​Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah advised businesses and entrepreneurs must remain nimble or smart and responsive to environmental changes such as increasing productivity and cost efficiency and being more innovative in order to remain competitive.

Since most intermediary goods depend on imported sources, global inflation rates will certainly affect entrepreneurs within the Sultanate. He said this during the 21st Legislative Council (LegCo) session yesterday, in response to LegCo member Yang Berhormat Chong Chin Yee with regards to government assistance to help businesses against rising costs of goods.

“As experienced during the end of the COVID-19 pandemic, inflation has increased due to several factors such as disruptions in global supply chains and increased global energy costs. As an importing country, the price of most imported goods in this country has also increased beyond our control,” the minister said.

He added, “As stated during the presentation paper of the Supply Bill, global inflation has begun to decline and it is hoped that this will reduce the prices of certain goods.”

The minister has also reminded that the government continues to provide subsidies for basic necessities including rice, fuel and utility charges such as electricity and water which to some extent has helped reduce the impact on the population in this country.

He said, “If it is not provided, it is likely that the people and the population will be more affected by inflation as is the case in other countries.”

The minister cited the official data published by the Department of Economic Planning and Statistics, the inflation rate for the year 2017 until 2024 was only one per cent per year on average.

“This is considered low compared to many other countries that experience much higher inflation.”

The minister shared that it must be understood that the inflation rate will fluctuate from time to time.

He also responded to a query with regards to helping local businesses understand consumer trends and foreign regulations.

“Every year, various domestic and international expos such as China-Asean Expo or CAEXPO are organised by Brunei Economic Development Board and several government and non-government agencies, increasingly open up market opportunities for local businesses,” the minister said.

Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said the Brunei MSME Festival, launched in 2019, will be held from March 13 to 16 at Setia Point Shopping Mall.

This year, 186 micro, small and medium enterprises (MSMEs) from the food, fashion, beauty and services sectors will participate. A hosted buyer programme will also connect local businesses with four buyers from three Singaporean companies and one Malaysian company to explore export opportunities. Besides promoting local products to the domestic and international markets, the government has also invited foreign buyers to encourage interaction and dialogue between them and local businesses that are ready to export with their products to be exported to foreign markets, he added.

Other programmes, such as the Brunei Mentors for Entrepreneurs Network, Elevate Programme, Youth Entrepreneurship Ecosystem and DARe Links, help entrepreneurs develop skills, marketing and international certification while providing insights into local and global business policies.

“With the limited variety and quantity of products available for export to overseas markets today, the government sees the need to establish permanent offices abroad,” Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said.

“The National Chamber of Commerce and Industry Brunei Darussalam can also be contacted as they attend several conferences and business dialogues organised locally and abroad.”

The minister called on for businesses to reach out to industry bodies for support and information. He also urged them to use online resources and artificial intelligence platforms such as ChatGPT and Deepseek to stay updated on market trends.

(News & pic source: Borneo Bulletin)