Blueprint which is a result of extensive discussions
with various stakeholders.
This blueprint will support Brunei Darussalam’s
journey towards becoming a dynamic andsustainable economy, through providing six (6)well-defined aspirations with more than 30 policy
directions.
Economic diversification and a strong private
sector are crucial for a strong and resilient
economy, whereas skilled, adaptable andinnovative people and high quality infrastructure
will allow us to compete on a regional and global
level. Strong regional and global connectivity will
enable our businesses to expand as well as attract
quality investment to the country. Good
governance and excellent public sector service
delivery on the other hand will further support
Brunei Darussalam’s efforts to develop its
economy. Finally, for growth to be sustainable, thecountry’s natural environment has to besafeguarded
throughthepromotionofenvironmentally friendly initiatives.

To this, we have identified five (5) priority
sectors among other emerging sectors that will
spearheadthedevelopmentofBrunei
Darussalam's Non-Oil and Gas Sector, thereby
contributing to the country’s economic
diversification efforts. We will equip our
workforce with relevant skills and ensure thatthey are “future-ready”. We will enhance Brunei
Darussalam’s integration in both regional andglobal markets and deepen our commitment
towards preserving the environment whilepursuing economic development.
We will continue to provide quality andaccessible infrastructure which is critical in
supporting economic activities and ensuring thewellbeing of the people. The Government will
improve its governance and public service
delivery in supporting the development of theprivate sector. Through these initiatives, it ishoped that the Non-Oil and Gas Sector will
expand and increase its contribution to the Gross
Domestic Product and the private sector will
become the main driver of economic growth.
To conclude, I would like to express myappreciation and gratitude to members of theWorking Group and those who have made allforms of contribution in the development of thiseconomic blueprint. The Government recognisesthat achieving sustainable economic growthrequires concerted efforts by all stakeholders andthus, this document embodies our whole ofnationapproachtotransform
Brunei
Darussalam’s economy.

vi

Executive SummaryCurrently, Brunei Darussalam is facing
challenges in its economic landscapedue to its heavy dependence on oil and gas,
which is reflected in its low economic growthand high unemployment.
Thus the Ministry of Finance and Economy(MOFE) has initiated the Economic Blueprintfor Brunei Darussalam. The objective of thisblueprint is to act as a guide for stakeholders
to build on the country’s economic
successes through well-defined aspirations
and policy directions complementing theefforts to achieve Wawasan Brunei 2035’s
Goal 3.
There are six (6) aspirations in the economic
blueprint and the objectives are;Aspiration 1 - Productive and VibrantBusinesses
In this aspiration, we want our businesses tobe able to compete, grow and sustain itself
by exploring new markets and opportunities
leveraging on technology and innovation.
They are able to increase their productivity,
enhance their competitiveness and able topenetrate international markets. These can bedonethroughamongstothers,strengthening the five (5) priority sectors asengine for growth, exploring new future
growth activities, promoting internalisation of
local companies; and adaptation oftechnologies.

Aspiration 2 - Skilled, Adaptive andInnovative People
For this, our people must be marketable inthe current economic needs and be
future-ready. These can be achieved througha well-coordinated manpower planning,
promoting continuous learning, training andreskilling; and fostering the ‘Bekarih, Bejarih,
Belurih’ and receptive-to-change mentality.
Aspiration 3
Open and Globally
Connected Economy
In this aspiration, we want our businesses tobe able to penetrate external markets andattract foreign businesses. Our exports will bediversified with increased outputs frompriority sectors. The role of trade facilitation
will be integral in providing market accessand opportunities for local companies.
Aspiration 4 - Sustainable Environment
In pursuit of economic progress, we willremain mindful of the preservation of ourenvironment. By venturing in sustainable
development i.e. green and blue economy,
we can conserve our status as the Green Gem
in the Heart of Borneo and reduce our carbon
footprint.

vii

Aspiration 5 - High Quality
Competitive Economic InfrastructureandTo achieve all these aspirations, ourinfrastructure need to have the capacity tosupport and grow our businesses. We needto ensure a well-connected transportation
anddigitalnetwork,
reliableanduninterrupted electricity and water supply
and infrastructure-ready industrial sites.
Aspiration 6 - Good Governance andPublic Service Excellence
Lastly, in ensuring conducive businessenvironment, our governance and public
services need to be transparent, accountable
and adherent to rule of law. Our lean,modern and efficient governance will also
strengthen the country’s fiscal position.

By the will of Allah Subhanahu Wa Ta’ala,through a whole-of-nation approach andcollective efforts from all stakeholders, wewill be able to achieve these aspirations
whilst safeguarding the country’s politicalstability and sovereignty as a nation. Goingforward, this blueprint will act as guiding
principles and policies for formulation ofindustrial roadmaps.
Integration of technology will be critical inaccelerating the country’s development. In
particular, by taking part in the fourthindustrial revolution (4IR), we will be able tocreate new pathways for economic growth,
innovation,
development
and
human
wellbeing.
The hope is that by 2035, Brunei Darussalam
will move from a highly dependent oil andgas economy to a dynamic and sustainableeconomy providing more meaningful andhigh-value employment opportunities for ourpeople.

viii

Contents
Titah of 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 Darussalamiii

