KEYNOTE ADDRESS
Yang Berhormat
Pengiran Dato Seri Setia Shamhary bin Pengiran Dato Paduka
Haji Mustapha
Minister of Transport and Infocommunicatons
Negara Brunei Darussalam
Digital Economy Forum 2022
Wednesday 31st August 2022
Bismillahir Rahmanir Rahim
Assalamualaikum warahmatullahi wabarakatuh and Good Morning
Yang Mulia Dayang Nik Hafimi Abdul Haadii, Chair, APEC Business Advisory Council
Brunei;
Yang Mulia Dayang Haslina Taib, Chair, ASEAN Business Advisory CouncilBrunei;
Ladies and Gentlemen,
1.
First of all, I would like to congratulate the ASEAN and APEC
Business Advisory Councils of Brunei in collaboration with the Ministry
of Finance and Economy in partnership with Baiduri Bank for organising
this event.
2.
I would also like to thank the organisers for inviting me to deliver
the Keynote Speech for today’s Forum on Brunei Darussalam’s Digital
Economy, aimed to highlight the opportunities of the digital economy for
our homegrown businesses and discuss how Brunei Darussalam can achieve
its digital transformation goals.
Ladies and Gentlemen,
3.
Over the past few years there has been a lot of mention about the
Industrial Revolution 4.0, with industry and businesses moving towards
growing trends of automation and data exchange in technology and
processes that include adoption of Artificial Intelligence, Cognitive
Computing, Cloud Computing and the internet of things (IoT) among
others.
4.
As others, the fast pace in the advancement of technologies requires us
to be adaptive and we need to make us ready for the now as well as
prepare ourselves for the future. This is true for Governments as well
as businesses.
5.
Recognizing this, on 15th July 2019, His Majesty Sultan Haji Hassanal
Bolkiah Muizzadin Waddaulah ibni Al-Marhum Sultan Haji Omar Ali
Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei
Darussalam consented to the establishment of the Digital Economy
Council. This was subsequently followed up with the release of the
Digital Economy Masterplan 2025.
6.
The Council itself is co-chaired by myself with Yang Berhormat Dato
Seri Setia Dr. Awang Haji Mohd Liew bin Abdullah, Minister at the Prime
Minister’s Office and Minister of Finance and Economy II, and members
comprises from industry and education authorities as well as businesses
and industry representatives which demonstrate the integrated,
coordinate and wholistic approach that is required to achieve our vision
of a “Smart Nation through Digital Transformation”
Ladies and Gentlemen,
7.
When we talk about the digital economy, it cannot be denied that the
backbone is connectivity. In a digital economy there will be growing
connectedness of people, organizations, and machines that resultsfrom
the internet, mobile technology and the internet of things. As such the
conventional notion about how businesses are structured;
companies interact; and how consumers obtain services, information and
goods are being reshaped.
8.
This is where our local business should capitalise on. The changes that
are happening should provide local businesses with more opportunities
than before and break down the barriers that may have limited local
businesses access to markets and services both internally and
externally.
9.
I’m also pleased to note that whilst we have made critical advancements
in connectivity, we are also looking beyond that. The four strategic
thrusts of the Digital Economy Masterplan covers: (1) Industry and
Business Digitisation – that also encourage innovation and R&D; (2)
Government Digitisation - that includes providing an enabling
environment; (3) Thriving Digital Industry – that offers the
capabilities and technologies and (4) Manpower and Talent Development –
to ensure our workforce is digital ready now and for the future.
10.
As the key enabler for Smart Nation, the scope of Digital Economy goes
beyond the ICT sector. Digital economy covers initiatives and
activities, both in the digital and non-digital sectors, that leverages
on technology to achieve impactful outcomes, such as:
• increased productivity and production;
• enhanced efficiency;
• increased cost effectiveness;
• improved transparency and governance;
• encourages participation;
• and facilitates official, business and personal transactions.
Ladies and Gentlemen,
11.
Since the launch of the Digital Economy Masterplan back in June 2020,
we have seen Brunei Darussalam’s digital transformation journey grow
from time to time. To name a few initiatives/programmes;
a. The development of network infrastructures;
b. The setup of a Commercial Data Centre which aims to provide
innovative services for greater productivity;
c. The newly launched Brunei Innovation Lab (BIL) to spur growth
of tech businesses and their solutions through development programmes, funding, market access and community building; and
d.
Structuring of a digital data policy and governance framework to
regulate the workings of digitalisation may also answer hidden threats
in the form of the misuse of data and online crimes that come with being
more accessible and transparent. This will include the introduction of
both a Personal Data Protection Order and a Cyber Security Order.
12.
Also, under the Digital Economy Council, three (3) key Flagship
Projects has been identified as a backbone of the Digital economy
eco-system: Digital Identity, Digital Payment and National Information
Hub (NIH) which aims to drive and enable the adoption of digital
technologies.
13. For developing the Industry Digitalisation, we hope to:
• Create innovations by utilising key emerging technologies;
• Creating new business models and opportunities;
• Increase workforce by creating new jobs and skillsets; and
• Produce marketables in line with current and emerging economic needs and with the potential to be exported.
14.
A key trend is the development of technology-enabled platforms that
combine both demand and supply to minimise disruption to existing
industry structures. Overall, the inexorable shift from simple
Digitisation to Innovation, based on combinations of technologies is
forcing companies to reexamine the way they do business.
15.
Hence, it is imperative that Government, industry and society are
closely interrelated in adopting the Digital Economy eco-system. This
can succeed with a Whole of Nation approach having full engagement,
participation and commitment from all players, from Government, Industry
and Society.
16.
Only through the implementation and delivery of Brunei Darussalam’s
digital transformation, can the vision of the Digital Economy be fully
realised for economic progress, sustainability and social well-being.
17.
Therefore, I am quite pleased and encouraged to see more industry
driven initiatives that can drive and support digitalisation, with
Government playing a facilitating role. Industries can drive this
digital transformation at a more independent and faster pace, thus
making it crucial that we support one another in moving towards becoming
a Smart Nation through digital transformation.
18.
With that, I hope you have a successful and fruitful day today,
benefiting Brunei stakeholders not only the Government but more to
support private sectors in overcoming the challenges that businesses
face in their digitalisation journey. I hope this conversation also does
not end here, we hope to work together to break that glass ceiling of
conventional economies in moving towards Brunei Darussalam’s aspirations
and Wawasan 2035.
19.
Once again thank you to the ASEAN and APEC Business Advisory Councils
of Brunei Darussalam, Ministry of Finance and Economy, Baiduri Bank and
all involved in executing this online forum and also to the participants
who have joined in today.
