Plans to stimulate BruneiDarussalam'sICT industry have been stepped up with the launch of a new broadband policy and the opening of a software development academy as the Sultanate works towards diversifying its economy away from oil exports through the creation of a knowledge-based economy. In a bid to increase ICT usage and boost the sector’s contribution to the economy, Brunei launched…
The launch of the Brunei Insurance and Takaful Association (BITA) in November 2013 was a major event for the insurance industry and a highly anticipated one since plans for its formation were agreed upon in 2011. Bringing for the first time conventional and takaful insurers under one group, BITA is expected to unify the industry, especially in its relations with regulators. Until 2013, conventional…
Although the business environment for insurers is challenging, Brunei Darussalam’s small insurance industry continues to expand gradually. Increasingly high court awards to accident victims have impacted the profitability of mandatory automotive and workers’ compensation insurance, while the government’s local business development policies as well as strong support for takaful (sharia-compliant…
Interview:Osman Jair What impact will the launch of BITA have on insurance sector in the Sultanate? OSMAN JAIR: BITA was formalised and launched in November 2013 as a new trade body that serves to unite all of the Sultanate’s insurance operators, both conventional insurers and takaful operators. The predecessor of BITA was the General Insurance Association of Brunei Darussalam, which consisted…
While 2014 has held numerous important changes for Brunei Darussalam, the nation has long maintained its unique balance of tradition and modernity. Situated on the South China Sea, the Sultanate shares the island of Borneo with the Malaysian states of Sabah and Sarawak, and the five provinces of Indonesian Kalimantan. As the sole fully sovereign nation on the island of Borneo, Brunei Darussalam has…
One of the most important trends in Brunei Darussalam’s economy is the government’s push to develop small businesses. Although the government has long sought to encourage development of small businesses as part of its efforts to diversify the economy and increase employment opportunities for locals, the effort has intensified in recent years as a demographic bulge of young adults has led to high…
As one of ASEAN’s richest but smallest member states, Brunei Darussalam gained enormously from its decision to join the organisation just a week after gaining independence in 1984. “Joining ASEAN was a way to solidify statehood,” said Bangkok-based regional political analyst Chayut Setboonsarng. “As a small country being part of a regional grouping increases its leverage, especially during…
If asked to name the founding members of the TransPacific Partnership (TPP), which is shaping up to be the most important free trade agreement (FTA) of the early 21st century, not many people would guess that one of them is Brunei Darussalam. The country has an enthusiasm for FTAs that has few rivals. After all, the Sultanate’s oil and gas exports face few import restrictions globally, due to the…
While trade liberalisation through ASEAN will open up opportunities for Brunei Darussalam, the Sultanate may have a larger immediate impact within the smaller sub-region of Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA). Established in 1994 to address the socioeconomic progress of less developed, marginalised and far-flung areas and to narrow the development gaps…
Much of the procedural elements of Brunei Darussalam’s regional integration are intended to tear down any remaining trade barriers in order to facilitate greater trade between member countries. But in order to take full advantage of these new opportunities, a network of seamless interconnectivity between these markets must be established in terms of communications, institutional procedures and the…