Forewordvi

Executive Summaryvii

Economic Blueprint for Wawasan Brunei 2035

1

Brunei Darussalam Economic Framework

3

Stakeholders and Fourth Industrial Revolution as
Enablers

4

Snapshot of the Six Aspirations

6

Aspiration 1 : Productive and Vibrant Businesses

7

Aspiration 2 : Skilled, Adaptive and Innovative
People9Aspiration 3 : Open and Globally Connected
Economy11

Aspiration 4 : Sustainable Environment

13

Aspiration 5 : High Quality and Competitive
Economic Infrastructure

15

Aspiration 6 : Good Governance and Public Service
Excellence

17

Conclusion

19

Appendix20Economic Blueprint for Wawasan Brunei 2035

W

awasan Brunei 2035 was formulated in 2007, which aims to make Brunei Darussalam
recognised as a country that has the following achievements:

EDUCATED, HIGHLY-SKILLED
AND ACCOMPLISHED PEOPLE

HIGH QUALITY
OF LIFE

DYNAMIC ANDSUSTAINABLE ECONOMY

The economic blueprint titled ‘Towards a Dynamic and Sustainable Economy — Economic
Blueprint for Brunei Darussalam’ will act as a guide for implementing agencies or
stakeholder to help Brunei Darussalam accomplish the Goal 3 of Wawasan Brunei 2035,
which also indirectly supports Goal 1 and Goal 2.
To achieve the Goal 3 of Wawasan Brunei 2035, we strive to achieve the four (4) national
economic outcomes.

HIGH ANDSUSTAINABLE
ECONOMIC GROWTHECONOMIC
DIVERSIFICATION

MACROECONOMICSTABILITYThis can be achieved
This involves increasing the This entails the economy tothrough quality investment contribution of the Non-Oil be resilient to any shocks.
and increasing productivity.
and Gas Sector to theeconomy.

LOW UNEMPLOYMENTRATEThis entails creating morequality jobs and preparing
the workforce to be moremarketable.

The importance of this blueprint is more apparent considering that we have yet to fulfill thefour (4) national economic outcomes with the country experiencing low economic growthcompared to neighboring economies in recent years; high unemployment rate; and low non-oil
and gas exports. In preparing this blueprint, substantial considerations have been given to
current initiatives and existing strategic plans to determine the best direction for the economy.

1

Wawasan Brunei 2035
Wawasan Brunei 2035 was initiated by theGovernment of His Majesty the Sultan and Yang
Di-Pertuan of Brunei Darussalam in 2007, whichaims to transform Brunei Darussalam to be known
throughout the world as a nation whose people
are educated and enjoy high quality of life with adynamic and sustainable economy.

Economic Blueprint
Formulation of the blueprint as a guideline for
implementing agencies or stakeholders to support
Wawasan Brunei 2035’s Goal 3.

2007

2020

Our Future Economy
Brunei Darussalam becomes a dynamic andsustainable economy

2035

2

Brunei Darussalam Economic FrameworkBuilding upon Wawasan Brunei 2035’s Goal 3 as the main vision for the economy of Brunei
Darussalam, this economic blueprint complements the efforts by outlining six (6)aspirations each with its own set of strategic priorities and policy directions. Thiseconomic blueprint will act as a guide for the formulation of Industrial Roadmaps and Key
Sectors Masterplans. This framework will ensure more coherent programs and projects as well
as more concerted efforts within the economy between the private sector and the Government.

WAWASAN 2035 GOAL 3: DYNAMIC AND SUSTAINABLE ECONOMY
Wawasan Brunei
2035 Goal 3
Outcomes

Economic
Blueprint as
Guiding
Principles andPolicies

Industrial
Roadmaps/Key
Sectors
Masterplan
Guiding
Ministerial
Strategic Plans

High & Sustainable
Economic Growth

Economic
Diversification

Macroeconomic
Stability

Low
Unemployment

ASPIRATIONASPIRATIONASPIRATIONASPIRATIONASPIRATIONASPIRATIONPRODUCTIVE& VIBRANTBUSINESSESSKILLED,
ADAPTIVE &INNOVATIVEPEOPLE

OPEN &GLOBALLY
CONNECTEDECONOMYSUSTAINABLE
ENVIRONMENTHIGH QUALITY& COMPETITIVEECONOMICINFRASTRUCTURE

GOOD
GOVERNANCE& PUBLICSERVICEEXCELLENCE

I

II

III

IV

V

VI

Key Sectors Masterplans

Industrial Roadmaps

Ministerial Strategic Plans

Programmes andProjects
supporting theIndustrial
Roadmaps andStrategic Plans

RKN
Investments

Private Sector
Investments

Government-Linked
Companies (GLCs) &Statutory Board Investments

3

Stakeholders and Fourth Industrial Revolution
as Enablers

To ensure the success of the blueprint, a collaborative and whole-of-nation approach is
required amongst the Government, investors, private sector and people based on theirrespective roles.

