Answer for Oral Question PL298

QUESTIONS

Yang Berhormat Pengiran Haji Isa bin Pengiran Haji Aliuddin

YANG BERHORMAT PENGIRAN HAJI ISA BIN PENGIRAN HAJI ALIUDDIN asked MENTERI EKONOMI, PERDAGANGAN DAN INDUSTRI to state the plans to explore other sectors to diversify the national economy, including establishing potential financial and business services such as gold trading, computing and programming, Islamic finance, as well as a global goods distribution centre.

ANSWER

Yang Berhormat Menteri Ekonomi, Perdagangan dan Industri

In its efforts to diversify the national economy, the Government, through BEDB together with the relevant agencies, will continue to explore and develop new sectors with high potential based on the country's competitive advantages, technological developments and global market demand.

For the Computing and Programming Sector, efforts will be driven through the implementation of initiatives under the ICT Masterplan, including the development of a digital ecosystem supporting data centres (data centre), artificial intelligence (Artificial Intelligence), software development (software development), cloud computing and high-value digital activities capable of attracting investment and creating highly skilled employment.

For the Islamic finance sector, its development will be guided through the Financial Sector Blueprint (FSBP), led by the Brunei Darussalam Central Bank (BDCB), which was published in 2016; this includes the development of Islamic finance. The FSBP focuses on strengthening the Islamic finance ecosystem and exploring new financial service opportunities that can support the country's economic growth. Various initiatives have been carried out under Islamic finance, including the provision of Syariah guidelines for the structuring of Islamic financial products, the development of a framework for the operations of Islamic Windows and the preparation of the White Paper on Islamic Finance Strategies to strengthen and advance the Islamic finance ecosystem in Brunei Darussalam.

As a continuation of the first version of the FSBP, which concluded in 2025, the second version of the FSBP has been formulated, focusing on establishing a resilient, innovative and inclusive financial sector that supports sustainable economic growth and social well-being in Brunei Darussalam. This includes exploring alternative financial services, including capital markets, particularly sukuk.

Meanwhile, for a global goods distribution centre, the Government continues to strengthen Brunei Darussalam's position as a regional logistics and transportation hub, particularly in the context of BIMP-EAGA, by leveraging the country's strategic location and improving the efficiency of infrastructure and logistics services to support regional trade and distribution activities.

In addition, His Majesty's Government, through the Ministry of Economy, Trade and Industry (METI), the Ministry of Transport and Infocommunications (MTIC), BEDB and the relevant agencies, has established the Emerging Industry Development Unit (EIDU) to identify and assess new industries with the potential to be developed in Brunei Darussalam as sources of future economic growth.

This Unit is responsible for identifying, exploring and driving the development of new industries with high potential in Brunei Darussalam to support efforts to diversify the national economy. In carrying out this role, the EIDU will work closely with BEDB, the divisions under the Ministry of Economy, Trade and Industry and other ministries within the economic cluster.

BEDB also provides support for local MSMEs involved in the development of digital solutions, including programming as well as software and application development (software development and application), through several existing mechanisms:

• Brunei Innovation Lab (BIL): A collaborative project between Shell LiveWIRE Brunei (LiveWIRE), Datastream Digital (DST) and LKEB that provides a platform for innovation by connecting local startup companies with industry players across various sectors and with academics.

• Startup673: A national hackathon programme, namely an intensive business idea development competition conducted over a short period, to showcase new business ideas, including software- and application-based solutions, as well as to help participants develop those ideas into businesses.

• iCentre: An incubation programme that provides workspace and access to co-working facilities. The programme also offers access to capacity-building programmes, business scaling opportunities and investment opportunities from abroad.

• Tech Enablement Program: Facilitates local MSMEs in NBD in adopting digital transformation. By providing subsidised access to innovative digital tools, TEP aims to improve business efficiency and productivity in an increasingly rapidly changing market.

• Examples of enterprises that have grown through this innovation and incubation ecosystem include Solve and Upside. Solve was established through the MOH Hackathon in 2024 and developed solutions for inventory management and the maintenance of medical equipment, including the use of 3D printing technology to produce selected replacement components. The company subsequently won the Shell LiveWIRE Business Award, secured its first contract with RIPAS Hospital and received one year of incubation support at iCentre.

• Upside was established through the Startup673 National Hackathon and developed an inventory management and asset-tracking solution using RFID technology. The company secured its first commercial placement through Bazinga for the Peak Club self-service supermarket, implemented an inventory management contract with BEDB and conducted a pilot hospital bed-tracking project with the MOH Health Innovation Lab. In July 2026, Upside also received office space at iCentre to support the expansion of its operations.

• The development of both companies demonstrates how ideas identified through innovation programmes can be developed, tested and subsequently commercialised through the support of the relevant ecosystem.

These efforts contribute directly to the development of talent and enterprises in the fields of Computing and Programming, in line with the Government's objective of diversifying the national economy. BEDB will continue to work with the Emerging Industry Development Unit — EIDU under METI to ensure that these efforts are more comprehensively aligned with the national strategy for developing new industries.

BEDB will also focus on the five priority sectors identified in the Economic Blueprint, including the information and communications technology sector, the potential for distribution centres, and logistics and transportation under the services sector.