With ample energy resources, Brunei Darussalam is working to build a stronger industrial base using its access to cheap power and petroleum products. Downstream industries have already seen significant successes, and efforts are also being made in unrelated sectors, specifically in halal products, where the Sultanate has resources and expertise. High-tech industries are also attracting...
Brunei Darussalam Industry
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The launch of a major seafood processing plant highlights the progress the Sultanate is making in its plans to diversify from oil and resources and position itself as a centre of value-added industry. However, a shortage of available land to further develop the industry sector has been identified as a limiting factor.
As an increasingly significant player in the rapidly expanding global halal market, Brunei is laying the groundwork for further industry growth by extending its reach across Asia and Latin America, while also encouraging product innovation.
As the economy of resource-dependent Brunei Darussalam prepares for a future when its oil and gas reserves are depleted, policy makers are putting more emphasis on innovative areas of industry that aim to capitalise on the Sultanate’s heritage and culture.
The Sultanate’s policy to promote industry as a means of diversifying the economy is starting to produce the dividends the government had in mind when it established the programme on industrialisation, though it still has some way to go before achieving all its objectives.
The downstream energy sector in Brunei Darussalam is set to get the biggest makeover in its history, with a Chinese consortium planning to invest up to $6bn to develop an oil refinery and associated chemicals plant at the Pulau Muara Besar (PMB) industrial site.