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'Brunei has potential to develop own wellness industry'

Local Business Development Forum

Share on Facebook November 20, 2012, Reporter : Brunei Times, Reader : 493



BRUNEI has the potential to develop its own wellness industry and tap into the growing global ageing population, a business expert said, reports the Brunei Times

Dr Peter Ting, the regional vice president of Strategic Innovation and Market Creation at the Blue Ocean Strategy Regional Centre, said that the wellness industry is a trillion dollar industry and a recession-proof business model that Brunei can develop take advantage of, with its relaxed way of life and tranquil environments made possible by the country's renowned nature preservation policies.

"The oil and gas industry's profit margin is only about 6.7 per cent, and ranks at 114th, which means that there are 113 other different types of industries where Brunei can pursue. The wellness industry's profit margin is extremely high, and will only continue to grow," said Ting in an interview with The Brunei Times at the Local Business Development Forum last Wednesday.

"There is a rapidly growing ageing population, especially in countries such as China and the Middle East, and healthcare costs are going to be very high. The people of Oman, for instance, are spending a lot of money to prolong their lives using services only available in other countries," he said.

Brunei can emulate Thailand's successful wellbeing industry, or do even better by capitalising on its own unique advantages.

Brunei's renowned nature preservation policies may appeal to the ageing population who are seeking medical treatment in a relaxing, closer-to-nature environment as opposed to the hustle and bustle of cities. Brunei's strong Islamic identity can attract the large Muslim markets, he said.

Ting pointed out that Omanians are spending millions of dollars outside their country for healthcare.

"Brunei can give them more reason to come here, being a Muslim nation and the fact that both countries have strong relations," he said.

Through integrated healthcare centres where conventional treatments are fused with alternative medicine; or a combination of organic farming and eco-tourism; there are more than a few areas that Brunei can tap into, he said. more...

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