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Showing posts from October, 2013

The Brunei Labs for Growth

On 7 October 2013, the Oxford Business Group reported the following on Brunei Darussalam:

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Economic Update
Brunei Darussalam looks to its labs for growth
Brunei Darussalam | 7 Oct 2013

Increased investment in research and development (R&D), combined with targeting niche markets, are two cornerstones of a strategy being rolled out by Brunei Darussalam aimed at encouraging economic diversification.

The country has long had a commitment to expanding R&D, with the government announcing in 2011 that it intended to step up spending to 1% of GDP. At the time, the government identified the sultanate’s rich biodiversity and educated workforce as key factors in promoting domestic R&D and attracting overseas investors to partner in projects. Under the 10th National Development Plan, launched in 2012, greater emphasis was given to promoting innovation, with funding increased and a focus on using R&D to create marketable products.

The state is moving to meet its commitments, accordin…