Economy

With live cattle exports from Australia to Indonesia resumed and plans for banking investment and a free trade deal in the works, burgeoning economic ties between the neighboring countries seem back on track.

During his first official visit to the UK this month, Prime Minister Najib Abdul Razak showcased his country as a profitable destination for foreign investment by companies – especially those in the UK, which already have strong historical and business ties with Malaysia.

The economy has enjoyed a good first half of 2011, with exports on the rise, GDP expanding and foreign direct investment flowing in, though fears that the general election held earlier in July could spark a further wave of political instability have eased following a relatively smooth democratic transition process.

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.

Jordan’s government has undergone major overhaul with almost one third of all cabinet ministers reshuffled by Prime Minister Marouf Bakhit. Nonetheless, this does not appear to flag any major shift in economic policy.

After several years of substantial economic expansion, Qatar was recently named the wealthiest nation in the world in terms of GDP per capita. However, with many of the oil and gas related projects nearing fruition, focus is turning to manufacturing and other non-hydrocarbons businesses and the role they will play in the local economy.