|
|
|
|
• GDP: US$5.2 billion (2004).
• Main exports: Crude oil, natural gas and petroleum products.
• Main imports: Chemicals, food, machinery and transport equipment and manufactured goods.
• Main trade partners: Australia, Japan, Korea, Malaysia, Singapore, Thailand, UK and USA.
• Main exports: Crude oil, natural gas and petroleum products.
• Main imports: Chemicals, food, machinery and transport equipment and manufactured goods.
• Main trade partners: Australia, Japan, Korea, Malaysia, Singapore, Thailand, UK and USA.
Economy
Brunei’s economy depends on its oil and natural gas deposits, which are mostly offshore, and its investments. Although these are not extensive by world standards, Brunei’s small population enjoys a very high standard of living.
The economy has grown slowly in recent years due to temporarily lower oil and gas production as production facilities were repaired and upgraded. Risk also stems from volatility in oil prices. Dependence on oil and gas are being reduced to ensure current standards of living can continue.
In January 2003, Brunei unveiled plans aimed at attracting US$4.5 billion in foreign investment by 2008. Efforts are being made to move away from hydrocarbons towards areas such as communications technology, financial services, rubber, rice farming, halal (Muslim dietary law) food, and forestry services, plus energy-intensive industries like petrochemicals, oil refining, and aluminum smelting.
The education system aims to improve training in line with the country's requirements. Brunei belongs to the Association of South East Asian Nations (ASEAN) and subscribes to its major projects, including the plan to establish a free-trade zone among member states in around 2010/2015.
In 1995, Brunei joined the IMF and World Bank, making available technical and consultative advice from those institutions (it hardly needs their financial support). The Asian financial crisis in 1997 had little effect on Brunei, because of the country’s lack of indebtedness.
However, it has since become apparent that a substantial proportion of the country’s financial resources, which are under the exclusive control of the royal family, have been dissipated through individual profligacy.
The economy has grown slowly in recent years due to temporarily lower oil and gas production as production facilities were repaired and upgraded. Risk also stems from volatility in oil prices. Dependence on oil and gas are being reduced to ensure current standards of living can continue.
In January 2003, Brunei unveiled plans aimed at attracting US$4.5 billion in foreign investment by 2008. Efforts are being made to move away from hydrocarbons towards areas such as communications technology, financial services, rubber, rice farming, halal (Muslim dietary law) food, and forestry services, plus energy-intensive industries like petrochemicals, oil refining, and aluminum smelting.
The education system aims to improve training in line with the country's requirements. Brunei belongs to the Association of South East Asian Nations (ASEAN) and subscribes to its major projects, including the plan to establish a free-trade zone among member states in around 2010/2015.
In 1995, Brunei joined the IMF and World Bank, making available technical and consultative advice from those institutions (it hardly needs their financial support). The Asian financial crisis in 1997 had little effect on Brunei, because of the country’s lack of indebtedness.
However, it has since become apparent that a substantial proportion of the country’s financial resources, which are under the exclusive control of the royal family, have been dissipated through individual profligacy.
Business Etiquette
Suits are recommended. Business visits are best made outside the monsoon season (between November and December). The services of a translator will not normally be required as English is widely spoken.
Office hours: Mon-Thurs 0800-1700, Sat 0800-1200.
Government office hours: Mon-Thurs and Sat 0745-1215 and 1330-1630. Shortened office hours operate during the fasting month of Ramadan.
Office hours: Mon-Thurs 0800-1700, Sat 0800-1200.
Government office hours: Mon-Thurs and Sat 0745-1215 and 1330-1630. Shortened office hours operate during the fasting month of Ramadan.
Business Contacts
Brunei Darussalam International Chamber of Commerce and Industry
PO Box 2285, Bandar Seri Begawan, Brunei
Tel: (2) 226 000.
National Chamber of Commerce and Industry of Brunei Darussalam
PO Box 115, Bandar Seri Begawan, BS8670, Brunei
Tel: (2) 243 321.
PO Box 2285, Bandar Seri Begawan, Brunei
Tel: (2) 226 000.
National Chamber of Commerce and Industry of Brunei Darussalam
PO Box 115, Bandar Seri Begawan, BS8670, Brunei
Tel: (2) 243 321.
|
