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| August 19, 2000 | atimes.com | ||
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Southeast Asia
New fuel to drive Brunei's economy Brunei Darussalam, which this year plays host to key meetings of the Asia-Pacific Economic Cooperation (Apec), has completed training 2,000 people for new jobs in the hospitality and tourism industries in preparation of the prestigious events. The training is a part of the country's move to re-train up to 25 percent of its approximately 40,000 workforce in the next five years as it begins to diversify its economy away from reliance on the oil and gas industries. Several Apec meetings have already taken place this year in the capital city of Bandar Seri Begawan, with Apec delegates due there from 10-16 November for a series of meetings culminating in a gathering of all 21 of Apec's country leaders. More than 7,000 visitors are expected during the period. Next year is Visit Brunei Year, with a target of one million tourists. The sultanate depends on oil for more than 50 percent of gross domestic product, 80 percent of government tax revenues and 90 percent of export earnings, but with reserves dwindling, Sultan Hassanal Bolkiah has said that he hopes to transform Brunei into an international banking and financial services center. The population of Brunei is small, at about 320,000, but the workforce suffers from a shortage of skills and the economy is heavily dependent on the public sector. About half of the labour force is employed by the state. Human resource issues are expected to be an important part of the agenda and focus of Apec this year and Brunei's own human resource policy illustrates the need in many member economies to address the issue in light of increased globalization. As well as diversifying the economy away from oil, Brunei's leaders plan expansion of the private sector, reducing the burden on the state. Earlier this year, Brunei's economic council warned that the sultanate's prosperity could no longer be taken for granted. Economic diversification is a part of Brunei Darussalam's national development agenda. In the current Seventh National Development Plan, 1996-2000, the government has allocated more than US$7.2 billion for the implementation of various projects and programs. The economic council has warned that "there are warning signals of fundamental economic problems which threaten to undermine the prosperity and with it the social stability enjoyed by the people of Brunei". (Special to Asia Times Online) |
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