Small Medium Enterprises in Brunei Darussalam: Business ecosystem, economic constraints & counter measures.
The project objectives are as follows;
• To define what are SMEs and determine the business ecosystem in the country.
• To identify economic challenges that SMEs are facing in Brunei Darussalam
• To determine what kind of counter measure that has been done and potential solution for the problems.
The following project questions were formulated based on the project objectives;
• What are SMEs and what kind of business ecosystem they situated in within the country?
• What are the economic challenges that SMEs are facing in Brunei?
• What has been done to solve such challenges and the potential solution to the problems?
Rationales for the choice of topic
Brunei Darussalam is heavily dependent on the petroleum industry and its economy is inevitably prone to aggressive fluctuations of global oil price due to the market force of supply and demand. Recently, global oil prices have fallen sharply below $100 per barrel and have adversely affected the economic performance of oil-producing countries worldwide.
Thus, in Brunei’s perspective, there is an upmost importance for economic diversification via promoting the growth and development of small medium enterprises (SMEs). SMEs play an indispensable role in the development of a less economically developed country to improve its economic outlook. However, the SMEs within the local business ecosystem are