Interview with Dato Dr Amin, Minister at the Prime Minister’s Office and Minister of Finance and Economy II, Brunei

08 Jan Interview with Dato Dr Amin, Minister at the Prime Minister’s Office and Minister of Finance and Economy II, Brunei

What are Brunei’s industrial goals under the Wawasan Brunei 2035 program?

Brunei is actively working to diversify the economy. We launched the Brunei Darussalam Economic Blueprint in January 2021, which provides a unified approach to our ongoing efforts and ensures government ministries and the private sector collaborate towards shared goals rather than pursuing separate agendas. Diversification must be strategic; aligning our plans helps us focus on what we can realistically achieve. As a small nation, we cannot undertake everything. Prioritizing areas where we have strengths and opportunities is crucial. Advances in technology have been game-changing and have enabled activities previously out of reach. For example, small businesses leveraged online platforms during the COVID-19 period to market their products, which helped them gain immediate visibility and access to customers. This demonstrates how technology can empower economic transformation, especially for small enterprises.

After careful consideration, we identified five priority sectors to focus on, with the first being the downstream oil and gas industry to leverage our existing resources. The COVID-19 period highlighted the importance of food security. While full self-sufficiency may not be achievable, increasing local production is vital for greater independence. Tourism is another key area. Brunei offers unique experiences with its rainforests and peaceful environment. The nation is appealing to visitors seeking nature and tranquility, and there is significant untapped potential to develop and market our offerings. The services sector, including maritime and industrial services, presents another opportunity to capture more in-country value. Instead of relying on overseas services such as ship maintenance, we can build capabilities locally and potentially become a regional hub.

Finally, information and communications technology (ICT) is essential across all sectors. For example, foreign investors in aquaculture are already using artificial intelligence to enhance efficiency. This natural integration of advanced technology is transforming how industries operate and underscores the importance of ICT in our development journey. Utilizing artificial intelligence in aquaculture might seem surprising as it is often seen as a simple industry. However, aquaculture is increasingly becoming high-tech, with advances in artificial intelligence rapidly being used to improve efficiency and operations.

These advancements align with our five priority sectors, each backed by clear strategies developed in consultation with FDI and private sector experts. This collaborative approach ensures knowledge sharing, joint ventures and skill transfer. Diversification is not just a goal, it is a means to align education and workforce development with industrial needs. Our goal is to cultivate a highly educated population under the Wawasan Brunei 2035 initiative. We aim to equip individuals with the qualifications and skills needed for new industries. Focusing on these sectors allows us to enhance technology adoption, develop local talent and strengthen our dynamic and diversified economy. While the five priority sectors remain our focus, we remain open to investments outside these areas if they offer significant value.

What are the government’s main focus areas under its recently launched 2024/25 budget?

The 2024/25 budget is similar to previous years and reflects our focus on economic diversification and the Wawasan 2035 vision. We continue to invest heavily in education and workforce development to ensure our people are qualified for industries critical to our growth. Training programs provide opportunities for individuals to gain knowledge and skills. At the same time, we are supporting micro-, small and medium-sized enterprises (MSMEs) to position them as service providers for FDI. For example, one foreign investor has partnered with 90 local MSMEs to create direct and spinoff employment. We have a diverse investment portfolio with active contributions from Japan, China, India, Australia and Taiwan, to name a few. I see great potential for partnerships with US companies; we are gaining more global recognition as our FDI initiatives grow.

How are banks like Bank Islam Brunei Darussalam (BIBD) contributing to the growth of Brunei’s financial services sector?

I chaired BIBD for over six years until April 2024 and am confident they will continue their role as a responsible leader in the community. The bank actively supports MSMEs and less privileged groups such as single mothers by helping them achieve financial independence and adopt technology. BIBD is also committed to green initiatives and has allocated funds for environmentally friendly and renewable energy projects. As an Islamic bank, the institution has expanded access to the securities market to aid investment planning. Significant technological investments have made banking more accessible, such as enabling the opening of online accounts. At the same time, BIBD prioritizes cybersecurity to ensure safety and trust.

What steps has the government taken to accelerate digitization across public and private sectors?

Technology and ICT are inescapable parts of the global community. Activities like online purchases already integrate us into the system. Strong connectivity is essential. About six years ago, we began upgrading our telecommunications system. Today, 96% of our populated areas have 5G and fiber optic connectivity and this access has extended to remote regions. This ensures inclusivity despite high costs. In the first few years, our internet speed improved dramatically, reaching the top 10 globally at one point. We now rank 19th as other nations have caught up. We remain committed to advancing connectivity and enabling new applications. One key project is developing a digital payment system and making it locally and internationally usable.

What key milestones has the government achieved toward protecting the environment?

Despite being an oil and gas producer, Brunei has long prioritized environmental conservation. Decades ago, we committed to preserving our forests. Today, 60% of our land remains covered by untouched virgin forest, with 70% of it classified as green space. These pristine ecosystems play a vital role in capturing carbon underground, including peat swamps. We are currently studying these areas to quantify their impact. We are committed to achieving net-zero emissions by 2050, with a 20% reduction from business-as-usual levels by 2030. While Brunei’s greenhouse gas emissions account for just 0.017% of the global total, we remain committed to environmental sustainability.

What factors make Brunei an attractive destination for foreign direct investment?

Brunei prides itself on its political stability, lack of major natural disasters and business-friendly environment. Whether it’s the blue skies, air quality or the ease of government accessibility,  foreign investors appreciate what we offer. We prioritize the ease of doing business, with open access to government officials to address any challenges. In some cases, the government co-invests as a shareholder when investors face difficulties finding suitable local partners. This ensures shared responsibility for project success and fosters a collaborative environment. Our approach goes beyond problem-solving; we actively strategize to help businesses thrive.

What are your top personal priorities as a top leader in Brunei’s economic development as we close 2024?

Through my experience in both government and the private sector, I bring a broader perspective to improving how things are done. My private sector background adds value to the conversation when engaging with foreign investors and complements my government expertise. My goal is to manage our financial budget effectively and treat expenditures as investments in our future, whether in education, healthcare or infrastructure. These investments will lay the foundation for our long-term growth, including our Vision 2035 goals. Though we are 11 years away from its completion, the Vision 2035 initiative offers significant opportunities to address challenges such as employment. We are not only focused on creating jobs but ensuring they are high-quality roles that improve our standard of living. Achieving this requires engaging the local population and attracting the right foreign investments that align with our growth plans and elevate our workforce. By doing so, we can enhance social welfare and create opportunities for Bruneians to thrive globally. Despite being a small nation, Brunei can and should compare itself to the best for even greater success stories in the future; we believe there is great potential for collaboration with US companies. However, we are not yet on their radar, possibly because they view the Bruneian market as small. We aim to stand out while competing with other countries. Many US companies have even asked why they had not considered Brunei before. We hope that by engaging with more US companies, they will recognize our value and start exploring local investment opportunities.