Brunei and Beyond_update 13.11_FINAL_final

ISSUE 1
13 th November, 2015
THE NAPIERSHALL FORMULA DIGEST
ECONOMIC
DIVERSIFICATION
UAE’s drive towards
economic independence
REPUTATION
MANAGEMENT
The Kingdom of Saudi
Arabia announces
diversification efforts
in a bid to slow
climate change
GOVERNMENT
BEST PRACTICES
Building sustainability
into policy
development:
Smart Policy Design
TOURISM
Stop-over
tourism in
Iceland
driving traffic
inside
feature
HUMAN CAPITAL
Japan’s need to kick-start
the entrepreneurial
sector.
Icelandic innovation through
Economic Adversity p. 8

foreword
It is central to Brunei that its economy is diversified beyond the hydrocarbon sector,
in order to provide a prosperous future for the Sultanate. In The Napiershall Formula
Digest, Brunei & Beyond, we seek to provide the reader with inspiration, insight and
overviews within key areas of interest that have high impact potential towards
economic growth and positive promotion.
This collection of articles hopes to provide inspiration for designing a trajectory for
Brunei’s future of a diversified economy. Each bi-monthly issue will present a feature
piece that provides a deeper insight and analysis into one focus area.
This week’s issue features Iceland and the success story of its revival following 2008
economic crisis. Other sections focus on Saudi Arabia’s efforts to manage its image
through making a symbolic move to join the global fight against climate change, smart
policy design developed in Harvard, and Japan’s endeavours to combat losing its
competitive edge.
These areas of research and analysis can be further tailored to suit the specific
interests of the client, and can be incorporated into future editions.
Chairman of The Napiershall Formula
about us
Napiershall Formula is an independent consulting group based in Scotland
which strategically advises and incubates projects on behalf of
governments, national and international corporations, and third sector
organisations. Our work is instilled with our three core values: intelligence,
integrity, and delivery. We advocate strategic and innovative design-based
thinking, we lead with honesty and transparency, and we deliver our
projects without compromising their quality.
Strictly private and confidential.
This digest is intended only for the
clientelle of The Napiershall Formula
1

contents
ISSUE 1
13 th November, 2015
3
pg
REPUTATION
MANAGEMENT
The Kingdom of Saudi Arabia announces diversification
efforts in a bid to slow climate change
ECONOMIC
DIVERSIFICATION
UAE’s drive towards economic independence
6
pg
9
pg
pg
15
THOUGHT BITES
Inspiring best practice examples from around the world
HUMAN CAPITAL
Japan’s need to kick-start the entrepreneurial sector
GOVERNMENT
BEST PRACTICES
Building sustainability into policy development:
Smart Policy Design
TOURISM
Stop-over tourism in Iceland driving
tourist numbers
12
pg
20
pg
23
pg
REFERENCES
NEWS BITES
A glance at the past two week’s media developments on Brunei
25
pg
2

“Dubai and Abu
Dhabi are just
warming up in
terms of tourism
and hospitality
development.
The two cities in
the United Arab
Emirates, located
75 minutes apart
by car, anchor a
region “poised to
take off” 1
ECONOMIC
DIVERSIFICATION
UAE’s drive towards economic independence
3

economic
diversification
analysis:
diversification through
innovation
21st century United
Arab Emirates (UAE) has
manoeuvred and positioned
itself as one of the best in the
world in terms of the
efficiency and ease of doing
business. In the 41 years since
its conception, the UAE has
not only emerged as the
second largest Arab economy,
but also the most competitive,
diverse and investor-friendly
nation in the region due to
sensible policies based on
openness and diversification
of sources of income 2 . Dubai,
for example, was largely
dependent on Abu Dhabi for
funding, and in order to gain
financial independence had to
assertively develop its tourism
and financial sectors.
The country still has a
commodity-based economy,
with oil and natural gas
accounting for 40% of total
exports and for 38% of GDP.
Yet, in order to diversify the
economy and reduce the
dependence on oil revenues,
UAE has been making huge
investments in the tourism,
financial and construction
sectors 3 .
In 2012, manufacturing activity
accounted for 42% of output
growth,
transport/communication for
23%, wholesale/retail trade for
16.5% and restaurants/hotels
for 15.5% while construction
and agriculture contracted.
“Exponential growth is expected
to catapult the Emirates to the
ranks of the world’s most
sought-after destinations for
international visitors by 2020” 7
4

