Brunei sultan for economic diversification
Afp, Bandar Seri Begawan
Brunei's Sultan Hassanal Bolkiah used his birthday speech Saturday to call for economic diversification and better planning to ensure continued prosperity in the tiny oil-rich nation. More than 2,000 foreign and local guests gathered at a 1,700-room palace for the speech by the sultan, once rated as the world's richest man. "Among the most important things is to ensure that the sources of oil and gas can continue to be enjoyed by the people," the sultan said. "Along with that, economic diversification is also important for strengthening the country's survival, including an increase in foreign investment and a more eco-friendly policy." The sultan, one of the world's longest-reigning monarchs who is also prime minister, defence minister, finance minister and head of Islam, spoke without a microphone in front of a golden canopy where his two wives sat. Hassanal last year married Malaysian television news presenter Azrinaz Mazhar Hakim, 26. She bore him a son, his 11th child, last month. In the 13-minute speech akin to a state of the nation address, Hassanal said: "It is not appropriate for us to remain complacent, because we are accustomed to importing everything including fruits and vegetables ... We must strive to improve and stem the perception that our current resources are adequate." The sultan's comments re-emphasized a call he made in last year's address when he said Brunei was facing intense competition from its neighbours. He vowed then to take steps to strengthen the financial system and develop an environment conducive to business. Brunei, which occupies a sliver of Borneo island, is Southeast Asia's third-largest oil producer. It is also the world's fourth-largest producer of liquefied natural gas. "We must plan further and that includes acquiring productive and professional human resources," said the sultan. "We should prepare ourselves with the appropriate skills if we are to compete with others in all aspects," he said. Last year the oil and gas sector accounted for 93 percent of Brunei's total exports. Official figures say the country had a population of about 341,000 in 2002, and the mineral wealth has brought the citizens one of the highest per capita incomes in Asia. There is no personal income tax, and education and healthcare are free. Houses, cars and even pilgrimages to Mecca are subsidized.
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