PRIVATE SECTOR

Fourth Industrial
Revolution

To spearhead
economic development

GOVERNMENTPEOPLETo facilitate andenable economic
growth anddevelopment

To support economic
development
initiatives and be
receptive to changes

INVESTORS
To fund economic development
through foreign direct investment(FDI) and local businessdevelopment

Moving towards a dynamic and sustainable economy, adopting state-of-the-art technology inline with the country’s vision to become a smart nation will provide ample opportunities for
Brunei Darussalam to accelerate economic growth. This will assist our businesses to ease andexpand their operations which will subsequently create more opportunities and output.
To achieve this, strengthening the necessary fundamentals such as connectivity, digital policies
and cybersecurity is vital. Once this foundation is laid, more benefits of the Fourth Industrial
Revolution (4IR) will be realised either through process optimisation or creation of new businessmodels leveraging on technologies such as drones, Artificial Intelligence (AI), Internet of Things(IoT), Virtual Reality, Block Chain and others.
On top of that, the availability of necessary talent and skilled manpower to harness 4IR is also
important. Brunei Darussalam will continue to adapt to the evolving nature of work by setting up
mechanisms for lifelong learning, upskilling and reskilling of society.

45Snapshot of the Six AspirationsThese six (6) aspirations together, form the ecosystem to the economy which will ensuresustainable development.

Productive & VibrantBusinesses

Skilled, Adaptable &Innovative People

Open & Globally
Connected Economy

Our businesses can compete,grow and sustain itself by
exploring new markets andopportunities

Our people are marketable inthe current economic needs
and have the capacity tocreate new products andservices

Our economy can penetrateexternal markets and able toattract foreign businesses

Sustainable
Environment

High Quality &Competitive
Economic
Infrastructure

Good Governance &Public Service
Excellence

Our environment iswell-preserved by
venturing in sustainable
development

Our infrastructure has thecapacity to support and growour businesses

Our public service is efficientin ensuring a conducive
business environment

6Aspiration 1 : Productive and Vibrant BusinessesBrunei Darussalam’s economy has seen periods ofprosperous development, mainly driven by oil and gas
activities. This has led to more spin-off businesses
including Foreign Direct Investment (FDI) companies andMicro, Small, Medium Enterprises (MSMEs). In addition,
more meaningful and high-value jobs have been created.
Towards a sustainable economic development, the country
envisions to develop the Non-Oil and Gas Sector bydiscovering new economic activities as well as
strengthening the five (5) priority sectors: Downstream Oiland Gas, Food, Tourism, Info-communications andTechnology (ICT) and Services.
As we enter a new phase of development, the journeyahead is not without challenges. Thus, growing capabilities
and resilience amongst our businesses will be crucial.
Therefore, our businesses, especially Bruneian-owned
businesses must have the ambition and drive to growthrough increasing collaboration and exploring newmarkets as well as opportunities.

STRATEGIC PRIORITIESIn this aspiration, we want to enhance our efforts in increasing
the contributions of the Non-Oil and Gas Sector by realising
the following strategic priorities:i)Strengthen the five (5) Priority Sectors as engineof growth to spearhead economic development anddiversification.

ii)

Continuously explore new future growth activities tofurther develop the economy.

iii) Widen export base, particularly in the Non-Oil and
Gas Sector to diversify the economy.
iv) Promote internationalisationofcompaniesbyfacilitating and assisting local businesses to export theirproducts and to expand their operations overseas.
v)

Create high value-added activities by leveraging
on emerging technologies and innovation.

vi) Foster innovation- and technology-driven businesses
to increase productivity and competitiveness.

CURRENT STATUS

162

167

5,913

5,990

vii) Encourage businesses to create meaningful employment
especially for locals towards a more productive andcompetitive workforce.

Non-Oil and Gas Sector GDP

From 2015 to 2019, the number of MSMEs
increased by about

3.4%
FDI Stock

Since 2010, the non-oil and gas private sector
grew on average by

2.6%

However, its overall contribution to GDP wasless than 30%
FDI stock experienced significant
increase for the last 10 years.
7Aspiration 1 : Policy Directions

Policy Direction 2

Policy Direction 1

Developing entrepreneurs,
especially Bruneians to leadbusiness ecosystem.

Promoting broad-based growth bystrengthening priority sectors
including exploring new economic
activities.

Policy Direction 3
Continuing efforts on promoting
FDI including exploring new
economic activities to spur
economic growth.

Policy Direction 9

Policy Direction 4

Adopting good governancein the private sector.

Ensuring local MSMEs areable to support and benefit
from FDI and GLC activities.

Policy Direction 8
Increasing public-private partnershipfor efficient resources allocation andprivate sector development.

Policy Direction 5
Shifting towards higher
value-added activities andproducts through innovation andcompliance to international
standards.

Policy Direction 7

Policy Direction 6

Providing locals with meaningful andhigh-value jobs to meetindustry needs.

Promoting companies to be more
export-oriented.

8Aspiration 2 : Skilled, Adaptive & Innovative
PeopleP

eople are the country’s most valuable capital in driving
economic growth. Brunei Darussalam has longemphasised the provision of a quality education for its
people through numerous initiatives and policies.
Nevertheless, rapid globalisation and technologicaladvancements have altered the way people and businesses
interact with one another. Therefore, it is crucial to ensurethat our people stay relevant by being innovative andhaving the right skills to meet future industry demands aswell as adaptive to any disruptive global trends.
Skilled, adaptable and innovative people with the rightmentality will also lead to generation of more
entrepreneurial talents that can capture more opportunities.
This will also help build resilience in human capital in driving
growth amid the unpredictable changes in the global
economic landscape.

