The Busi­ness End

Brunei Business Travel Guide - - BRUNEI -

IN 1984 BRUNEI gained its in­de­pen­dence from the United King­dom, from which point its eco­nomic growth ex­panded ex­po­nen­tially and in par­tic­u­lar through­out the 90s and into the 2000s. Brunei be­came a heav­ily in­dus­tri­alised coun­try, de­vel­op­ing its wealth pre­dom­i­nantly through ex­ten­sive work in petroleum and nat­u­ral gas fields. The bulk of its wealth and busi­ness devel­op­ment can be found in the coun­try’s cap­i­tal city, Ban­dar Seri Be­gawan.

In the present day Brunei holds the se­cond high­est Hu­man Devel­op­ment In­dex among South­east Asian na­tions - closely be­hind Sin­ga­pore - and is now classed as a de­vel­oped coun­try. Adding to its stature as a de­vel­oped coun­try, Forbes also cur­rently

ranks Brunei as the fifth rich­est na­tion out of 182 with thanks to its petroleum and nat­u­ral gas fields.

Petroleum was orig­i­nally dis­cov­ered in the coun­try af­ter sev­eral failed at­tempts in 1929, and by 1940 oil pro­duc­tion was at more than six mil­lion bar­rels and has only con­tin­ued to in­crease since.

All sec­tors of busi­ness are heav­ily reg­u­lated by the Gov­ern­ment and gov­ern­men­tal poli­cies, fol­low­ing a mix­ture of pro­tec­tion­ism, sub­si­dies and en­cour­age­ment of en­trepreneur­ship. The lead­ing fig­ures in charge of the cre­ation of the afore­men­tioned poli­cies have been at­tempt­ing a steady in­te­gra­tion into the world econ­omy. There is a wide ar­ray of busi­ness plans in place for the eco­nomic devel­op­ment of Brunei, in­clud­ing work­force up­grades, re­duc­ing unem­ploy­ment, strength­en­ing bank­ing and tourism sec­tors while widen­ing the over­all eco­nomic base be­yond the orig­i­nal oil & gas sec­tors.

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