A Brunei private sector delegation, including 10 businesses, is exploring partnerships with their Singaporean counterparts at The Idea of North festival in the city-state, held to celebrate the bilateral relationship between the two countries.
Running from September 18 to 21 at 10 Square, Orchard Centre, The Idea of North has brought 40 prominent Bruneians in the fields of business, culture and the creative industries for a curated series of events including talks, workshops and an visual arts exhibition.
Singaprean non-profit arts and culture charity TRCL, who are organising the festival through their cultural diplomacy arm Global Cultural Alliance (GCA) in collaboration with their business accelerator Millet Group, launched The Idea of North in 2022 as a programme that brings Singapore closer with their neighbours.
This year marks the inaugural edition with Brunei, coinciding with the 40th anniversary of the Sultanate’s independence and its diplomatic ties with Singapore.
Under the business and economic programming pillar, a three-part networking and talk series explored Brunei’s economic landscape — past, present, and future — within the context of the shared and distinct challenges and opportunities faced by both countries.
Helping MSMEs leverage strong foundations
As two smaller ASEAN nations, Brunei and Singapore have deep ties, reflected by their Currency Interchangeability Agreement (CIA) since 1967. Their close cooperation extends to defence, and historically Singapore’s petrochemical industry has been one of the primary importers of Brunei’s oil and gas.
For the Brunei business delegation, made up mostly of start-ups and micro and small enterprises, the Idea of North represents an opportunity to leverage the strong relationship between the two countries to drive their growth.
Millet Holdings facilitated one-on-one matches between the attending Brunei businesses and Singaporean counterparts in similar or synergistic fields for collaboration.
Acting Head of Programme Management at DARe, the enterprise development arm of the Brunei Economic Development Board (BEDB) Reuben Chin spoke about the five priority sectors that the government is focusing on to drive the country’s diversification. These sectors—downstream oil and gas, food, tourism, services, and ICT—are actively seeking investment.
BEDB not only provides individualised support for FDIs, but also manages industrial sites and creates linkages with local businesses.
New collaborations include egg exports from Brunei to Singapore, which began in February 2023 and has exceeded seven million eggs by July 2024. Singapore’s Mandai Park Holdings and Banyan Tree Holdings Limited are also developing an eco-resort in Temburong.
Director of KS Food Industries George Lim, which produces Malay meat floss (serunding) and has recently expanded into tomato and oyster mushroom farming, said the festival has provided targeted exposure for his business as it looks to export products.
“We have a clear objective in participating—to explore export opportunities,” said Lim, whose company was matched with an agritech consultant and trainer. “Our production of oyster mushrooms is sufficient to cater to markets outside Brunei, and through this event we have formed new connections which we can explore.”
The culminating economic presenter Nik Hafimi Abdul Haadii, Executive Director of LVK Group, highlighted that the shared currency and close proximity between Brunei and Singapore should be viewed as a collective advantage for companies from both countries to attract investors.
“By working together, Brunei and Singapore can overcome the challenges of being small markets and make the region more appealing to investors,” said Hafimi, who has represented Brunei’s private sector at its Legislative Council and on regional business advisory councils.
“This also helps Bruneian companies collaborate better with Singaporean partners. Building trust will be key to this partnership, but so will making the most of our strengths.”
Participating Brunei businesses include Nextacloud Technology, Beep Digital Solutions, Mindtrex Academy, Fatih Aquaculture, Trandie Marina, Cerita Fabrikku, Harry Knit, Biofield Solutions, and Relentless Entertainment and Academy of Performing Arts.
