In the backdrop of global challenges, Brunei Darussalam has witnessed a flourishing entrepreneurial spirit in 2023. This evolution, marked by the resilience and success of aspiring youth, has become a cornerstone of Brunei’s economic landscape.
The Young Entrepreneurs Association Brunei (YEAB) has played a decisive role in nurturing the entrepreneurial ecosystem. The association provides members an opportunity to learn from each other’s experience and take advantage of peer mentorship as they grow their businesses.
In collaboration with Baiduri Bank, YEAB organised the inaugural Power Coffee event in September 2023, focusing on small-scale exporting. As a platform for learning and networking, the event empowered small-scale businesses with knowledge and tools essential for global market excellence, reflecting a positive impact on Brunei’s entrepreneurial landscape.
YEAB’s participation in the First Council Meeting of the International Alliance of Young Entrepreneurs Associations (IAYEA) in China in September 2023 further underscores Brunei’s commitment to global collaboration. At the council meeting, YEAB advocated for international cooperation as a key strategy for Brunei’s sustainable development. The emphasis on collaboration, rather than competition, emerged as a guiding principle to effectively address global challenges.
Government agencies such as Darussalam Enterprise (DARe) also plays a crucial role in connecting established organisations and youth entrepreneurs through the i-Usahawan Non-Energy programme.
Initiated in 2018 and expanded by DARe during the earlier part of 2023, the i-Usahawan Non-Energy programme enables young local business owners to secure government contracts. With over 50 business opportunities, the programme emphasises collaboration with established organisations to enhance mentorship and guide youth entrepreneurs in their business journey.
The collaboration between DARe and government-linked companies (GLCs) strategically ring-fences contracts for i-Usahawan, fostering an environment for youth businesses to grow and gain experience.
The government’s efforts to streamline regulatory processes, provide financial assistance, and offer mentorship programmes have also contributed to a more conducive environment for aspiring entrepreneurs in Brunei.
In line with global trends, the importance of embracing innovation and technology was previously highlighted by Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah. Speaking at the Brunei MSME Festival in March 2023, the minister urged entrepreneurs to pivot their models towards technology adoption, digital payments and exploring new markets. The minister also urged entrepreneurs to take the opportunities to expand their business beyond Brunei, such as through export, participation in international value chains and franchising.
“By focusing on product innovation, adaptation to local markets, digitalisation, supply chain innovation, and marketing innovation, businesses can expand their reach, increase their competitiveness, and position themselves for long-term success in overseas markets,” he said.
Year 2023 represents a pivotal chapter for Brunei’s entrepreneurship, characterised by resilience, collaboration, and a commitment to global engagement. The convergence of government initiatives, vibrant entrepreneurial events and strategic programmes collectively propels Brunei towards a diversified and sustainable economic future.