As global economic uncertainties reshape the international landscape, small open economies find themselves at a critical crossroads. The Third Brunei Economic Forum 2025 brought together leading minds to explore how nations like Brunei Darussalam can transform challenges into opportunities while navigating an increasingly volatile world.
Third Brunei Economic Forum 2025 Charts Strategic Pathways for Small Economies
On September 3rd, 2025, the UBD School of Business and Economics successfully hosted its flagship event at the Senate Room, Chancellor Hall, UBD. Moreover, this year’s gathering focused on the pressing theme of ‘Global Economic Uncertainties: Risks and Opportunities for Small Open Economies,’ drawing insights from regional experts and policymakers.
Opening Perspectives on Economic Interconnectedness
Dr Wardah Azimah Haji Sumardi, Dean of UBDSBE, set the tone with her welcoming remarks. She emphasized that while global markets offer unprecedented connectivity, this integration also amplifies exposure to various risks. Unlike larger economies with diversified domestic markets, small nations face unique vulnerabilities.
“Global connectivity provides access to international markets and partnerships but also makes small economies more vulnerable to external shocks from shifting trade dynamics, geopolitical tensions, technological disruptions, and climate change.”
Dr Sumardi stressed the critical importance of platforms like the Brunei Economic Forum in fostering collaborative dialogue among policymakers, industry leaders, and academics to co-create innovative solutions.
Government Vision for Economic Diversification
The forum’s guest of honour, Dato Seri Paduka Haji Khairuddin Abd Hamid, Deputy Minister of Finance and Economy, delivered compelling opening remarks that outlined Brunei’s strategic positioning. Furthermore, he acknowledged the nation’s dual reality as a small open economy benefiting from global market access while grappling with economic vulnerabilities tied to oil and gas sector dependence.
The Deputy Minister reaffirmed the government’s unwavering commitment to economic diversification through several key initiatives:
- Development of priority sectors beyond traditional industries
- Expansion of international trade relations
- Strategic positioning as a trusted foreign direct investment destination
- Implementation of forward-looking policies to strengthen national competitiveness
Skills Development for Future Readiness
Notably, the Deputy Minister emphasized the crucial need to equip Brunei’s workforce with skills required for the evolving economy. This human capital development represents a cornerstone of the nation’s long-term economic strategy.
Expert Insights on Multipolar Economic Dynamics
Associate Professor Dr Jamus Lim of ESSEC Business School, Singapore delivered the keynote address titled “Geopolitics in a Multipolar World Economy.” His presentation examined the global retreat from traditional globalization models and the emergence of regional economic poles.
Dr Lim provided valuable insights into how geopolitical considerations increasingly influence trade policies, financial systems, and immigration frameworks. On the flip side, he offered practical guidance for citizens, businesses, and governments adapting to this shifting global order.
Panel Discussion Reveals Strategic Opportunities
The forum’s expert panel brought together distinguished voices from academia and government. The discussion featured Professor Dr Alvin Ang from the Centre for Strategic and Policy Studies (CSPS), Professor Dr Ahmed Khalid of Lahore University of Management Sciences, Associate Professor Dr Jamus Lim, and Heidi Farah Sia Abdul Rahman from the Ministry of Finance and Economy.
Under the skilled moderation of Dr Yong Soo Keong from UBDSBE, panellists explored both vulnerabilities and inherent strengths of small open economies. Subsequently, they discussed innovative policy options and strategies to enhance economic resilience and global competitiveness, offering timely insights aligned with Brunei’s long-term economic aspirations.
Book Launch Marks Scholarly Milestone
The forum also celebrated the launch of “Brunei Darussalam’s Economic Transition in a Shifting Global Asia,” edited by Professor Dr Ahmed M Khalid and Dr Bruno Jetin. This publication provides fresh analytical perspectives on Brunei’s economic transformation within broader regional and global contexts, making it a valuable contribution to contemporary scholarship and policy debates.
Building Bridges for Sustainable Growth
The Third Brunei Economic Forum 2025 reinforced its position as a vital platform for addressing development challenges central to Brunei Darussalam’s future. Through meaningful engagement between scholars, policymakers, and industry leaders, the forum continues supporting knowledge-sharing initiatives and evidence-based policymaking approaches.
As small economies worldwide grapple with unprecedented global uncertainties, events like this forum prove essential for fostering collaborative solutions. The insights shared during this gathering will undoubtedly influence strategic planning and policy development, helping Brunei navigate toward sustainable economic growth in an increasingly complex international environment.
