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Brunei – The Wealthy Sultanate

Country Profiles - BruneiThe Sultanate of Brunei’s influence peaked between the 15th and 17th centuries when its control extended over coastal areas of northwest Borneo and the southern Philippines. Brunei subsequently entered a period of decline brought on by internal strife over royal succession, colonial expansion of European powers, and piracy. In 1888, Brunei became a British protectorate; independence was achieved in 1984. The same family has ruled Brunei for over six centuries. Brunei benefits from extensive petroleum and natural gas fields, the source of one of the highest per capita GDPs in Asia.

Brunei has a small well-to-do economy that depends on revenue from natural resource extraction but encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for 60% of GDP and more than 90% of exports. Per capita GDP is among the highest in Asia, and substantial income from overseas investment supplements income from domestic production. For Bruneian citizens the government provides for all medical services and free education through the university level. The government of Brunei has been emphasizing through policy and resource investments it strong desire to diversity its economy both within the oil and gas sector and to new sectors. (Source: CIA World Factbook)

Whilst ASEAN Business Partners is not present in Brunei, we are ready to support in Brunei with market research and business development, as well as in the fields of corporate governance, compliance assessments, negotiations and alternative dispute resolution.

 

Useful Links:

https://country.eiu.com/brunei

https://www.cia.gov/library/publications/the-world-factbook/geos/bx.html

http://www.adb.org/publications/brunei-fact-sheet

http://www.asidnet.org/web/

http://cpi.transparency.org/cpi2013/results/

http://www.weforum.org/reports/global-competitiveness-report-2013-2014

 

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