Outcomes from this research study are significantly important to Brunei’s industrial development that in turn confers an immense contribution to the formulation of an integrated, thorough and comprehensive industrial policy for Brunei Darussalam by looking at other countries’ experiences through SWOT-Analysis and Case-studies. This study concluded that the technology transfer environment and practices in Brunei Darussalam are weak and ineffective in advancing the search for sustainable development in its industrial sectors to fully promote the technology-based industry incentives. It is evidentially proved by Brunei’s failure to attract foreign direct investment which is the primary mode for the transfer of technology to occur. Brunei Darussalam realizes that the advancement of technology is important in order to compete with other nations and is the primary means of ensuring a sustainable economic future. The government of Brunei Darussalam is fully aware that a resource-based economy is not sustainable and it must diversify its industrial activities to not depend solely on its hydrocarbon reserves. In reviewing of Brunei’s industrial plan, it is proposed that the government should prioritize future actions on developing competitiveness in the technologically sophisticated and higher added-value industries that are becoming increasingly important in world trade. The study recommends the need to establish transparent, broad and effective enabling policies; and priorities to facilitate sustainable development, focusing especially on technology, science and innovation; and human and R & D capacities. The science system, essentially public research laboratories and institutes of higher education, carries out key functions in promoting technology education. The government has to implement new advance technology incentives that focus in the area of research and development. Case studies performed suggest ways for successful transfer of technology that Brunei Darussalam can take advantage off from experiences of other countries like Norway, Peru and Thailand. It is undeniable that the main modes of acquiring foreign technology are direct foreign investment that includes capital, technology, management, and access to foreign markets; licensing foreign technology through explicit contracts and imports of capital goods that embody technology. The study suggests that technological capability is essentially embodied in people, not in machinery. It is understood
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that in the process of acquiring, using and diffusing, adapting and developing technology, the most important input is the technical human capital base, which is able to assess and decide on technology matters. This needs a formal education system that lays the necessary foundations at higher levels. The level of skill gained through the educational system must be parallel and relevant to the local technological needs. Technically qualified people are necessary to understand, assess, select, assimilate, diffuse, adapt, improve and develop technology. Technical human capital can be developed through formal and informal training as well as through practical experience. Thus, both the formal educational system, as well as informal on-the-job training are important elements of a technological strategy and are the foundations for the rest of the structure. The management of human resource is most critical, as the quality of the product comes from the quality of people for it has to be well structured into the Brunei’s human development strategy. Government policies need more stress on upgrading the human capital through promoting access to a range of skills and the capacity to learn; enhancing the knowledge distribution power of the economy through collaborative networks and the diffusion of technology; and providing the enabling conditions for organizational change to maximize the benefits of technology for productivity. A strategy to increase technological capabilities can only be understood as part of a broader industrial strategy aimed at strengthening Brunei’s industrial competitiveness. This draws attention to the important role of government policy at the level of macro-management and at the level of structural reform in the industrial incentive regime. The development of technological capability also requires time and planning because it involves investment in human and institutional capital. Technology policy in Brunei Darussalam needs to be assessed constantly to measure the country’s ability to acquire foreign technology, diffuse and use technology, improve and develop technology, and develop the technical human capital base that makes all the above possible. It is essential that Brunei Darussalam develop a coherent and well-articulated strategy to improve the nation’s technological level that involves planning, coordination, and strong attention to implementation. The science, technology and industry policies need to be formulated to maximize the performance and well-being in realizing Brunei Darussalam’s aspiration towards a “Technology-Based Economy”. Such aspiration must reflect Brunei’s drive towards growth in high-technology investments, high-technology industries,
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more highly-skilled labour and associated productivity gains. Government policies relating to science and technology, industry and education, need a new emphasis towards technology-based industrial requirements. This research also suggests that Case-studies have offered a thorough insight of the nature underlying industrial advancements in other countries and proved that experiences from those countries are very essential indicator for the industrial development in a developing country like Brunei Darussalam to advance its industrial sectors. Creating more effective and evidence-based industrial policies that do not just rely on developing and disseminating the evidence but also on building knowledge of the ways in which industrial innovations can be embedded into ongoing strategies. Finally, such study contributes to an immutable formula for successful implementation of industrial strategies to be the primary determinant of industrial success in Brunei Darussalam. Many studies in the past resulted in a poor implementation of the government’s industrial policies. Future research should focus on in-depth case studies of specific industrial clusters as well as deepening the understanding of thematic measures of sustainability in Brunei’s industrial context. The term “Dutch Disease” must be examined as it is directly related to Brunei’s present economic situation.