Course summary (Business in Brunei Darussalam)
The State of Brunei Darussalam is advantageously situated in the south-eastern region of Asia. Brunei Darussalam shares borders with
Indonesia and Malaysia. 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 as "green oasis at the heart of Asia".
Brunei Darussalam is a small nation with great potential. The State
of Brunei is
ranked in the 1st position in the Islamic world
(Human Development Index HDI). The
Bruneian people
benefit from a high quality of life with (USD31,000 per capita revenue), the 2th highest in the
Association of Southeast Asian Nations (ASEAN) region.
The economy of The State of Brunei has been dominated by the oil and gas industry for the past 80 years.
International trade of Brunei Darussalam. Hydrocarbon resources
account by more 90% of its export and 50% of Gross Domestic Product
of Brunei.
Brunei Darussalam is the 4th biggest oil manufacturer in South East Asia and the 9th biggest exporter of liquefied natural gas in the world. Oil
and natural gas account for nearly all Bruneian exports.
- Top export markets of the State of Brunei: Japan,
Korea, Indonesia, India, Australia.
- Top import partners of Brunei Darussalam: Association of Southeast Asian Nations
(ASEAN) countries (Indonesia, Malaysia,
Philippines,
Singapore,
Thailand,
Vietnam, Laos, Myanmar and
Cambodia),
United States, European Union, Japan, People's Republic of China.
Doing business in the State of Brunei Darussalam:
Brunei Darussalam has no central bank and operates a currency board system with the
Brunei Dollar (B$) being pegged to the Singapore Dollar, enabling both
currencies to be
legally interchangeable in Brunei Darussalam and Singapore.
Brunei Darussalam, as ASEAN Member, has Free trade agreements (FTA) with: ASEAN Free Trade Area (AFTA) - Australia New Zealand,
Canada, China,
India, European Union,
Japan, Korea,
Russia, United States,
Pakistan. Brunei has an Economic Partnership Agreement with Chile.
66% of the population are Muslim. The
judiciary
system of Brunei Darussalam is based on English Common Law. For Muslims, Islamic Syariah
Law substitute civil laws.
