According to the International Monetary Fund, Brunei Darussalam is seen as a as an emerging market and developing economy with a gross domestic product, GDP per capita of over 27 thousand US dollars. In his speech, the Acting Vice Chancellor of Universiti Teknologi Brunei, UTB at the opening of International Conference on Business, Management and Information Systems, ICBMIS 2019, explained that the country's economy has been adjusting to the lower oil and gas prices since 2014, with the authorities undertaking wide-ranging reforms. The reforms aim to ensure long-term fiscal sustainability and intergenerational equity, and to foster economic diversification.
Awang Haji Ady Syarmin bin Haji Md Taib said the growth is expected to pick up this year, with the outlook improving further over the medium term, driven by expansion in the oil and gas sector and large investment projects. Nonetheless. Lower-than-expected oil and gas prices or production would reduce fiscal revenues and exports, with significant spillovers to the non-oil and gas sector. He added that through the international conference, scholars and practitioners in this region can effectively discuss and offer fresh perspectives to these contemporary issues and their wide-ranging implication to society and the business community in particular
48 working papers will be tabled in the conference themed 'Sustainable Innovation in Business, Management and Information System' presented by participating countries namely Brunei Darussalam, Bangladesh, Malaysia, the Philippines, Nigeria, Pakistan and Ghana. The two day conference shared business management innovation, finance and technological development for the organisation and other relevant normatives, entrepreneurial innovation and development.
The keynote presentation 'Regulation, Economic Efficiency and Growth' was delivered by Doctor Victor Pavon-Villamayor, Executive President of Oxford Competition Economics from Mexico. Also present was Doctor Chin Wei Keh, Deputy Permanent Secretary for Higher Education at the Ministry of Education. The conference was organised by UTB School of Business in partnership with Universiti Tun Hussien Onn and the Oxford Intellect.
Source: Radio Television Brunei