Hassanal vows to widen brunei's economic base
Hassanal vows to widen brunei's economic base
BANDAR SERI BEGAWAN (AFP): Sultan Hassanal Bolkiah of Brunei, the world's richest man, celebrated his 50th birthday yesterday with a promise to widen the base of the tiny kingdom's oil- dependent economy.
Speaking at an investiture ceremony to mark his birthday, the ruler said human resources development would be specially stepped up in line with moves to turn Brunei into a services hub for trade and tourism by 2003.
Oil and gas, which account for more than 95 percent of export revenues, have turned Brunei, which gained independence from Britain in 1984, into one of the world's wealthiest countries.
But present-day oil and gas reserves are expected to last for only about 20 years at current production rates, officials said. Brunei, located on Borneo island, produces some 150,000 barrels of oil and 25 million cubic meters of gas per day, according to published figures.
Sultan Hassanal said: "Even though it is more opportune now for Brunei to diversify its economy compared with 20 years ago, it will only be achieved if the youth equipped themselves with skills."
The skills were necessary to generate industries that were value-added and based on high technology, Sultan Hassanal said in his speech, which did not touch on democracy.
The sultan, reputedly the richest man in the world with a fortune estimated at more than US$30 billion, is also prime minister and defense minister of Brunei, whose 300,000 people are predominantly ethnic Malays.
He wields absolute power over his kingdom. In 1993, the sultan allowed the setting up of village or province level committees in which members are appointed to "fine-tune and strengthen the political system at the grassroots level," officials said.
The sultan said economic diversification would also be based on moves to turn Brunei into a service hub for trade and tourism for the eastern part of the Association of Southeast Asian Nations (ASEAN) region.
Brunei, together with the eastern part of Malaysia, the southern Philippines and northern area of Indonesia come under the East ASEAN Growth Area where the nations use their comparative advantage to spur economic growth.
The other ASEAN members are Singapore, Thailand and Vietnam.
"Our country is confident of becoming the prime hub of the East ASEAN Growth Area. When this materializes, investments will start to flow to our country, economic and industrial activities will increase," the sultan said.
He also said that the government would boost domestic trade and industry through a recently set-up state agency -- Semuan Holdings -- that handled government trade and investments.
"One of its roles is to raise development level through direct investment in the primary sectors and in certain sectors such as in food processing, so as to reduce our dependence on imported foodstuff," the sultan said.
Other sectors where Semuan Holdings would invest are in fisheries and forestry.
The sultan stressed that government efforts to inject Islamic values into the administration structure would be hastened while economic growth was stepped up.
"We will step into the 21st century, fully dedicated to bring about a new ray of light to the people and the country," he said.
The sultan's birthday is the premier event in the national calendar of Brunei. A host of foreign dignitaries, among them Britain's Prince Charles, are here to attend the celebrations, which include a concert by pop star Michael Jackson today.