In line with much of the transport sector in Brunei Darussalam, Royal Brunei Airlines (RB) underwent a five-year restructuring process between 2011 and 2016. This overhaul involved rebranding, service enhancements and simplification of the flight network and fleet, including the assimilation of South-east Asia’s first Boeing 787-8s. These steps were taken in response to heavy losses, the full extent…
As a result of a 2012 law that restricts property ownership in the Sultanate to citizens, as well as plans to institute sharia law in the country, Brunei Darussalam has become a profitable market in which to sell overseas property. Indeed, investment opportunities in Brunei Darussalam’s property market have proved to be unattractive for permanent residents (PRs) and foreigners living in the sultanate…
The ASEAN Economic Community (AEC) is set to allow the free flow of goods, services, investments and skilled labour, while facilitating the movement of capital across the region. Formally established on December 31, 2015, the community is built on a series of agreements and pillars that establish a stable foundation for liberalised trade and economic expansion in the region. The four key pillars include…
With recent official forecasts of the Sultanate’s aquaculture sector turning into a BN$2bn ($1.4bn) industry, even as Brunei Darussalam continues to be one of South-east Asia’s top consumers of fish, the marine food sector looks set for major expansion in the years ahead. Aquaculture in particular dovetails with the Sultanate’s wider plans to boost its food processing industry, largely channelled…
With Brunei Darussalam officials busy exploring new avenues to diversify the Sultanate’s economy away from petrochemicals, attention is being directed toward previously underdeveloped sectors for economic expansion. As demonstrated by the elevation of tourism to ministerial status under the Ministry of Primary Resources and Tourism (MPRT) in 2015, the country’s tourism sector is now at the forefront…
As the world’s only Malay Islamic Monarchy, Brunei Darussalam is in a unique position to promote a sharia-compliant Islamic heritage tourism product attractive to observant Muslim families and others. Such a promotion would be a favourable strategy in the country’s efforts to expand its tourism sector and diversify the economy. Spending on travel and hospitality by Muslim travellers is expected…
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Interview:Le Luong Minh What is the ASEAN Secretariat’s role following ASEAN Economic Community (AEC) integration? LE LUONG MINH: It is the role of the ASEAN Secretariat, led by the secretary-general of ASEAN, to facilitate and monitor the progress in the implementation of ASEAN agreements and decisions. In the AEC, the ASEAN Secretariat, through the ASEAN Integration Monitoring Office,…
Interview:Cecilia Malmström What steps can be taken to ensure that current EU-ASEAN free trade agreement (FTA) negotiations do not end in another impasse? CECILIA MALMSTRÖM: During the 13th ASEAN Economic Ministers-EU Trade Commissioner Consultations held in Kuala Lumpur on April 26, 2015, all parties agreed that events had moved on since the negotiations had been put on hold, and there was…
This chapter explores Brunei Darussalam’s tax regime, focusing on key areas that include tax breaks for businesses, incentives, the withholding tax regime and deductible expenses. It also contains a viewpoint from Shazali Sulaiman, Partner, KPMG Brunei Darussalam; and Chairman, Brunei Darussalam International Chambers of Commerce and Industry.…