CURRENT STATUS

Total number of locals employedin 2019:

147,442
Public vs Private Sector

STRATEGIC PRIORITIESIn this aspiration, we want to ensure that our workforce is“future-ready" through the following strategic priorities: i)

Promote and encourage people to be work-ready andhighly productive by ensuring they are well-equippedwith the skills needed by the industries.

ii)

Promote continuous learning, training and reskilling toensure our workforce remains relevant and adaptable tochanging industry needs.

iii) Instill creative, entrepreneurial and innovative traits
across society to ensure that our businesses and ourpeople can develop new technologies, ideas andproducts.
iv) Foster a “Bekarih, Bejarih, Belurih” mentality acrossthe society to promote self-reliance, proactive attitude
and productivity.
v)

Our people to be receptive and adaptive to global trends
giving full support to national initiatives.

Unemployment Rate

73,023 (49.5%)
Number of locals employed in the
public sector in 2019
By Profession

Brunei Darussalam’s unemployment
rate in 2019 was recorded at

6.8%

67,594 (45.8%)
Number of locals employed as technicians
and associate professionals, professionals,
managers and senior officials in 20199

Aspiration 2 : Policy Directions

Policy Direction 2
Digital inclusiveness educationand training programmes for all
level of citizens.

Policy Direction 3

Policy Direction 1

Promote and provide accessible
life-long learning to meet thechanging skill needs of our economy.

Continue providing
high-standard education system
which will produce experts,
professionals and technicians tomeet industry demand.

Policy Direction 4
Policy Direction 6

Strengthening research, development
and innovation capacity to support
industrial development.

Instill a healthy work-life balance
to ensure a productive workforce.

Policy Direction 5
Strengthening programmes which will
foster the spirit of entrepreneurship andself-reliance.

10Aspiration 3 : Open and Globally Connected
EconomyBrunei Darussalam’s strong commitment to national andinternational development is showcased through its
continued support for open trade policies and its active
engagement as well as participation in the regional andinternational arena. Brunei Darussalam is already asignificant party to various trade agreements and has
establishedstronginternational
connections
andpartnerships as reflected through its memberships inmultiple international organisations.
Such relations and partnerships therefore have opened up
many opportunities for Brunei Darussalam to be part of the
global supply chain as they serve as gateways to widen
market access.
Essentially, this allows for increasing participation of our
local businesses in overseas market as well as attracting
new potential investments into the country.
The global economy is rapidly changing and moreinterconnected than before, opening new markets andopportunities. At the core of global interconnectedness are
increasing knowledge flows and technological advances,which translate into faster development, productivity andinnovation.
In order to keep pace with the scale and complexity ofthese changes and maximise potential gains, we must
continue to forge stronger international ties and promote
free trade to ensure a better future for Brunei Darussalam.

STRATEGIC PRIORITIESIn this aspiration, we want to build on the country’s goodefforts and make Brunei Darussalam to be recognised as anopen and globally connected economy through the following
strategic priorities:i)

Increased market access opportunities by improving
trade facilitation to assist local businesses in exportingto overseas market.

ii)

Establish and promote diversified and deepened
economic partnerships with strategic counterparts tostrengthen trade cooperation and reduce barriers totrade.

iii) Position Brunei Darussalam as investment- and trade-friendly
destination
to establish new tradeopportunities and attract FDIs.

Exports of Goods and Services

CURRENT STATUS

Exports of Goods and Services
account for about

60.5%

World Bank’s Doing
Business 2020 ranked
Brunei Darussalam

As of 2019, FDI Stockin Brunei Darussalam
amounted to

149th

BND9.6
Billionout of 190 economies
in “Trading AcrossBorders”

of the total GDP in the last
10 years

11

Aspiration 3 : Policy Directions

Policy Direction 2
Making Brunei Darussalam as aninvestment and trading hub.

Policy Direction 1

Policy Direction 3

Promoting and strengthening
economic ties with trade partners,
bilaterally, regionally andmultilaterally for wider market
access.

Encouraging businesses to maximise
international trade opportunities.

Policy Direction 6

Policy Direction 4

Attracting foreign direct investment
with established market network.

Strengthening trade facilitation toassist export-ready companies
through efficient competentauthorities.

Policy Direction 5
Promoting our local products andservices in the international arena.

12

Aspiration 4 : Sustainable EnvironmentT

he wealth, diversity and uniqueness of Brunei
Darussalam’s natural environment is a valuable andirreplaceable commodity and central to ensuring a highquality of life for the current and future generation.
Brunei Darussalam must stay committed to achieve the rightbalance for the purpose of economic development or
growth while being mindful of environmental preservation.
Advocating environmental friendly and sustainable practices
in businesses whilst investing in green technology will
ensure economic growth can be achieved withoutcompromising our environment including the marine
ecosystem.
Through the Blue Economy, the ocean offers bountiful ways
for exploitation and opportunity for economic growth fromfishing activities, oil and gas extraction to maritime transport
and tourism. This will also reinforce our country as aenvironmental-friendly tourist destination.