A crucial element in
the success of UAE’s
economic
diversification is that it
has managed to
establish itself as a
strategic hub for
foreign investments,
due to its solid
economic foudation
and smart
economic policies
based on
openness,
diversity and
flexibility 4 .
One sector that the UAE has
shown immense development
in, and one which other
countries could seek to
emulate is the hospitality
sector. The UAE’s hospitality
industry is expected to grow
at a rate of 10% between
2013 and 2018. The growth
of the industry in the region
will be driven by the a shift in
global activity from the West
to the East, a rise in leisure
travel, higher demand for
serviced apartments, a shift
towards budget travel and a
quicker construction
pipeline 5 . While tourist
arrivals in the UAE are likely
to grow at an annual rate of
5.3% between 2012 and
2022, hotel supply is
expected to increase at 5.3%
from 96,992 hotels in Dubai
and Abu Dhabi to 125,383
hotels in 2016 6 .
The UAE’s hospitality
sector is a
contemporary,
developing benchmark
for how countries,
particularly in
Asia, can seek
to diversify
their
economies.
5

Countries can
“overcome
climate
challenges and
turn them into
opportunities to
build a more
diversified and
sustainable
economy” 8
REPUTATION
MANAGEMENT
The Kingdom of Saudi Arabia Announces diversification efforts in a bid to slow climate change
6

eputation
management
analysis:
positive spin from
the environment
7
Saudi
Arabia, the world's largest
crude oil exporter,
announced recently that it
plans to diversify its
economy in a move to help
combat climate change and
reduce expected carbon
emissions by up to 130
million tonnes a year by
2030 9 .
Saudi Arabia’s move to cut
carbon emissions up to 130
million tons a year by 2030,
arguably is a self-interested
act reflecting the need to
diversify the economy away
from the hydrocarbon sector.
However, the move also
presents the KSA a key
opportunity to positively
promote itself during a time
of relative crisis. With the
recent tragedy taken place in
Mina, the KSA has been
targeted by human rights
activists on a massive scale,
with continued criticism
facing its leadership and
religious institutions.
However, two months after
the crisis, the country has now
seized an opportunity to
deflect attention away from
the negative attention
towards a brighter country
image. Indeed, the KSA has
now taken a decisive step
towards positively promoting
itself as a global player within
the environmental protection
agenda. The step has garnered
some positive attention at the
outset, with the U.N. Climate
Change Secretariat Cristiana
Figueres thanking the KSA for
its climate action plan.
As a symbolic move towards
fighting global warming, the
desert nation has finally
joined a league of others that
showcase an international
commitment to this joint
cause.

8
Up to 130 million tons of
carbon dioxide equivalent
avoided by 2030 annually
through contributions to
economic diversification and
adaptation" 10

“...the
policymakers
that we work
with are
largely
constrained
not by a lack of
will, but by a
lack of
resources” 11
GOVERNMENT
BEST PRACTICES
Building sustainability into policy development:
Smart Policy Design
9

