Regional Development

With a wealth of oil and natural gas reserves beneath its territory, Brunei Darussalam has been able to maintain a comfortable trade surplus and ranks among the top-five countries in the world in terms of GDP per capita in spite of producing little else domestically. According to the World Bank, introduction of the ASEAN Economic Community could boost annual income growth by 0.5-1% of GDP and increase foreign direct investment stocks. Negotiations are also taking place on the Regional Comprehensive Economic Partnership, which includes ASEAN members and six regional free trading partners. Beyond the advantages of stronger economic, strategic and logistical ties within the region, an increase of Brunei Darussalam’s manufacturing base will help the country fully capitalise on the advantages afforded by ASEAN membership and other future multilateral FTAs.

This chapter contains interviews with Le Luong Minh, Secretary-General, ASEAN; Pengiran Yura Kesteria PSN Yusuf, Executive Chairman, BIMP-EAGA Business Council; and Secretary Luwalhati R Antonio, Chair, Mindanao Development Authority.