NEW OPPORTUNITIES FOR LOCAL SMES
Some of the initiatives undertaken by the BEDB to support local SMEs include:
A Business Park at Anggerek Desa
The BEDB is developing a Business Park at Anggerek Desa, located just 5 minutes from Brunei International Airport. The Business Park will be developed in phases and will comprise the following:
iCentre
iCentre is the first Info-Communication Technology incubator in Brunei Darussalam, focused on nurturing successful technopreneurs through its comprehensive and effective incubation programme. Aside from its incubation programme, the iCentre also provides mentorship and networking programmes for local ICT companies.
iCentre incubatees have developed a range of applications including mobile phone content and software, radio frequency identification applications (RFID), as well as software and portal development. A number of these companies, such as Mimit Melody Solution, Rafiqun WDSI, and Expansys Technologies have successfully launched their products and software into foreign markets.
The iCentre is a project spearheaded by the Brunei Economic Development Board. For more information please visit www.icentre.biz
Knowledge Hub
The Knowledge Hub, a Research and Development centre, is a new seven storey energy-efficient Green building located next to iCentre, which is set to begin operations in early 2010. It will house a Modelling & Simulation Centre, a Research and Development Lab, an ICT Leadership and Management training academy as well as the SME Opportunity Centre.
Opportunity Centre
The Opportunity Centre is a one-stop centre which will provide advisory services to guide local businesses. The purpose of the centre is to improve the ease of doing business in Brunei and facilitate SME development by providing key business information such as SME databases, market research & studies, industry information and trade statistic reports, as well as legal advice and guidance in the business start up processes.
Buy Brunei Portal
The Buy Brunei Portal is the nation’s first online business facilitation and marketing platform that will enable Brunei businesses to promote their products and services both locally and internationally, as well as facilitate business to business (B2B) and business to consumer (B2C) transactions.
This portal will enable Brunei businesses who subscribe to this portal to expand buying and selling opportunities, and to promote business matching and partnership opportunities internationally. It is intended to be an important step towards introducing Brunei businesses and products to the international marketplace.
The first version of the portal is expected to be ready by March 2010.
Accel-X Venture Capital Fund
Accel-X Pte Ltd, is a venture capital fund that invests into early stage technology companies that are highly scalable. Lead by Mr Edmund Yong, Accel-X brings with them more than 20 years of investment and portfolio management experience. The fund helps young technology firms to finance their expansion into viable markets, provides further value-add via hands-on mentoring and injection of operational capabilities.
For more information, please visit iCentre Venture Funding page.
Local Enterprise Applications and Products (LEAP) Program
Local Enterprise Applications and Products (LEAP) Programme, is a $2 million grant scheme initiated by BEDB to provide financial support to develop an innovative idea into a credible working prototype or proof-of-concept. The programme is established with the objective of supporting the development of new products applications by our SMEs as well as for students and researchers in Higher Learning Institutions. The grant will cover certain costs to produce innovative products and applications intended for private or public sectors as well as across a broad base of industries.
Local SMEs and researchers with innovative ideas and good business plans can obtain grants of up to a maximum of B$150,000 per application for the purpose of developing promising product concepts into prototypes. The BEDB will be looking at innovative technological content, commercial practicality of the product, scalability and export- potential of the product to be developed as well as the demonstrated commitment of the people behind each application. For more information, please Click Here.
Entrepreneurship Development
Towards facilitating entrepreneurship development, the BEDB is formulating a number of programmes specifically targeted at women and youth. The programmes will aim to upgrade their business skills, and provide support services, business networking, infrastructure and facilities.
Youth Development Resources (YDR)
The YDR is a non-profit organisation, set up by the BEDB mid 2008. The objective of the YDR is to help young people in Brunei to become successful men and women, be it as employees or as entrepreneurs. Programmes run by YDR include the Youth Skills Development Program, a public private partnership between YDR, Ministry of Culture, Youth & Sports, and Alcoa Inc; the Product Development Program, a partnership between YDR, Village Consultative Council of Kampong Lumut 1 and Petroleum Geo Services; and the Business Development Program, a partnership between YDR and the Bank Islam Brunei Darussalam (BIBD).
YDR Grant Scheme
The YDR Grants given to the participants are not monetary, but are in the form of equipment disbursement. Students are required to write a simple business plan, and provide a list of equipment they would like to receive in order to start their business. Once the BEDB has disbursed the equipment to the grant recipients, a close and periodic review of their business will be conducted.
WHY FOCUS ON LOCAL BUSINESS DEVELOPMENT?
Brunei Darussalam’s private sector currently comprises a handful of corporations and many small and medium sized businesses. In order to strengthen its private sector, Brunei has recognized the need to enhance competitiveness and enable local entrepreneurs to achieve leadership in business by increasing opportunities for local small and medium enterprises.
Through its newly established Local Business Development Division, the BEDB plans to create opportunities for local businesses through the effective implementation of SME initiatives and programmes while promoting a business friendly environment.