government
best practices
analysis:
smart policy design driving
government strategies
W hen
policymakers push a new
strategy or program, they
usually do so believing their
efforts will solve a problem
or improve some vital aspect
of life for the community.
Often however, government
policies lack the scope of
knowledge and informed
re-evaluation to create
lasting impact to the benefit
of the people the policies
target.
These considerations have been
developed into something called
“Smart Policy Design”,
implemented by the Evidence
for Policy Design (EPoD)
launched six years ago at
Harvard Kennedy School (HKS).
The design works on the
assumption that “using
economic insights to inform the
design, implementation, and
recalibration of policy solutions
and working in close
collaboration with local policy
actors is the key to building
Rohini Pande, co-director of
EPoD stated that “the policymakers
that we work with are
largely constrained not by a
lack of will, but by a lack of
resources. They lack training in
using and assessing evidence,
and they don’t have access to
good information. But they are
the solution to the challenges
faced by their countries. Our
goal is to give them the tools to
make a difference.” 13
In order for policy reform to
deliver in practice, thorough
research, strategic
governments that benefit all
citizens.” 12
stakeholder engagement and
continued evaluation of the
process in place is often
needed from the outset.
10

As a testament to
the initial
successes, EPoD
now runs research
and policy
partnerships in 13
countries, including
India, Pakistan,
Indonesia, and
Saudi Arabia,
around important
issues such as
public health,
education, labor,
and finance, among
others. So far,
“EPoD’s cyclical
template has
proven successful
in countries where
researchers have
deep, existing
networks.“
While the results of the
research remain to be
seen, EPoD’s remit has
expanded to include the
training of government
agents and civil servants
to build capacity
towards implementing
solutions organically.
This will allow them to
better understand their
own policy challenges
and to take fuller
advantage of the data
available to make smart
decisions.
Holistic solutions such
as these should be
worked into developing
governmental practices,
whilst building capacity
at the same time.
“We build sustainability into our
process from the outset, so the real
marker of our success is that moment
when we’re no longer needed, when
local policymakers and citizens have all
the tools and information they need to
make their institutions work for the
benefit of all” 14
- Deanna Ford, EPoD Director
11

THOUGHT
BITES
Inspiring best practice examples from around the world
12

fragrance
rainforest
thought
bites
Canada-based natural
perfume house, Ayala
Moriel, have announced
this month their latest
fragrance, Komorebi. They
claim that the fragrance is
inspired by the scent of the
forest floor after its been
kissed by sun.
On their website, the
company said that they
were “thankful to the
Japanese language, which
has a special word for the
interplay of light and leaves,
which includes the
sunbeams one would
observe coming through the
trees and shedding light on
the vapour they exhale; as
well as the dappled-gold
forest floor, a vision that is
shifting yet constant, as
long as the sun is there. This
is the essence of Komorebi
in the Pacific rainforest.” 15
13
Outside Southeast Asia,
innovators are developing
tools to monitor and protect
pristine rainforests while also
ensuring human safety.
Following the bog fires in
Indonesia, Southeast Asia’s
need to protect its pristine
natural reserves has been
highlighted. This is where the
innovative solutions such as
the below come into play 16 .
Topher White from San
Francisco uses old cellphones
to monitor sounds in the
forest. The phones are powered
by an array of solar
panels hidden in tree tops.
The project, titled ‘Rainforest
Connection’, listens for
sounds that don’t belong in a
rainforest; for example that of
a chainsaw or human chattering.
It then sends an alert to a
control station.
Another example is Libelium,
a company based in Spain,
that specializes in smart
sensors which are linked up
with software for easy
monitoring. There are
countless applications for
Libelium’s system, such as
early detection of forest fires
in Spain 17 .

