With the year-end target launch of the ASEAN Economic Community (AEC) looming, Brunei Darussalam is moving to make its business climate more competitive via a raft of regulatory changes.
Brunei Darussalam Economy
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A string of major international trade agreements, due to be implemented in 2015, promise to strengthen and diversify Brunei Darussalam’s exports as it ramps up efforts to reduce its dependency on crude oil sales in the wake of plummeting prices.
International agencies and local officials are warning that Brunei Darussalam must remain firmly focused on diversifying its economy away from a declining energy sector and on improving its human capital if it is to achieve sustainable growth in the medium term.
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.
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.