While growth in Brunei Darussalam’s economy has slowed in recent years, a rising contribution from the non-oil and gas sectors, particularly agriculture, indicates that efforts to accelerate diversification are producing results.
Brunei Darussalam Economy
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While overall growth in Brunei Darussalam’s economy slowed in 2012, expansion in the non-oil and gas sector suggested that some of the Sultanate’s diversification efforts are gaining traction and should pave the way for government plans to target value-added production.
The government in Brunei Darussalam is moving to speed up business processes and improve communication between the public and the private sectors amid calls for the introduction of measures to boost foreign direct investment (FDI).
Efforts to boost the role of the private sector in Brunei Darussalam are set to be stepped up with the government’s new budget, rolled out on April 1, that includes tax reductions and incentives aimed at supporting business development.
Recent weeks have seen the Sultanate take some important steps in boosting trade ties with both regional friends and more distant allies. This recent flurry of international links will be good for Brunei Darussalam’s trade position, and may also stand the Sultanate in good stead as it prepares to chair the Association of South-east Asian Nations (ASEAN) in 2013.
Having long given its support to regional and multilateral efforts to promote trade, Brunei Darussalam has recently been highly involved in negotiations for a new multilateral free trade agreement that could transform the economies of the Asia-Pacific region.