honey
country
branding
14
Georgian honey could soon
appear on the shelves of
European supermarkets. In
2014, Georgia produced
4,100 metric tons of honey,
but only exported 5,
generating export revenue
of US$ 54,000, with Saudi
Arabia accounting for 87%
of total exports, followed by
China (10%), and the
Republic of Korea (1%) 18 .
As it currently stands,
individual Georgian local
beekeepers are unable to
provide honey in amounts
that would interest international
buyers. Furthermore,
in some cases, importers
require honey to be monofloral,
meaning the honey
should be predominantly
from the nectar of one plant
species, which is typically
not the case with Georgian
honey. The Ministry of
Agriculture is currently
co-financing a beehive
census for better tracking of
Georgian honey and its
point of origin whilst the
same time, the ministry is
helping to subsidise costs of
honey sample analysis.
If Georgia can address these
issues, then it has the
potential to become a niche
honey supplier to an array
of foreign markets 19 .
Brand Finance, an independent
brand valuation
and strategy consultancy,
earlier this month released
the list of the 100 most
valuable nation brands.
South Africa ranks at
number 37 with a nett
nation brand value of US$
225bn; an impressive feat
considering the country is
still acclimatising to its
relatively infant democracy
(21 years old).
A crucial determinate of the
country’s brand ranking is
that South Africa is seen as
a country that is open to
innovation and foreign
direct investment (FDI).
“The South African nation
brand is strong and resilient
and more than just a
collection of numbers. It is
innovative, courageous,
creative, bold and continues
to inspire new ways the
world over.” 20

Iceland has
negotiated
adverse
economic
conditions to
foster a
diverse,
thriving
tourism based
economy…
Brunei holds
similar
potential
feature
TOURISM
Stop-over tourism in Iceland driving tourism numbers
15

the nordic
touch
“Tourism (in Iceland) has
grown by 100 percent
since 2006, thus
indicating the economic
value of an extremely
promising stream of
revenue for the
country.” 21
- Elizabeth Matsangou, World Finance
This article highlights the lessons
learned by Iceland following the financial
crisis in 2008, whilst considering key
best practice examples that can be
emulated in other regions. The piece
begins a series of articles related to the
Nordic region, aiming to provide an
outlook on how the region often
provides best practice examples for
attracting FDI, tourism and fostering
innovation.
Prior to the financial crisis in 2008,
Iceland’s three biggest banks were worth
$141 billion, making them 10 times the
size of the country’s economy. The banks
pulled this off by promising unrealistic
high rates of return to foreign clients
whilst simultaneously buying up corporate
companies and real-estate among
other assets.
16

By comparison, Brunei is potentially
headed towards a similar situation
of an economic downturn due to
the volatile market fluctuations
within the oil industry and its
overdependence on the
hydrocarbon sector. At the same
time, Brunei’s pristine rainforest
presents a key asset for the country
to utilise towards economic
diversification and tourism
attraction.
On Otober 6th 2008, due to its
unsustainable global financial
practices, the banking sector
collapsed, forcing Iceland to seek
innovative solutions to diversify
their economy. As a result the
country has turned the clean
energy and tourism sectors into its
main drivers of economic recovery.
The tourism sector now contributes
6.8% to the country’s GDP, the key
attraction being eco-tourism. The
share of the sector in Iceland’s GDP
between 2000 and 2007 was, on
average, 4.6%. At the same time the
country has implemented solutions
such as the recently launched
initiative to support R&D and
start-ups, with domestic and
international investors alike raising
funds for Iceland.
However, a point of difference is
that Scandinavian populations in
general are characterised by
individualism and high levels of
entrepreneurial spirit (namely
showcased in the high number of
start-ups) 22 . This is in direct
contrast with the lack of
international recognition Brunei
fosters in relation to the
entrepreneurial spirit of its
populous 23 . As such, the respective
government systems often serve to
dictate the potential for fostering
SMEs growth and attracting high
levels of tourism and/or FDI.
17

