The Business End
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.