STRATEGIC PRIORITIESThis aspiration is to preserve the environment while at thesame time maintain the current position through thefollowing strategic priorities: i)

Promote preservation of environment by ensuring our
natural assets and resources are well-preserved.

ii)

Promote economic growth through green growth
initiatives and sustainable Blue Economy.

iii) Investing and promoting sustainable businesses andtechnology not only to increase productivity but also
to conserve the environment.

Land Conservation

CURRENTSTATUS
CURRENT STATUS

72%

Brunei Darussalam’s
land area covered bypristine rainforest

58%

Brunei Darussalam’s land areaconserved under theHeart of Borneo initiative
Environmental Performance Index

Marine Protected Areas

Brunei Darussalam’s
Marine Protected Areas cover up to20%

of its total marine area

Brunei Darussalam
is ranked

46th

in the Environmental
Performance Index 2020

per year

13

Aspiration 4 : Policy Directions

Policy Direction 2
Promoting green growth
initiatives and sustainable Blue
Economy.

Policy Direction 1
Instilling the culture that
promotes preservation ofenvironment and ecosystem in
economic activities.

Policy Direction 5
Limiting land and environmental
degradation in any economic
development activities.

Policy Direction 3
Promoting research,development and innovation todevelop and adopt
environmental-friendly andresource-efficient technologies.

Policy Direction 4
Promoting and investing inenvironmental and green-friendly
industries.

14

Aspiration 5 : High Quality and Competitive
Economic InfrastructureBrunei Darussalam has over the years made significant
progress towards providing high quality andcompetitive economic infrastructure.
Given the fast-changing environment and rapid global
growth, it is critical for us to build quality, modern andaccessible infrastructure to remain competitive and maintainhigh standard of life.

STRATEGIC PRIORITIESThis aspiration looks to improve our infrastructure throughthe following strategic priorities: i)

Ensure a well-connected land, sea and airtransportation network. Having a well-connected,
reliable and convenient transportation network (road, sea
and air) can facilitate efficient movement of goods andservices as well as people. Hence, this can promote
growth, increase productivity and enhance market accessand opportunities. This also includes providing awell-developed transportation and logistics infrastructure(airport, ports and warehousing).

ii)

Ensure reliable electricity & water supply in all areas
particularly in industries with adequate and uninterrupted
power and water supply with competitive industrial rates
to ease business and industrial operations.

iii)

Provide infrastructure-ready industrial sites such as
water, power, telecommunications and gas needed by
the foreign direct investment (FDI) and local companies
to make setting up of businesses more convenient andattractive.

iv)

Provide a digital-ready infrastructure. In this era of the
Fourth Industrial Revolution, Brunei Darussalam willcontinue to improve digital infrastructure in terms ofreadiness and accessibility. Better digital infrastructure
will improve the country’s quality of life, productivity,interconnectivity and staying relevant in the fastchanging economic environment.

v)

Encourage Public-Private Partnerships (PPP)-driven
infrastructure development by promoting investment
in social and industrial infrastructures. This will increaseprivate sector involvement in capital spending andimprove operational efficiency.

With a high quality and competitive economic infrastructure,
it is hoped that our people and businesses will be wellplaced to capture the opportunities in the future.
Furthermore, the Government as well as the private sector
have actively engaged in the betterment of theinfrastructure such as investment in the port management
facilities, Muara Port Company.

CURRENT STATUS

The Global
CompetitivenessIndex 2019 ranked
Brunei Darussalam

The Global
Innovation Index
2020 ranked
Brunei Darussalamout of 141 economies
in “Quality of Road
Infrastructure”

out of 131 economies in“Technology-Related
Infrastructure”

32nd

59th

.

Fixed and Mobile Broadband Penetration

Fixed Broadband
Penetration forhouseholds andbusinesses:

Mobile Broadband
Penetration
Per 100
Inhabitants:

2019: 51.6%
2012: 20.1%

2019: 131.9
2012: 94.7
15

Aspiration 5 : Policy Directions

Policy Direction 2
Ensuring efficient and uninterrupted supplyof water and electricity to homes, businesses
and industries.

Policy Direction 1
Improving road, sea and airconnectivity (passengers, freight
and logistics) to boost productivity
and growth of the economy.

Policy Direction 3
Ensuring industrial sites are
infrastructure-ready andstrategically located.

Policy Direction 5

Policy Direction 4

Promoting private sector investment in social andindustrial infrastructure through public-private
partnerships (PPP).

Strengthening ICT infrastructure by harnessing
the 4IR technologies to prepare towards
digital economy.

16

Aspiration 6 : Good Governance andPublic Service ExcellenceBrunei Darussalam has enjoyed political stability andsocial equity and inclusivity that arose from good
governance for many decades.
Moving towards developing the economy through a wholeof-nation approach, Brunei Darussalam needs to maintainhigh standards of governance (public and private).
It is hoped that trust and confidence between stakeholders
can be built through transparency, accountability andadherence to law.

At the same time, our governance must be able to facilitate
active and effective participation with the public andprivate sectors.
Notwithstanding, we also need to safeguard the country’s
political stability and sovereignty as a nation.