At the same time, there are
similarities between Brunei and
Iceland in relation to populations
size, GDP and the over-reliance on
a single economic driver and, as
such, Brunei could look to emulate
some of the practices Iceland put in
place in order to achieve the
resurgence in its economy. For
example, both countries have their
own airlines, with Iceland being a
key stopover destination from
Europe enroute to North America
while Brunei is a natural stopover
to the region of Southeast Asia and
Australasia.
The exponential growth of Iceland’s
tourism sector (up by a 100% since
2006) has showcased the potential
of streaming revenue into an
economy through attracting
visitors. Initial growth was spurred
by cheap travel, however this was
supported by government
investment towards a host of new
attractions to lure tourists, such as
a $2.5m project to tunnel Europe’s
second largest glacier, the Ice Cave.
Icelandair has also launched major
online marketing campaigns to
maximise visibility.
Positive initiatives such as these
could be launched in Brunei, too, as
quick win solutions to drive vistior
numbers into the country.
18

BRUNEI
ICELAND
Population Size 24
429646
Government System
Absolute Monarchy
Land Area 25
2,035 sq.mi
GDP
11.24 (billions of dollars)
Global Ease of Doing
61.26 (101st)
Business Report
Ranking 26
Global Innovation Index
Brunei not ranked
Ranking (Wipo) 27
Tourism Contribution to
1.5%
GDP 28
319395
Constitutional Republic
38,707 sq.mi
17.81 (billions of dollars)
80.27 (12th)
13th (0.91)
6.8%
*All statistics accurate current between 2013-2015*
“Iceland’s airlines have helped
spur a tourism boom, lifting its
battered economy back to
health” 29
19

“Japan
needs a
greater
focus on
what
individual
companies
can do
immediately
and on their
own” 30
HUMAN CAPITAL
DEVELOPMENT
Japan’s need to kick-start the entrepreneurial sector
20

human capital
development
analysis:
fostering
enterpreneurship
21
For the last half a
century, Japan has led the
world in technological
achievements and remains
one of the strongest
economies in Asia for this
sector. The secret to Japan’s
success is largely due to the
economic power of the
country’s major
corporations, especially in
the technology sector 31 . For
example, Toyota has a total
revenue of $326 billion. The
company also employs
326.000 employees. With a
revenue of $119 billion,
Honda is another big
company in the country.
Despite this, Japan has endured
what has been dubbed the two
painful “lost decades”, and has lost
much of its competitive economic
edge. The country is currently
operating at below its full potential,
and productivity continues to
decline across a range of sectors
and services 32 . Yet, is there a case
to be made that Japan’s current
technological sector, and economy
generally, is inhibiting the growth
of entrepreneurships, start-ups
and ‘idea-to-company’ success
ratios? The corporate giants, which
still to a large extent dominate the
Japanese economy, are extremely
top heavy, exerting their influence
and control over vast pools of
talent, labour, markets, ideas,
resources and countless other
aspects of the economy. According
to a report published by the
Mckinsey Global Institute, “Japan
needs a greater focus on what
individual companies can do
immediately and on their own.” 33
For giving freedom and licence
to the private sector,
encouraging start-ups and
entrepreneurship, Japan could
look to Silicon Valley in the
United States. This year, Silicon
Valley was once again ranked as
the best in the world for
start-up businesses and
entrepreneurship; the Silicon
Valley tech companies alone
create a total GDP, which comes
to $535 billion 34 . Whilst Silicon
Valley start-ups like Facebook,
Amazon, Tesla and Google are
changing the way the Western
world functions, this kind of
disruptive innovation from
start-ups is not yet a common
occurrence in Japan.

A recent
development
in the United States
is that start-ups are using
banks and investment
companies far more than they
used to, as they are able to
connect companies and wealthy
individuals who can network
and use their own clients to
offer revenue. An example of
this is Fidelity or T. Rowe Price,
which often invest in big
start-ups, like Uber, that are on
the precipice of an IPO 35 . This is
just one of many strategies that
national economies should seek
to adopt to grow, incubate and
foster their entrepreneurial
talent.
“Investments in human capital, including
healthcare, education, and especially the
integration of women in labour market, are
fundamental at the initial stage to speed up the
transition, improve the productivity of the
workforce, and increase the magnitude of the
potential of a veritable dividend” 36
- Dr Awiti, Director of the East African Institute at Aga Khan University
22

