BANDAR SERI BEGAWAN: Brunei must move beyond reacting to global economic developments and instead anticipate emerging trends, strengthen economic resilience and seize opportunities for diversification, said Coordinating Minister for Economic Policies and Minister of Economy, Trade and Industry Datuk Seri Setia Dr Abdul Manaf Metussin (pic).
Speaking at the opening of the Baiduri Momentum Summit 2026 on Thursday, he said global uncertainty, technological advances and shifting trade and investment patterns were reshaping the regional and global economic landscape.
“This landscape requires Brunei Darussalam to do more than just react. We must anticipate, adapt with confidence and seize the opportunities that arise,” he said.
Held under the theme “Unlocking Opportunities in a Changing World”, the summit brings together policymakers, business leaders and industry experts to discuss economic and market developments affecting the region.
The minister said economic diversification was central to achieving the third goal of Wawasan Brunei 2035 – building a dynamic and sustainable economy.
He stressed that diversification was not about moving away from traditional strengths, but developing a more balanced economy in which the oil and gas and non-oil and gas sectors could grow together.
Under the Economic Blueprint for Brunei Darussalam, the Government is focusing on downstream oil and gas, food, tourism, information and communications technology (ICT), services – particularly maritime and aviation – and high-value manufacturing.
These sectors offer opportunities to attract investment, create employment and strengthen Brunei’s integration into regional and global value chains.
The minister highlighted progress in diversification, with the non-oil and gas sector’s contribution to gross domestic product (GDP) rising from 46 per cent in 2015 to 55 per cent in 2025.
The share of non-oil and gas commodities in exports also increased from seven per cent to 60 per cent over the same period, largely driven by the expansion of downstream petroleum and chemical products.
While the figures reflected growing value beyond traditional industries, he said diversification remained a long-term effort requiring higher productivity, innovation and a competitive private sector.
He also emphasised the importance of regional connectivity in expanding market access and strengthening supply chains, particularly for a country with a relatively small domestic market.
Brunei’s strategic location offers opportunities to serve as a hub within the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA), connecting the subregion to Asean and major economies such as China, South Korea and Japan.
Expanding Muara Port and strengthening maritime and logistics capabilities could create opportunities in transshipment, warehousing and distribution, while improved air connectivity would support tourism, e-commerce and the movement of people.
He said the private sector had an important role in investing in strategic infrastructure and developing new business opportunities.
Digital transformation was another key driver of diversification, with the potential to improve productivity, encourage innovation, reduce transaction costs and enhance public services.
Under the Digital Brunei 2030 initiative, themed “Together Towards a Digital Brunei”, the Government is pursuing four pillars: Digital Government, Digital Society, Digital Business, and Data and Artificial Intelligence.
The minister said the focus was shifting from establishing digital foundations to delivering tangible and sustainable benefits for businesses, government and society.
GDP from ICT-related activities, including telecommunications and computer programming, grew from BND372 million (US$291 million) in 2015 to BND475 million in 2025.
He added that Brunei’s mobile networks ranked among the world’s top five in Ookla’s World’s Fastest Mobile Network Report.
However, he said digital transformation must be measured by its impact on productivity, business performance, public services and economic opportunities, rather than infrastructure and technology alone.
Looking ahead, the minister said developing priority sectors would be crucial to attracting quality investment and creating high-value employment.
Achieving these ambitions would require capital, expertise, technology and market access, with financial institutions such as Baiduri Bank playing an important role.
Describing financial institutions as “the architects of possibilities”, he said they could support diversification through innovative financing, empower micro, small and medium-sized enterprises (MSMEs) and help businesses turn ideas into viable ventures.
He called for a whole-of-nation approach involving the Government, private sector, financial institutions and international partners to translate economic ambitions into concrete outcomes.
The Government, he added, remained committed to strengthening legal and regulatory frameworks, facilitating quality investment, supporting entrepreneurs, developing future-ready talent and ensuring sustainable and inclusive growth. - Borneo Bulletin/ANN
