Brunei Darussalam Economy

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The 2014/15 budget for Brunei Darussalam, which came into effect on April 1, has a strong business focus, seeking to promote investment, stimulate and support private sector growth, and help provide the tools and skills needed to sustain economic development and diversity.

Following its successful chairmanship of ASEAN in 2013, Brunei Darussalam will look to continue its role as a regional leader in areas ranging from defence to commerce. The increased focus on diversification and the growth of several industries bode well for the economy, and the coming years are expected to see Brunei Darussalam further bolster its position within ASEAN and the international economy.

Increased investment in research and development (R&D), combined with targeting niche markets, are two cornerstones of a strategy being rolled out by Brunei Darussalam aimed at encouraging economic diversification.
As progress in the US-led Trans-Pacific Partnership Agreement (TPPA) accelerates, some Bruneians are saying it represents a significant opportunity to create jobs and energise trade. However, critics are concerned that the legal powers it will give to foreign firms could impinge on Brunei Darussalam’s sovereignty.
An increase in oil and gas production is expected to boost Brunei Darussalam’s economy over the next few years, but international experts disagree on the magnitude and timing of this growth.

Brunei Darussalam is a tolerant and accepting country, and Bruneians are well accustomed to interacting with foreigners in both business and informal settings. However, certain rules of cultural etiquette should be observed. The Sultanate is an Islamic state, so public displays of affection between sexes should be avoided and the consumption and...

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