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).
Brunei Darussalam
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While Brunei Darussalam’s Energy Department is pushing for full localisation of human resources in the oil and gas sector, firms say the transient nature of the industry and a lack of experienced locals makes this a challenge.
A surge in Brunei Darussalam’s mobile data traffic usage at the beginning of 2012 has heightened expectations over the impact that 4G technology will have on the telecommunications sector.
Plans to boost high-tech farming initiatives and enter into agribusiness deals with neighbours bode well for Brunei Darussalam’s long-term food security ambitions. However, challenges such as limited land and human resources will prove hard to overcome.
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.
Increased cooperation between major banks and real estate agencies in new developments and mortgage products has raised the prospects of Brunei Darussalam meeting its housing goals while keeping credit levels in check. However, limited land availability continues to threaten growth in the residential sector.