Borneo Economic Community

Twenty-four million people. Nine territories. One island, the largest in Southeast Asia.

The inspiration for the Borneo Economic Community (BEC) emerged during the first Borneo Business Roundtable held in Bandar Seri Begawan, Brunei Darussalam on 28 April 2023, organized by ASEAN Business Advisory Council (ASEAN BAC) and ASEAN BAC Brunei, and attended by key representatives of BIMP-EAGA as well as business chambers and associations across the island.

The roundtable members recognized the importance of setting up a Community to support the growth of MSMEs and trade volumes within and outside Borneo as well as to enable inclusive participation in digital interactions and transactions of the people living in Borneo, as an ASEAN ‘epicenter for a vibrant and sustainable business and economy’.

BEC is envisioned to serve as the inclusive and sustainability-focused business impact group for Bornean businesses as well as professionals in emerging disciplines, including those in the gig, creator and remote work economy. This will be achieved through, but unlimited to, marketplaces and programs with lower barriers of entry for Micro Small and Medium Enterprises (MSMEs), rural and social enterprises as well as digital nomads and talents.

As part of its pioneer program, BEC initiated the DagangBorneo, an innovative marketplace designed as a digital convergence of the unique Borneo “pasar tamu” experience and cutting-edge tokenized economy model, as the premier avenue for BEC partners in fostering seamless cross-border trade transactions, highlighting circular, sustainable portfolios as well as attracting foreign direct investments.

We work with the best partners

Dynamik Technologies Sdn. Bhd

Dynamik Technologies Sdn. Bhd Established in 2001, Dynamik Technologies focuses and thrives in creating impact in businesses and communities through its focus in Design Thinking, Digital Solutions, Digital Workspaces as well as Digital Assets. Today, as the largest Bruneian IT company with experience in delivering and managing more than ten national projects, it has a 90% local team of more than 200 IT professionals with global certifications. With this capability, Dynamik Technologies continues to help clients achieve transformation goals through strategy and technology consulting, data analytics, software development and maintenance, project and change management, IT outsourcing as well as technical infrastructure.

TrustGrid Pty. Ltd.

TrustGrid Pty. Ltd. TrustGrid™ is the future of safe, secure digital identities. We give governments and organisations the ability to create a trusted network for requesting and verifying identities and credentials while keeping the control in the hands of the individual. Our global platform enables identity-based transactions. TrustGrid™ supports digital government transformation encompassing licenses, accreditations, health records, and any other credentials. TrustGrid™ offers maximum assurance, privacy and security allowing interactions between citizen, government and vetted private organisations such as hospitals or financial institutions.

ICX

ICX ICX is a leading commodity exchange with an integrated clearing house, participating in realization of carbon trading market that complies with the regulations and standards specified.

TradeWaltz, Inc

TradeWaltz, Inc TradeWaltz, Inc an organization providing trade-related information-sharing platform built with blockchain technology

Regional Alignment

The BEC aligns with and implements ASEAN and BIMP-EAGA priorities namely,

  1. Bandar Seri Begawan Roadmap 2021 strategic measures, to provide an enabling environment for trade facilitation and digitalization for regional interoperability of systems to enhance connectivity, boost intra-ASEAN trade and as well as enhance ASEAN’s standing in global trade flows starting from Borneo;
  2. ASEAN Economic Community Blueprint 2025, on the need to improve ASEAN’s trade and production networks, as well as to create a more united market for its enterprises and consumers, by facilitating the seamless flow of commodities, services, investment, capital, and skilled workforce within ASEAN;
  3. Masterplan of ASEAN Connectivity 2025 to achieve a seamlessly and comprehensively connected and integrated ASEAN that will promote competitiveness, inclusiveness, and a greater sense of community;
  4. SEAN Digital Masterplan 2025 to increase delivery of trusted digital services to connect businesses, facilitate cross-border trade and develop capacity of businesses and people to participate in the digital economy, towards a digitally inclusive society in ASEAN;
  5. ASEAN Strategic Action Plan for SME Development 2016-2025 in promoting enhanced movement of goods, services, investment, capital and skilled labor to attract investment and enhance economic activities; and
  6. BIMP-EAGA cooperation aims to increase trade, tourism, and investments by facilitating free movement of people, goods, and services; making best use of common infrastructure and natural resources; and taking fullest advantage of economic complementation.
  7. BEC seeks to ensure the continuity of ASEAN Indonesia Year 2023 priorities, aligned with the sustainable development strategy of each territory in Borneo including opportunities created by the building of Nusantara as Indonesia’s new capital city on the island.

Supported By

ASEAN BAC Brunei ASEAN BAC Indonesia ASEAN BAC Malaysia ASEAN Trade Repository

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