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 in his motion on Brunei Vision 2035 at the Second Meeting of the 21st Legislative Council (LegCo) Session yesterday shared the country’s efforts in economic diversification and call on all relevant stakeholders to give their full cooperation to ensure the success of efforts in diversifying the country’s economy.
In facing increasingly complex global challenges, he explained, “We must accelerate efforts toward economic diversification, particularly by reducing our dependence on the oil and gas sector. Nevertheless, we are also witnessing significant progress in the non-oil and gas sectors.”
In the year 2024, he recalled, “Brunei Darussalam’s Gross Domestic Product (GDP) recorded a growth of 4.1 per cent (updated as of June 2025), with the non-oil and gas sector contributing more than 50 per cent since 2022, compared to only 31 per cent in 2017. “Similarly, in terms of the country’s exports, 60 per cent of national exports now consist of non-oil and gas products in 2024, compared to just 11 per cent in 2017. These figures reflect a significant increase in the ongoing efforts to diversify the national economy.”
In the downstream oil and gas sector, the minister highlighted the AAA Project – an Acetic Acid and Aniline production plant set to begin operations in 2027 – which will create job opportunities for locals. In agro-food and aquaculture, he cited Southeast Asia’s first solar-powered, artificial intelligence-driven shrimp farm, marking a significant foreign direct investment in the sector.
On the tourism sector, the Brunei Mid-Year Conference and Exhibition (MYCE) continues to support both domestic and international tourism by showcasing the country’s natural and cultural assets.
On the information and communication technology sector (ICT), key initiatives include investments in undersea cables to support AI readiness and 5G network upgrades now covering 98.7 per cent of populated areas. The minister said these initiatives, under the Economic Blueprint, support Brunei Vision 2035’s goals by generating high-quality jobs, strengthening education and skills, and enhancing national resilience and living standards.
In response, Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Haji Suyoi bin Haji Osman affirmed that economic diversification is underway with strong commitment and monitoring, though results will take time. To accelerate progress, a Special Economic City Steering Committee has been formed to oversee a feasibility study until November 2025. If successful, the project could be a catalyst for foreign investment, job creation, micro, small and medium enterprises support and increased government revenue.
(News & pic source: Borneo Bulletin)