CURRENT STATUS

STRATEGIC PRIORITIESThis aspiration aims to improve our position in governanceand public service delivery through the following strategic
priorities: i) Ensure transparent and accountable governance whichmeans free flow of information and to be responsible indecision-making and enforcement. This involves
governmental institutions, the private sector and civilsociety organisations.
ii) Ensure a strong legal system with modern laws andregulations. Policies, laws and regulations should beconstantly updated and enforced with global standards
and relevant to Brunei Darussalam’s condition to promote
conducive business environment.
iii) A well-balanced relationship between the Governmentand businesses to promote long-term growth andcompetitiveness.
iv) To promote digital governance towards seamless flowof information and a streamlined business processes inorder to assist private sector development.
v) Strengthen the Government’s fiscal position to ensuresustainability.

The Global
CompetitivenessIndex 2019 ranked
Brunei Darussalam

World Bank’s Doing
Business 2020
rankedBrunei Darussalamout of 141 economies
in “Public Sector
Performance”

out of 190 economies
in ease of doing
business

77th

66th

.

Corruption Perceptions Index andE-Government Development

Brunei Darussalam isrankedBrunei Darussalam isrankedout of 180 countries
in the Corruption
Perceptions Index

out of 193 countries
in E-Government
Development

35th

The role of digital governance will be critical in supportingtransparency and at the same time, promotes efficiency andproductivity.
Lastly, any economic development should look into improving
fiscal resilience of the nation and strengthening theGovernment’s fiscal position in the long term.

60th

17

Aspiration 6 : Policy Directions

Policy Direction 1
Ensuring good governance inboth public and private sectors.

Policy Direction 2
Policy Direction 7
Moving towards moretargeted subsidies to ensure
equitable distributions.

Policy Direction 6
Undertaking fiscal
consolidation programmes for
efficient resource allocation.

Policy Direction 5
Widening and diversifying theGovernment’s fiscal revenue base toensure financial sustainability.

Ensuring a strong legal system thatis clear in its provisions andapplication, and a judiciary systemthat ensures independence,
fairness and impartiality.

Policy Direction 3
Building a well-balanced
relationship between the
Government and industries.

Policy Direction 4
Enabling seamless flow of
information across the Government,
citizens and businesses through useof ICT for efficiency.

18

ConclusionW

ith the blessing and will of Allah Subhanahu Wata'ala, we hope this document achieve its
purpose to complement and support the Wawasan Brunei 2035 third goal in progressing
Brunei Darussalam towards a dynamic and sustainable economy.
We hope this document can act as a clear and concise guideline for stakeholders to formulate
their strategic plans and roadmaps.
By adhering to the guiding principles and aspirations, we hope to see more concerted efforts
from all stakeholders in supporting the whole-of-nation approach.
Success would mean that;
Our economy transforms from highly dependent on oil and gas to a well-diversified, sustainable
and progressive economy, spearheaded by the five (5) priority sectors and other new future
growth activities as engine of economic growth.
Our economy has low unemployment rate and able to provide more quality and meaningfulemployment opportunities for our people.
Our people are creative, entrepreneurial and innovative; receptive and adaptive to global trends;
and instilled with the ‘Bekarih, Bejarih, Belurih’ mentality.
Our workforce are highly skilled, future-ready and highly productive to the needs of industries;
and continuously practising life-long learning.
Our businesses are able to leverage on technology and innovation; which increase theirproductivity and enhance their competitiveness and able to penetrate international markets.
Our exports will be diversified with increased outputs from priority sectors such as new
petrochemical products and premium food products.
All these economic goals will be supported through high quality and competitive infrastructurewith pristine environment, good governance and public service excellence.

While pursuing these goals, we will uphold our Malay Islamic Monarchy values, safeguard ourpolitical stability and national sovereignty while fulfill our commitment in preserving theenvironment.

19

APPENDIX20

ASPIRATION IPRODUCTIVE & VIBRANT BUSINESSESPOLICY DIRECTIONS & DEFINITIONS
1. Promoting broad-based growth by strengthening priority sectors including exploring new economic
activities.
 The five (5) priority sectors have been identified based on their competitive and comparativeadvantages to spearhead our economic growth and diversification efforts.
 To confront changes in the global economic landscape, Brunei Darussalam must constantly
seek and seize new growth opportunities to ensure sustainable economic development.
2. Developing entrepreneurs, especially Bruneians to lead and support business ecosystem.
Intensifying efforts such as introducing well-designed programmes to help local SMEs andentrepreneurs gain business skills and become more competitive.
 Encouraging Bruneian-owned businesses to collaborate and pioneer business development.


3. Continuing efforts on promoting FDI including exploring new economic activities to spur economic
growth.
 Attracting high quality FDI will help economic growth, create employment opportunities andincrease trade/exports.
 FDI companies will promote knowledge and technology transfer and allow the country tocapitalise from their international network.
4. Ensuring local MSMEs are able to support and benefit from FDI and GLC activities.
Enhancing the growth of our MSMEs through FDI and GLC spin-off activities and participationin the value chain will maximise in-country value.

