ECONOMIC DIVERSIFICATION

What is economic diversification?

• The way of using and conserving our resources to meet the needs of the present generation without affecting the needs of future generation.

• The transformation of society as a result of the country progress and wealth.

• An economy made up of different industries and sectors (business) with people having different skills and jobs.

Why is it important to diversify economy?

• Overdependence on oil and gas for income, new sources of alternative energy and need for jobs for the Bruneian.

• Oil and gas are non renewable, electricity is expensive and brunei used more electricity

• Less infrastructure, infrastructure was built by BMPC.

What is the description for overdependence on oil and gas for income?

• Create more jobs for school leavers as government could not offer jobs to school leavers

• Alternative energy ( solar energy and wind energy) developed to replace oil and gas

• Oil and gas become Brunei major export about 90% of Brunei income (pendapatan) come from it.

What is the description for new sources of alternative energy?

• Oil and gas is Brunei major export and 90% of Brunei income comes from it.

• Alternative energy (solar energy and wind energy) developed to replace oil and gas.

• Create more jobs for school leavers as government will not be able to offer jobs for them.

What is the best description for need for jobs for Bruneian?

• Oil and gas is Brunei major export and 90% of Brunei income comes from it.

• Alternative energy (solar energy and wind energy) developed to replace oil and gas.

• Create more jobs for school leavers as government will not be able to offer them jobs.

How are we going to diversify our economy? Tick any 4 boxes.

• Education and skills training: On going education and skills : need high skilled workers for future.

• Encouraging high values industries: Brunei Economic Development was set up in 2001 to identify ICT industries develop by private company

• Growing local business: Small and Medium Sized Company (eg catering services) hire less than 100 employees.

• Green building : building specially design to conserve energy.

• Secure Brunei food supply :Need to grow enough,safe and nutritious food for everyone eg livestock,fisheries and rice farming.