Brunei Darussalam

Brunei Darussalam is ramping up efforts to increase its rice harvest – seen as core to its policy of strengthening food security – turning to newly developed high-yield grains and improved technology to raise production, though it will be some years before the Sultanate comes close to its goal of meeting most of its domestic needs with home-grown crops.

Brunei Darussalam has moved to further streamline the approval process for construction and land development projects to boost foreign investment and encourage local builders. However, government initiatives to improve workplace conditions and regulations will require construction firms to comply with tighter environmental protection requirements.

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.

Brunei Darussalam’s economy has been given a clean bill of health by the International Monetary Fund (IMF), with the agency praising the prudent economic management exercised by local authorities, as well as the efforts to reform and liberalise the financial sector and reduce the dependence on oil and gas as the nation’s main revenue earners. The Fund and other analysts have also said more still needs to be done to foster private sector development and improve the overall business environment.

The Sultanate’s sharia-compliant insurance sector is looking to expand its market share, stepping up efforts to promote takaful products and increase the range of policies on offer, with the sector likely to see greater segmentation as a result.

Brunei Darussalam has adopted a determined bottom up approach to ensuring the comprehensive spread of information and communications technology (ICT) throughout society and the economy, though sector participants expect it will take time for these policy actions to transform the status quo.