BRUNEI DARUSSALAM’S COMMITMENT TO LOCAL BUSINESS DEVELOPMENT
Vision 2035, Brunei’s plan for long term development, contains a local business development strategy targeted at building greater competitive strength to enhance opportunities for local SMEs by:
Introducing well-designed and well-funded programmes and more effective ways of financing local enterprises to help local SMEs and entrepreneurs gain business skills and become more competitive
Developing incubation centres to assist and promote local SMEs and entrepreneurs in areas such as ICT
Maximising the indirect benefits of foreign direct investments for local SMEs and entrepreneurs
Encouraging the use of local products, local suppliers and contractors by major businesses and industries
Privatising, commercialising and outsourcing of government services as a way of expanding opportunities for local SMEs and entrepreneurs
Ensuring prompt government decisions and payment to local contractors and suppliers
http://www.bedb.com.bn/index_localbusiness.php
Brief Introduction of Brunei
Brunei Darussalam is a small country with great potential. It is ranked number one in the Islamic world in terms of the Human Development Index (HDI), which measures a country's quality of life.
Strategically located on the north-west coast of the island of Borneo, right in the heart of Asia, it is just two to three hours flying distance from most ASEAN countries. Brunei has a total land area of 5,765 km² and over 160 kilometers of coastline along the South China Sea. Sitting on the equator, Brunei Darussalam enjoys an equatorial climate with an average temperature of about 28° Celsius, high humidity and heavy rainfall.
Brunei Darussalam is divided into four districts, namely Brunei-Muara, Tutong, Belait and Temburong. Its capital, Bandar Seri Begawan, is located in the Brunei-Muara district. The capital is the centre of Government and business activities. All the other major towns are within a two hour driving distance from Bandar Seri Begawan.
Population
Latest statistics put Brunei Darussalam’s population at 390,000 and growing at an average rate of 1.8% per annum. Brunei Darussalam has a multi-racial society, comprising of 67% Malays and 15% Chinese. Other races such as Indians, indigenous ethnic groups and expatriates make up the rest of the country’s population. Brunei Darussalam has a young population: 54% are in the 20-54 working age group, another 39% are below the age of 19 while only 7% are 55 and above.
Language
Bahasa Melayu (Malay Language) is the official language, but English is also widely spoken and understood. Various dialects of Chinese and Indian are used by the respective communities. Arabic is also taught in schools and institutions of higher learning.
Religion
Islam is the official religion of Brunei Darussalam and has been since the 14th century. Brunei takes its religion very seriously and has developed a strong Islamic reputation around the world. However, Brunei also practices religious tolerance as underwritten by the constitution. Other faiths practiced in the State include Christianity and Buddhism. About 67% of the population is Muslim.
Government
A British protectorate since 1888, Brunei Darussalam and became an independent sovereign Sultanate on 1 January 1984. Brunei Darussalam is governed on the basis of a written constitution which came into effect in 1959. Under the constitution His Majesty the Sultan has executive authority and is assisted and advised by 5 constitutional bodies, namely the Council of Succession, the Council of Cabinet Ministers, the Privy Council, the Religious Council and the Legislative Council.
The present Head of State and Head of Government is His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the 29th monarch to succeed to the throne. His Majesty is also the Prime Minister and heads a team of Cabinet Ministers.
Judiciary
Brunei Darussalam’s judiciary system is based on English Common Law. The Supreme Court comprises the High Court and the Court of Appeals, while the Subordinate Court consists of the Magistrate's Courts. A Syariah Court also co-exists with the Supreme Court and deals with Islamic laws. For Muslims, Islamic Syariah Law supersedes civil law in a number of areas. In 1991 the Intermediate Court was established with extensive civil and criminal jurisdiction; although it does not deal with capital offences.
Education
The Government of His Majesty The Sultan and Yang Di-Pertuan of Negara Brunei Darussalam provides free education to all Brunei Darussalam citizens and permanent residents who attend government schools. While the current education policy priorities the Malay Language as the official national language, English is most commonly used as the medium of instruction. Arabic is also used in religious schools.
The literacy rate in Brunei Darussalam is about 93%, which is among the highest in the world. The United Nations Development Programme has ranked Brunei Darussalam 30th in the “High Human Development” category.
Healthcare
Healthcare is a priority to His Majesty’s Government by demonstrated in the provision of a comprehensive health care system for the people of Brunei Darussalam. The main health policy is to provide high quality yet cost effective health care in order to maintain a high standard of living in a clean and healthy environment. Among the objectives are to reduce the infant mortality rate, diseases and disability, promote a healthy way of life and improve the environment.
Brunei Darussalam’s health services are ranked among the best in Asia. Citizens of Brunei Darussalam are charged a nominal fee at public hospitals and health clinics. Apart from public health care there are also private clinics and a private medical centre for those who seeking alternatives.