Bandar Seri Begawan, 3rd September 2025 – The UBD School of Business and Economics (UBDSBE), Universiti Brunei Darussalam (UBD), through the Applied Economics and Policy Research Cluster, successfully hosted the Third Brunei Economic Forum today at the Senate Room, Chancellor Hall, UBD, under the theme ‘Global Economic Uncertainties: Risks and Opportunities for Small Open Economies.’
The forum opened with welcoming remarks from Dr Wardah Azimah Haji Sumardi, Dean of UBDSBE, who highlighted that while global markets are increasingly interconnected, this connectivity also heightens exposure to risks such as shifting trade dynamics, geopolitical tensions, technological disruptions, and climate change. She emphasised that for small and open economies like Brunei Darussalam, openness provides access to international markets and partnerships but also makes them more vulnerable to external shocks. She stressed the importance of platforms such as the Brunei Economic Forum in fostering dialogue among policymakers, industry leaders, and academics to co-create solutions for navigating this dual reality.
The guest of honour, Dato Seri Paduka Haji Khairuddin Abd Hamid, Deputy Minister of Finance and Economy (Economy), Ministry of Finance and Economy, then delivered the opening address. In his remarks, he emphasised Brunei Darussalam’s position as a small and open economy, noting the benefits it gains from global market access alongside vulnerabilities linked to economic leakages and reliance on the oil and gas sector. He reaffirmed the government’s commitment to diversification through the development of priority sectors, expansion of trade relations, and positioning Brunei Darussalam as a trusted destination for foreign direct investment. He also underscored the need for forward-looking policies to strengthen competitiveness, emphasising that Brunei Darussalam must advance its diversification agenda, deepen trade relationships, and equip its people with the skills required for the future economy.
The forum featured a keynote address by Associate Professor Dr Jamus Lim of ESSEC Business School, Singapore, who spoke on “Geopolitics in a Multipolar World Economy.” He examined the retreat from globalisation and the rise of regional poles, highlighting how geopolitics has increasingly influenced trade, finance, and immigration policy. His address provided insights on how citizens, businesses, and governments can adapt to a shifting global order.
An expert panel discussion followed, featuring Professor Dr Alvin Ang, Senior Researcher at the Centre for Strategic and Policy Studies (CSPS); Professor Dr Ahmed Khalid of Lahore University of Management Sciences; Associate Professor Dr Jamus Lim of ESSEC Business School; and Heidi Farah Sia Abdul Rahman from the Ministry of Finance and Economy. The session was moderated by Dr Yong Soo Keong from UBDSBE. The panellists examined the vulnerabilities and strengths of small open economies, discussing policy options and innovative strategies to enhance resilience and competitiveness. The dialogue offered timely insights relevant to Brunei’s long-term economic aspirations.
Following the panel discussion, the forum also marked the launch of a new book entitled “Brunei Darussalam’s Economic Transition in a Shifting Global Asia”, edited by Professor Dr Ahmed M Khalid and Dr Bruno Jetin. The book provides fresh perspectives on Brunei Darussalam’s economic transformation within the broader regional and global context, making it a timely contribution to scholarship and policy debates.
The Brunei Economic Forum has established itself as a significant platform for dialogue on issues central to Brunei Darussalam’s development. By fostering engagement between scholars, policymakers, and industry leaders, the forum continues to support knowledge-sharing and evidence-based policymaking to advance the nation’s sustainable growth in an uncertain global environment.
