Brunei Darussalam is included in the Global Competitiveness Index 2016-2017 to drive focus on economic competitiveness. In the latest edition of the World Economic Forum (WEF) global competitiveness report 2016-2017, Brunei Darussalam was ranked 58th out of 138 economies, with a total score of 4.3 out of 7.
The report’s release is in line with His Majesty’s Government initiative and in time with its significant focus on improving the business environment in the country, by intensifying diversification efforts to ensure the sustainability of the economy, and ensuring long-term sustainability. The government is also giving serious attention to the level of efficiency in the civil service in order to increase the country’s competitiveness.
As part of comprehensive efforts to establish a pro-business environment that were lauded by the world bank earlier this year, the Ease of Doing Business Steering Committee is actively driving business reform efforts to streamline efficient government processes, ensure cost of doing business is competitive and that the regulation is aligned with international best practices. These reform efforts include the establishment of the Business Support Centre, BSC, in Anggerek Desa as a single-point-access for business-related services. Meanwhile, improving the business environment and ultimately Brunei Darussalam’s global competitiveness is a key priority to ensure Brunei Darussalam can sustain its trajectory of growth towards achieving Vision 2035, Hence greater collaboration between public and private sector is now a key success factor to stimulate growth in the non-oil and gas sector.
With the country’s participation this year and a majority the 12 pillars measured by the Global Competitiveness Report, the Nations Vision 2035 Executive Council will monitor Brunei Darussalam’s position and make this year’s report as the national baseline in identifying the level of the country’s competitiveness and take stock of the nation’s standing and intensify focus to drive socio-economic agenda for long-term sustainability. The government’s commitment to spurring economic competitiveness was evident with several key moves made earlier this year to stimulate the entry of new businesses in the country and to align resources to meet the wawasan goals. This includes the establishment of the Manpower Planning Council to align human capital and education with the needs of today’s economy. Meanwhile, the establishment of the Foreign Direct Investment, FDI Steering Committee and the Upstream Industry encourages foreign direct investment in the country and the establishment of Darussalam Enterprise, DARE, to support development of local entrepreneurs.
Source: Radio Television Brunei