Brunei Begins to Diversify Economy Away From Oil and Gas
August 20, 2000 - 0:0
KUALA LUMPUR Brunei, 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 for the prestigious events.
The training is part of the country's move to retrain 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.
According to the state-owned Radio and TV of Brunei (RTB) Brunei's Economic Council, a government think-tank, early this week warned that the country's prosperity could no longer be taken for granted.
In the current seventh national development plan (1996-2000, the government has allocated more than $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." Brunei's leaders plan expansion of the private sector, reducing the burden on the state.
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 labor force is employed by the state.
Several APEC meetings have already taken place this year in the capital city of Bandar Seri Begawan, with APEC delegates due there from November 10-16 for a series of meetings culminating in a gathering of all 21 of APEC's country leaders, including the United States, European Union, Japan and ASEAN member countries.
More than 7,000 visitors are expected during the period. Next year is "visit Brunei year," with a target of one million tourists.
(IRNA)
The training is part of the country's move to retrain 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.
According to the state-owned Radio and TV of Brunei (RTB) Brunei's Economic Council, a government think-tank, early this week warned that the country's prosperity could no longer be taken for granted.
In the current seventh national development plan (1996-2000, the government has allocated more than $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." Brunei's leaders plan expansion of the private sector, reducing the burden on the state.
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 labor force is employed by the state.
Several APEC meetings have already taken place this year in the capital city of Bandar Seri Begawan, with APEC delegates due there from November 10-16 for a series of meetings culminating in a gathering of all 21 of APEC's country leaders, including the United States, European Union, Japan and ASEAN member countries.
More than 7,000 visitors are expected during the period. Next year is "visit Brunei year," with a target of one million tourists.
(IRNA)