5. Shifting towards higher value-added activities and products through innovation and compliance tointernational standards.
 By complying to international standards, business efficiencies will be enhanced, enabling thediscovery of new opportunities and more output.
 Promoting R&D and innovation among the institutions and industries can help foster the shift
towards higher value-added activities.
6. Promoting companies to be more export-oriented.
 Given our small domestic market, export market will be crucial in driving economic growth.
 Our local companies need to be nurtured to be able to produce export-ready and competitive
products and services.
7. Providing locals with meaningful and high-value jobs to meet industry needs.
 To provide our people with fulfilling jobs which provide opportunities to develop skills,
equitable earnings and job security.
 This can contribute to a productive workforce thus raising the firms’ overall competitiveness.
8. Increasing public-private partnership for efficient resources allocation and private sector
development.
 Private sector involvement in economic development can lead to increased efficiency andproductivity and further enhance the sector’s development.
 This in turn will ensure optimal resource allocation for the Government and may contribute tofiscal consolidation effort.
9. Adopting good governance in the private sector.
 Good corporate governance is essential for a company or organisation to be more efficient inachieving its objectives, to drive improvement and become more competitive.

IASPIRATION II
SKILLED, ADAPTIVE & INNOVATIVE PEOPLE
POLICY DIRECTIONS & DEFINITIONS
1. Continue providing high-standard education system which will produce experts, professionals andtechnicians to meet industry demand.
 An education system that is highly-ranked according to international standards, with an
educational curriculum that are up-to-date according to current/future industry demands isrequired to ensure that our workforce would be highly-productive and highly employable.

2. Digital inclusiveness education and training programmes for all level of the citizens.
 Strengthen current initiatives and introduce new initiatives that integrate ICT within the
education and training systems to improve ICT literacy among citizen.
 Ensuring digital readiness among all levels of individuals as we move towards digital economy sothat our workforce will be able to reap the opportunities in new industries.
3. Promote and provide accessible life-long learning to meet the changing skill needs of our economy.
 Increase opportunities and accessibility for all parts of society to upskill and reskill according to
the changing economic needs.
 This can be done through providing, promoting and encouraging the uptake of lifelong learning
programmes.
4. Strengthening research, development and innovation capacity to support industrial development.
 Instilling innovative mindset from childhood education to working life by fostering a conducive
ecosystem and strengthening collaborations between educational institutions and industry
stakeholders.
 Promoting and encouraging R&D activities that can drive businesses to produce more andinnovative products and services.
5. Strengthening programmes which will foster the spirit of entrepreneurship and self-reliance.
 Enhancing new business ideas and cultivating/shifting mindset through leadership andentrepreneurial programmes to produce more people with self-reliance and pro-active attitudes,
resilient and are receptive to global trends that meets the current needs of the economy.
6. Instill a healthy work-life balance to ensure a productive workforce.
 A balance between professional life and personal/family life is important to ensure the well-beingof our workforce.
 Alleviating stress, boosting morale and reducing negative environment through the promotion ofa work-life balance and healthy lifestyle to increase productivity.

IIASPIRATION III
OPEN & GLOBALLY CONNECTED ECONOMY
POLICY DIRECTIONS & DEFINITIONS
1. Promoting and strengthening economic ties with trade partners, bilaterally, regionally andmultilaterally for wider market access through: Aim for (a high quality) Foreign Trade Agreements (FTAs) and MOUs, tailored to Brunei
Darussalam’s needs.
 Effective coordination and implementation commitments under the various (FTAs) andinternational MOUs to tap into their benefits.
 Intensify outreach and engagement with the relevant stakeholders to raise awareness on FTAs andMOUs.
2. Making Brunei Darussalam as an investment and trading hub.
 Brunei Darussalam presents an ideal environment for business and investment given the following
advantages:i) Strategic location with proximity to emerging markets in the ASEAN region.
ii) Excellent land, sea and air infrastructure facilities and network.
iii) A highly-educated workforce.
iv) A history of political and social stability.
 These advantages will serve as the main key attractions to FDIs.
3. Encouraging businesses to maximise international trade opportunities.
 Increasing the participation of local businesses in regional and global value chains through FTAs
will expand their market reach, thus not solely relying on domestic market base.
4. Strengthening trade facilitation to assist export-ready companies through efficient competentauthorities.
 Improved trade facilitation will give businesses better access to external market and support
greater participation in global value chains (GVCs).
 Supporting national initiatives (such as by DARe) in assisting our local companies to expand theircapabilities, competitiveness and reach in the overseas market.
5. Promoting our local products and services in the international arena.
 Establishment of trading platform that can connect our local goods and services to international
markets.
 Supporting private sector initiatives to produce local products up to international standards interms of safety and quality.
6. Attracting foreign direct investment with established market network.
 FDI companies with established market network will enhance international trading prospects byleveraging on the wider reach of demand and supply channels and in turn are likely to have better
return to investment prospects that will benefit the country.

