Small
and medium enterprises (SMEs) play a key
role in the identification of niche markets within Brunei's economy, according
to Associate Professor Ir Hj Sodri Hj Ariffin in a lecture held Thursday at the
Ministry of Industry and Primary Resources (MIPR).
The Malaysian expert on SMEs said the
identification of niche markets will greatly enable Brunei to diversify its
economy inline with achieving the wider agenda of becoming a strong competitor
on an international level alongside enhancing the integrity of its people.
"Oil and gas resources are slowly
depleting, so while Brunei still has this strength, it must strategise a search
for niche areas whereby it can sustain its economy beyond this period; this can
be done through strategic planning," said Professor Hj Sodri, General
Manager of Sodri Training and Services, in an interview with The Brunei Times.
Strategic planning involves the process of
determining the direction that an organisation will undertake by analysing its
strengths and weaknesses. In his lecture, the SME expert likened it to a
"road map" based on a business plan that outlines the short and
long-term vision.
"Identify attractive opportunities out
there that matches with your organisation's strengths. In today's global
market, you have many choices thus you must identify what is most appropriate
and suitable to Brunei," urged Professor Hj Sodri.
Taking into consideration the relatively small
size of Brunei's population and economy, Professor Hj Sodri advised local SMEs
to look for opportunities not only within the country, but also to explore the
growing Asian market with the aim of establishing a solid presence.
Professor Hj Sodri was invited by Dato Paduka
Hj Idris Hj Belaman, Director of Karya Bumi Planning Consultants, to share his
experiences and knowledge on the challenges faced by SMEs in finding
opportunities for expansion.
"Our SMEs need to be equipped with the
proper tools in order to become successful. The main objective of having
invited an expert is to enable our would-be entrepreneurs to open up their
minds and learn from the best practises adopted in other countries,"
stated Dato Paduka Hj Idris.
When asked about the unique challenges faced
by SMEs in Brunei, the Director of Karya Bumi Planning Consultants said the
need for a paradigm shift among local jobseekers concerning the opportunities
and career potentials in the private sector.
"We should be encouraging more people to
go into the private sector to diversify our economy. This agenda has been a
main focus for our government in recent years, but it's up to us to explore the
opportunities that exist in sectors apart from oil and gas," he said.
Rabiatul Kamit
The Brunei Times
Business & Investment Opportunities
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