Doing Business in Brunei Darussalam. Economy Foreign Trade Exports

 Educational level: Continuing education / Executive education programs.

Course summary (Doing Business in Brunei Darussalam)

Brunei Darussalam is situated in the south-eastern region of Asia, on the Island of Borneo. Brunei shares borders with the Indonesian provinces of West, East, South and Central Kalimantan and the Malaysian states of Sabah and Sarawak. Protected by the political stability of the longest serving family monarchy in the world, and the financial security of its oil and gas resources, Brunei Darussalam is a green oasis at the heart of Asia.

Brunei Darussalam is a small country with great potential. It is ranked number one in the Islamic world in terms of the Human Development Index (HDI), which measures a country's quality of life. The people of Brunei Darussalam enjoy a high quality of life with an estimated US$31,000 per capita income – the second highest in the ASEAN region.

Brunei Darussalam’s economy has been dominated by the oil and gas industry for the past 80 years. Hydrocarbon resources account for over 90% of its export and more than 50% of its Gross Domestic Product. Today, Brunei is the fourth largest oil producer in South East Asia and the ninth largest exporter of liquefied natural gas in the world. Oil and natural gas account for almost all exports.

- Major export markets: Japan, Korea, Indonesia, India, Australia.
- Major suppliers: ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Laos, Myanmar and Cambodia), United States, European Union, Japan, China.

Brunei has no central bank and operates a currency board system with the Brunei Dollar (B$) being pegged to the Singapore Dollar, allowing both currencies to be legally interchangeable in Brunei and Singapore.

Brunei's market-oriented economy, supportive government policies and a large local business community that is ready to do business with international corporations have made Brunei a highly competitive manufacturing and industrial base.

International Economic Relations. Brunei Darussalam is member of: Association of Southeast Asian Nations (ASEAN), Asia-Pacific Economic Cooperation (APEC) ©, BIMP-EAGA, TPP Trans-Pacific Strategic Economic Partnership Agreement Pacific Economic Cooperation Council (PECC), Organization Islamic Conference, Islamic Development Bank, Boao Forum For Asia (BFA), Asia Cooperation Dialogue (ACD), Asia-Europe Economic Meeting (ASEM), Forum for East Asia-Latin America Cooperation (FEALAC), Economic and Social Commission for Asia and the Pacific (ESCAP), Colombo Plan ...

Brunei joined the Association of Southeast Asian Nations (ASEAN) on January 7, 1984, 1 week after resuming full independence and joined the United Nations in September 1984. It also is a member of the Organization of the Islamic Conference (OIC) and of the Asia-Pacific Economic Cooperation forum. With its traditional ties with the United Kingdom, it became the 49th member of the Commonwealth. Brunei Darussalam became an original member of the World Trade Organization (WTO) since it came into force in 1 January 1995. Brunei is a major player in BIMP-EAGA ( Brunei Darussalam Indonesia Malaysia the Philippines East ASEAN Growth Area) which was formed during the Inaugural Ministers’ Meeting in Davao, Philippines on March 24, 1994.

Brunei Darussalam has Free Trade Agreements (FTAs) with: ASEAN Free Trade Area (AFTA) - Australia New Zealand, Canada, China, India, European Union, Japan, Korea, Russia, US, Pakistan. Economic Partnership Agreement with Chile.

Latest statistics put Brunei Darussalam’s population at 406,000 and growing at an average rate of 1.8% per annum. Brunei Darussalam has a multi-racial society, comprising of 67% Malays and 15% Chinese. Bahasa Melayu is the national and official language of the Brunei. English is widely spoken.

About 66% of the population are Muslim. Brunei Darussalam’s judiciary system is based on English Common Law. For Muslims, Islamic Syariah Law supersedes civil law in a number of areas.

Through the Brunei Halal Brand, Brunei Darussalam has set sights in becoming one of the major players of the Halal industry globally, both in terms of Halal food production and certification.