With the recent descent of oil and gas prices on international markets, the role and future direction of the Sultanate’s industrial sector has never been of greater importance to Brunei Darussalam’s economy. Indeed, diversification away from hydrocarbons production is greatly contingent on industry taking a larger share of the country’s GDP. This necessary shift towards more knowledge-based,...
Brunei Darussalam Industry
Commanding the second-highest GDP per capita of all ASEAN nations, at $40,979 in 2014, Brunei Darussalam remains one of the most advanced economies in the South-east Asian region. This is in large part due to the Sultanate’s well-developed energy sector; however, with oil and gas prices falling substantially from mid-2014, new efforts are being made to increase the efficiency of production and diversify the economy to ensure future stability and sustainability.
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Commanding the second-highest GDP per capita of all ASEAN nations, at $40,979 in 2014, Brunei Darussalam remains one of the most advanced economies in the South-east Asian region. This is in large part due to the Sultanate’s well-developed energy sector; however, with oil and gas prices falling substantially from mid-2014, new efforts are being made to increase the efficiency of production and diversify the economy to ensure future stability and sustainability.
Chapter | Industry & Agriculture from The Report: Brunei Darussalam 2014
The 2014/15 budget allocated $92.9m, out of a total of $902.4m, for the industry and trade sector under the 10th National Development Plan. Much of the current manufacturing sector is built around downstream energy applications, such as petrochemicals, although the country continues to encourage growth in other light industry and knowledge-based segments, including ICT and niche halal products...
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.
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...