Response to Oral Question PL180

Reading Summary

📖 Reading time: 4 minutes
📊 Word count: 650 words

YANG BERHORMAT PEHIN ORANG KAYA INDERA PAHLAWAN DATO SERI SETIA AWANG HAJI SUYOI BIN HAJI OSMAN

QUESTION:

Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Haji Suyoi bin Haji Osman asked the MINISTER AT THE PRIME MINISTER'S OFFICE AND MINISTER OF FINANCE AND ECONOMY II to state the estimated number of jobs that will be created in the years leading to Brunei Vision 2035, taking into account the increasing number of graduates and job seekers.

YANG BERHORMAT MINISTER AT THE PRIME MINISTER'S OFFICE AND MINISTER OF FINANCE AND ECONOMY II

ANSWER:

Thank you, Yang Berhormat Yang Di-Pertua,

Kaola would like to thank Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Haji Suyoi bin Haji Osman for the question regarding the estimated number of jobs that will be created in the years leading to Brunei Vision 2035, considering the rising number of graduates and job seekers.

By the year 2035, the population of Negara Brunei Darussalam is projected to reach 511,100 people, with an annual average increase of 1.1 percent. Of this estimate, the number of people in the working age group is projected to be 407,500. With a labor force participation rate of 65 percent, the job supply by 2035 is estimated to be approximately 265,000 jobs. This represents an increase of 43,000 jobs, or an annual average increase of 1.2 percent, compared to the 222,000 jobs recorded in 2024.

In terms of demand from the industry, considering existing activities as well as newly identified projects and initiatives, the estimated number of job opportunities to be created over the 5-year period (2024 to 2028) is approximately 22,000 jobs. This projection includes job opportunities in both the government and private sectors, including Foreign Direct Investment (FDI) and Micro, Small, and Medium Enterprises (MSME).

The above estimate up to 2028 does not take into account the potential for indirect job creation, resulting from the spillover effects of economic activities being conducted and to be conducted in the country. For example, in the tourism sector, increased activity is expected to have spillover effects on other sectors such as the retail sector and the food and beverage (F&B) sector due to an increase in the number of tourists visiting the country. Furthermore, with an increase in the number of employed people, domestic spending is also expected to rise, which in turn will stimulate economic growth and more widespread job creation through the multiplier effect.

The estimated 22,000 jobs shared above (from 2024 to 2028) also does not account for new FDI, which can create more direct and indirect jobs, as well as ongoing efforts to attract more FDI and increase the participation of local MSMEs. Therefore, the number of jobs created during 2024-2028 and in subsequent years is expected to increase.

However, the actual estimation of job opportunities to be created requires continuous study and monitoring. This is important to ensure that the estimate remains relevant and aligned with current economic developments, both domestically and internationally, and changes in the needs of each sector.

For example, the tourism sector may continue to rely on a large labor force. Meanwhile, the downstream sector tends to become more capital and technology-intensive. The Information and Communication Technology (ICT) sector, on the other hand, is expected to require a high-skilled workforce, particularly in areas such as software development, cyber security, and data analytics.

Additionally, we must monitor the impact brought by rapid technological developments. Advances in technology will not only change the types of skills required but also the operational modules of a business. For instance, automation and artificial intelligence (AI) are increasingly replacing many processes previously performed by the workforce. Therefore, these technological advancements require us to remain adaptable and ensure our workforce is equipped with relevant and dynamic skills. Hence, the country's workforce planning needs to be flexible, forward-looking, and data-oriented to ensure sector needs are met and our people are prepared with suitable skills.

Thank you, Yang Berhormat Yang Di-Pertua.