Brunei Darussalam’s Economic Blueprint: Towards a Dynamic and Sustainable Economy

The Ministry of Finance and Economy announced that His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam has consented the Brunei Darussalam's Economic Blueprint: Towards a Dynamic and Sustainable Economy to plan the country's economic direction towards achieving the Third Goal of Brunei Vision 2035 which is a Dynamic and Sustainable Economy.

This Blueprint aims to act as guiding policies to align policies, strategies and initiatives by the government and private sector towards achieving the Third Goal of Wawasan Brunei 2035. The success of this Economic Blueprint will help Brunei Darussalam to move from a highly dependent oil and gas economy to a dynamic and sustainable economy providing more meaningful and high-value employment opportunities for our people and harnessing the latest technology in line with the Fourth Industrial Revolution. The preparation of this Economic Blueprint has taken into account the views and perspectives of relevant stakeholders namely the government and the private sector through the consultation sessions which have been conducted.

In achieving the abovementioned objectives, four main macroeconomic goals are intended, as follows: High and sustainable economic growth which is not affected by any economic uncertainties; Economic diversification which is to increase the contribution of the Non-Oil and Gas Sector; Macroeconomic stability which is among others moderate inflation, fiscal sustainability and trade surplus; and Low unemployment rate. In any development efforts of the country, the nation will continue to be guided by the Malay Islamic Monarchy.

In ensuring that the goals will be achieved, six aspirations have been identified in the Economic Blueprint namely, productive and vibrant businesses; skilled, adaptable and innovative people; open and globally-connected economy;

Sustainable environment; high quality and competitive economic infrastructure; and good governance and public service excellence.

In achieving the above aspirations, a collaborative Whole of Nation Approach is important in involving all parties, namely: The private sector will serve as the driving force of the country's economy; The Government sector will continue to play a role in facilitating the success of the development of the country; Investors in both the country and overseas have a role in introducing new industries; and Members of the public and residents of Brunei Darussalam must practice the culture of 'Berkarih, Bejarih, Belurih'. The Brunei Darussalam's Economic Blueprint is available in the Ministry of Finance and Economy's website at www.mofe.gov.bn.

Source: Radio Television Brunei