NEWS
BITES
A glance at the past two week’s media developments on Brunei
23

negative attention
continues
In this week’s news, we see similar trends
in the international media coverage of
Brunei. Focus was placed on criticising
the TPP and the LGBT issues in the
country, with specific scrutiny on the
perceived stoning to death of LGBT
people. This was further reflected in an
article on Jay Leno’s comedy tour and his
lobby against HM the Sultan and Sharia
Law.
Whilst critisicm of LGBT rights continues,
overall negative media attention has died
down throughout recent months.
Reflecting upon this decline of negative
media attention, it could be argued that
now would be a good time to promote a
positive Brunei country brand towards
external audiences, deflecting attention
away from criticism relating to the Penal
Code implementation.
“Brunei in 2014 began to
implement a new legal code
based on Sharia law that
punishes those convicted of
homosexuality by stoning them
to death” 38
“Now it’s official:
the TPP fails the
test for important
LGBT concerns” 39
news
bites
“Last year, the
Sultan of Brunei
enacted Sharia
law in the
country which
punishes
‘sodomy’ with
stoning to
death” 37
“He (Jay Leno) is currently joining
Mavis and The Feminists Majority
Foundation in their effort to influence
the Sultan of Brunei to rescind his
decision to impose Sharia law in the
country including the penalty of death
by stoning for homosexuality and
horrific public flogging for any woman
seeking an abortion” 40
24

