Brunei sultan calls for bigger role of small business
Monday, 16 July 2007
BANDAR SERI BEGAWAN, July 15 (AFP): Small and medium enterprises must play a greater role in the economy of oil-rich Brunei, Sultan Hassanal Bolkiah said today.
In a speech marking his 61st birthday, Hassanal, one of the world's longest-reigning monarchs, called for government agencies to smooth the way for increased participation by SMEs.
Government bodies should "prepare the way for (SME) growth and development so they can truly become a sector that is able to together play a role in advancement of the country," he said.
Brunei is the third largest oil producer in Southeast Asia, after Indonesia and Malaysia, and the world's fourth largest producer of liquefied natural gas, according to the Brunei Yearbook 2007, which says reserves are expected to last for at least two more decades based on current production rates.
Government officials have acknowledged the limitations of oil and gas, and Hassanal repeated that message during the speech to more than 1,500 guests including local nobility and foreign diplomats.
Hassanal also called for SMEs to be more creative.
The sultan is prime minister, defence minister, finance minister and head of Islam in the Malay Muslim absolute monarchy which dates back to the 14th century.
The country's mineral wealth has brought Brunei's citizens, who number fewer than 400,000, one of the highest per capita incomes in Asia.
In a speech marking his 61st birthday, Hassanal, one of the world's longest-reigning monarchs, called for government agencies to smooth the way for increased participation by SMEs.
Government bodies should "prepare the way for (SME) growth and development so they can truly become a sector that is able to together play a role in advancement of the country," he said.
Brunei is the third largest oil producer in Southeast Asia, after Indonesia and Malaysia, and the world's fourth largest producer of liquefied natural gas, according to the Brunei Yearbook 2007, which says reserves are expected to last for at least two more decades based on current production rates.
Government officials have acknowledged the limitations of oil and gas, and Hassanal repeated that message during the speech to more than 1,500 guests including local nobility and foreign diplomats.
Hassanal also called for SMEs to be more creative.
The sultan is prime minister, defence minister, finance minister and head of Islam in the Malay Muslim absolute monarchy which dates back to the 14th century.
The country's mineral wealth has brought Brunei's citizens, who number fewer than 400,000, one of the highest per capita incomes in Asia.