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...
The drive for economic diversification has led to significant expenditure on infrastructure in areas such as industrial parks, irrigation works, telecoms and the national transport network. Public spending dominates the construction sector, and around 80-90% of works are carried out by the state. Increased government expenditure will ensure that public projects continue to drive growth,...
Situated along crucial sea shipping routes on the southern edge of the South China Sea, Brunei Darussalam is well placed to take advantage of growing trade within the region. Under the 10th National Development Plan, running from 2012 to 2017, the government has allocated 19.7% of the budget to communications and transportation projects. Major investments in infrastructure are designed to have...
The ICT sector has been singled out as a priority in Brunei Darussalam’s long-term strategic development plan, Wawasan Brunei 2035, which has set an ambitious target for the sector to contribute 5-6% to national GDP by 2015, compared to an estimated 2% in 2013. Although dial-up internet connections continue to dwindle, broadband connections witnessed a dramatic resurgence starting in 2013....
Islamic banking and insurance, or takaful, are becoming the dominant forms of banking and insurance, and inbound foreign investments are increasingly channelled into Islamic markets. The Sultanate’s largest bank is an Islamic lender, dominating the domestic market as well as developing into an international player in Islamic finance. The rise of takaful has been aided by strong support from...
Local conventional and Islamic banks as well as international bank groups are all active in the small and competitive Bruneian market. Sector growth has accelerated as authorities have eased up somewhat on restrictive regulations, and banks are looking forward to an improved climate as overall economic growth revives. While the climate for banking remains competitive and the scale of the...
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