eferences
1 Anon, (2015). 5 Reasons Why Tourism Is Poised to Explode in Dubai and Abu Dhabi. Available at:
http://skift.com/2014/06/23/5-reasons-why-tourism-is-poised-to-explode-in-dubai-and-abu-dhabi/.
2 Khaleeej Times, (2015). UAE economy thrives on openness, diversification and competitiveness.
Available at: http://www.khaleejtimes.com/article/20121126/ARTICLE/311269928/1002.
3 Trading Economics, (2015). United Arab Emirates GDP Growth Rate. Available:
http://www.tradingeconomics.com/united-arab-emirates/gdp-growth.
4 PropelConsult, (2015). UAE ‘strategic hub for foreign investments’.Available:
http://www.propelconsult.com/uae-strategic-hub-for-foreign-investments/.
5 Gulf News, (2015). GCC hospitality industry set to reach $35.9b by 2018. Available:
http://gulfnews.com/business/sectors/tourism/gcc-hospitality-industry-set-to-reach-35-9b-by-2018-1.1389776.
6 Khaleeej Times, (2015). UAE economy thrives on openness, diversification and competitiveness.
Available at: http://www.khaleejtimes.com/article/20121126/ARTICLE/311269928/1002.
7 Executives for Hospitality, (2015). Exponential Growth Ahead for UAE’s Hospitality Sector.
Available: http://www.executivesforhospitality.com/blogs/exponential-growth-ahead-uaes-hospitality-sector/.
8 The National, (2015). UAE’s environment goals set out ahead of crucial Paris conference. Available
at:
http://www.thenational.ae/uae/environment/uaes-environment-goals-set-out-ahead-of-crucial-paris-conference.
9 Fuelfix.com, (2015), Saudi Arabia Will Diversify Economy.
http://fuelfix.com/blog/2015/11/10/saudi-arabia-will-diversify-oil-driven-economy-to-meet-u-n-goals-on-climate-c
hange/#34482101=3.
10 Ibid
11 Harvard Gazette, (2015), Making Government Work. Available at:
http://news.harvard.edu/gazette/story/2015/11/making-government-work/.
23 Bhasin (2011), p. 20 Doing Business in Southeast Asia
24 Geoba.se, (2015). The World: Population.
http://www.geoba.se/population.php?pc=world&type=28&year=2015&st=rank&asde=&page=2.
25 Info Please, Brunei (2015). Available at: http://www.infoplease.com/country/brunei.html.
26 Doing Business, (2015). Going Beyond Efficiency.
http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB15-Ch
apters/DB15-Report-Overview.pdf.
27 Global Innovation Index, (2015). 2015 Country Rankings. Available at:
https://www.globalinnovationindex.org/content/page/data-analysis/
28 WTTC, (2015). Brunei Darussalam, Available at:
http://www.wttc.org/-/media/files/reports/economic%20impact%20research/country%20reports/brunei_darussala
m2014.pdf and
http://www.politcasecompetition.com/wp-content/uploads/2015/03/Sp%C3%B8rgsm%C3%A5l-1-inspiration-1.pd
f. Last accessed 10th November 2015.
29 Financial Post, (2015). Transportation. Available at:
http://business.financialpost.com/news/transportation/how-icelands-airlines-have-helped-spur-a-tourism-boom-lift
ing-its-battered-economy-back-to-health
30 Mckinsey Global Institute, (2015). The future of japan: reigniting productivity and growth.
31 TechInsider. (2015). 11 Most Profitable Japanese Companies`.Available:
http://www.techinsider.net/11-most-profitable-japanese-companies/1127408.html.
32 Ibid
33 Mckinsey Global Institute, (2015). The future of japan: reigniting productivity and growth.
34 Readwrite, (2015). The Best Place For Tech Startups: Still Silicon Valley … For Now. Available:
http://readwrite.com/2015/07/28/startups-cities-rankings-silicon-valley.
12 Ibid
35 Business Insider UK, (2015). Wall Street banks have changed the way Silicon Valley's top startups
raise money. Available: http://uk.businessinsider.com/silicon-valley-start-ups-raising-vc-2015-8?r=US&IR=T.
13 Ibid
36 The Star, (2015). Time to make the Africa Uprsing Real. Available at:
http://www.the-star.co.ke/news/it-time-make-africa-rising-real.
14 Ibid
37 Gay Star News, (2015) Available at:
http://www.gaystarnews.com/article/us-pacific-trade-deal-will-give-no-provisions-for-lgbt-in-oppressive-countries/
15 Basenotes., (2015). Ayala Moriel's new fragrance, Komorebi, is the opposite of petrichor. Available
at:
http://www.basenotes.net/perfumenews/3214-ayala-moriels-new-fragrance-komorebi-is-the-opposite-of-petrichor
.
.
38 Washington Blade, (2015). Available at:
http://www.washingtonblade.com/2015/11/07/controversial-trade-deal-lacks-lgbt-specific-provisions/#sthash.fGD
2GoMj.dpuf.
39 Ibid
16 Rainforest CX, 2014 Available at:
https://secure.flickr.com/photos/rainforestcx/14151071006/sizes/l/
40 Wytv, (2015). Jay Leno headed to Packard in March. Available at:
http://wytv.com/2015/11/09/jay-leno-headed-to-packard-in-march/.
17 Ibid
18 Georgia Today, (2015). Sweet Business – Growth Prospects for Georgian Honey. Available:
http://georgiatoday.ge/news/1660/Sweet-Business-%E2%80%93-Growth-Prospects-for-Georgian-Honey.
19 Ibid
20 Bizcommunity, (2015). The South African nation brand is strong and resilient. Available:
http://www.bizcommunity.com/Article/196/82/136009.html.
21 World Finance, (2015). Failing banks, winning economy: the truth about Iceland’s recovery.
Available at:
http://www.worldfinance.com/infrastructure-investment/government-policy/failing-banks-winning-economy-the-tr
uth-about-icelands-recovery.
22 Forbes, (2015). Iceland Remaking an Economy Through Entrepreneurship. Available at:
http://www.forbes.com/sites/brentbeshore/2014/07/30/iceland-remaking-an-economy-through-entrepreneurship/
25

Don’t judge each day by the
harvest you reap, but by the
seeds you plant.
- Robert Louis Stevenson