III

ASPIRATION IV
SUSTAINABLE ENVIRONMENTPOLICY DIRECTIONS & DEFINITIONS
1. Instilling the culture that promotes preservation of environment and ecosystem in economic
activities.
 Adoption of green practices in economic activities is important in the preservation ofenvironment and ecosystem.
 Encouraging businesses to incorporate green practices into their business strategy which include:i) Cultivating the culture that promotes preservation of environment and ecosystem in theirorganisational behavior; andii) Prioritising cooperation with vendors and organisations that adopt sustainable businesspractices.
2. Promoting green growth initiatives and sustainable Blue Economy.
 Economic development should be based on clean technologies, renewable energy, and circularmaterial flows to secure economic and social stability over time.
 Addressing existing and emerging development challenges without locking into pathways that
deplete the country's natural resources. Depletion of natural resources will leave economies andlivelihoods more vulnerable to climate change and other environmental, social and economic
risks.
3. Promoting research, development and innovation to develop and adopt environmental-friendly andresource-efficient technologies.
 Encouraging businesses to adopt the concept of resource efficiency in creation of goods andservices which involves processes, systems, services, and procedures designed with a minimal use
of natural resources (materials including energy and surface area) and a minimal release of toxic
substances can provide a better quality of life for everyone in the long term.
 Promoting R&D and innovation among the institutions and industries to develop and adopt
resource-efficient technologies are to be intensified.
4. Promoting and investing in environmental and green-friendly industries.
 Industries are encouraged to shift to green/eco-friendly activities such as energy efficienttechnologies, renewable energy creation, sustainable public transport and others.
 Green industries play a key role in bringing about recovery and sustainable growth, increasing
competitiveness, creating jobs, improving the quality and decency of jobs, while tackling acuteenvironmental problems.
5. Limiting land and environmental degradation in any economic development activities.
 Promoting innovative ways of economic development that minimise land usage andenvironmental degradation.

IVASPIRATION V
HIGH QUALITY & ECONOMIC INFRASTRUCTURE
POLICY DIRECTIONS & DEFINITIONS
1. Improving road, sea and air connectivity (passengers, freight and logistics) to boost productivity andgrowth of the economy.
 A well-connected, integrated and attractive transportation system is key to connecting people,
businesses and services by facilitating efficient movement. This will promote growth andproductivity as well as enhancing access to markets and opportunities.
 Businesses will benefit from more efficient logistics access to new markets for their goods andservices, improved productivity and the ability to use a wide pool of labour from local
communities.
2. Ensuring efficient and uninterrupted supply of water and electricity supply to homes, businesses andindustries.
 Reliable water and electricity supply is vital to ensure business and industry operations canfunction smoothly, averting potential loss of productivity and output.
 Efficient supply through adequate maintenance and innovation ensures minimal wastages andincreased production capacity.
3. Ensuring industrial sites are infrastructure-ready and strategically located.
 Industrial sites to be well-equipped with ready to use facilities such as power, road and sewage
connectivity.
 This also includes buildings clearances and others that can be delivered within a specified (andshort) time frame so that the investing company can commence operations smoothly and within
the desired time schedule.
4. Strengthening ICT infrastructure by harnessing 4IR technologies to prepare towards digital economy.
 It is critical for Brunei Darussalam to enhance its ICT infrastructure to meet the challenges brought
about by emerging technologies such as artificial intelligence, block chain, virtual reality andothers.
 Digital economy calls for more data-driven growth and greater inter-connectivity between the
Government, society and businesses.
5. Promoting investment in social and industrial infrastructure through public-private partnerships(PPP).
 Venture into PPP that can increase operational efficiencies and the Government’s capacity inresource allocation.
 PPP can offer better return on investment and assets utilisation.

VASPIRATION VI
GOOD GOVERNANCE & PUBLIC SERVICE EXCELLENCEPOLICY DIRECTIONS & DEFINITIONS
1. Ensuring good governance in both public and private sectors.
 Transparency and accountability in governance will enhance trust and confidence among theprivate sector and the public in general.
 Good governance need to be institutionalised to ensure equitability, effectiveness, efficiency andpromote productivity.
 Ensuring safety and security aspects in economic development are important especially inmaintaining political stability and protecting national sovereignty.

2. Ensuring a modern legal system that is clear in its provisions and application, and a judiciary systemthat ensures independence, fairness and impartiality.
 With rapid changes in the local and global economy, review and update of laws and regulations
should be expedited.
 Our legal system should be at par with international best practices and able to create conducive
business ecosystem in the country.
3. Building a well-balanced relationship between the Government and industries.
 The Government and private sector must work together to provide and maintain aconducive business environment.
 The Government will continue to facilitate and regulate socio-economic development. This
includes facilitating/ simplifying procedures for starting and running a business (in terms of cost
reduction, cutting the number of procedures and shortening of waiting times) for local SMEs andentrepreneurs.
 Businesses will support national development agenda, take part in social responsibility and adhere
to law and regulations set by the Government.
4. Enabling seamless flow of information across the Government, citizens and businesses through use of
ICT for efficiency.
 Seamless flow of information will allow healthy interactions between government, citizens andbusinesses and minimise disruptions.
5. Widening and diversifying the Government’s fiscal revenue base to ensure financial sustainability.
 Increasing the Government’s non-oil and gas fiscal revenue to reduce its reliance on oil and gas asits main source of revenue.
 It is important for the country to be able to translate increase in non-oil and gas economic
activities to also an increase in non-oil and gas revenue.
6. Undertaking fiscal consolidation programmes for efficient resource allocation.
 Fiscal consolidation remains important as the country looks forward towards fiscal sustainability.
 This can be done through privatising, commercialising and outsourcing of appropriate
government services to the private sector so that the Government can focus in the delivery of
public services.
7. Moving towards more targeted subsidies to ensure equitable distributions.
 This is to support fiscal consolidation efforts without compromising social safety nets.
 Targeted subsidies will ensure better distribution of income and wealth among different
individuals within the society.

VIVII