Economy
From The Report: Brunei Darussalam 2014
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With one of the world’s largest endowments of hydrocarbons reserves relative to the size of its population, Brunei Darussalam has naturally built its economy around the production and export of oil and gas. However, like many of the world’s traditional oil and gas producers, the Sultanate now faces the challenge of maturing fields. The non-energy private sector accounted for 23.3% of GDP in 2013, with $3.69bn of value added. The government’s gross spending came to $5.8bn in the fiscal year ending March 2013, equal to 35% of GDP. Fiscal surpluses in 2012-13 averaged around $3bn and the IMF expects they will average $4bn in 2014-19, implying that the Sultanate’s rainy day savings will continue to grow.

This chapter contains interviews with Pehin Dato Abd Rahman Ibrahim, Minister of Finance II; and Dato Ali Apong, Deputy Minister, Prime Minister’s Office, and Chairman of the Brunei Economic Development Board.

Articles from this Chapter

Overview

Renewed efforts in hydrocarbons and petrochemicals are set to boost the growth rate
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With one of the world’s largest endowments of hydrocarbons relative to the size of its population, Brunei Darussalam has naturally built its economy around the production and export of oil and gas. Energy exports have funded a high general standard of living and substantial outward foreign investment. However, like many of the world’s traditional oil and gas producers, the Sultanate now faces the challenge of maturing fields. As economic growth has slowed amid a decline in oil and gas output,…

Interview

OBG talks to Pehin Dato Abd Rahman Ibrahim, Minister of Finance II at the Prime Minister’s Office
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Interview:Pehin Dato Abd Rahman Ibrahim How would you summarise the major objectives of the national budget for the fiscal year 2014/15? PEHIN DATO ABD RAHMAN IBRAHIM: The year’s national budget of $5.22bn was formulated based on the theme “Generating Economic Growth, Creating Employment Opportunities”. Greater emphasis is being placed on generating stronger and more sustainable economic growth, creating permanent employment opportunities, and developing the private sector as a catalyst…

Interview

OBG talks to Pehin Dato Abd Rahman Ibrahim, Minister of Finance II at the Prime Minister’s Office
OBG
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Interview:Pehin Dato Abd Rahman Ibrahim How would you summarise the major objectives of the national budget for the fiscal year 2014/15? PEHIN DATO ABD RAHMAN IBRAHIM: The year’s national budget of $5.22bn was formulated based on the theme “Generating Economic Growth, Creating Employment Opportunities”. Greater emphasis is being placed on generating stronger and more sustainable economic growth, creating permanent employment opportunities, and developing the private sector as a catalyst…

Interview

OBG talks to Dato Ali Apong, Deputy Minister, Prime Minister’s Office, and Chairman, Brunei Economic Development Board (BEDB)
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Interview:Dato Ali Apong What are the priority areas for attracting foreign direct investment (FDI) to Brunei Darussalam? DATO ALI APONG: In terms of attracting FDI, Brunei Darussalam has continuously prioritised sectors other than oil and gas, especially in the key clusters of food, pharmaceuticals and cosmetics, renewable energy, data centres, and disaster recovery centres. Building on the success of Simpor Pharma’s halal pharmaceuticals manufacturing plant, the BEDB has continued to…

Interview

OBG talks to Dato Ali Apong, Deputy Minister, Prime Minister’s Office, and Chairman, Brunei Economic Development Board (BEDB)
OBG
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Interview:Dato Ali Apong What are the priority areas for attracting foreign direct investment (FDI) to Brunei Darussalam? DATO ALI APONG: In terms of attracting FDI, Brunei Darussalam has continuously prioritised sectors other than oil and gas, especially in the key clusters of food, pharmaceuticals and cosmetics, renewable energy, data centres, and disaster recovery centres. Building on the success of Simpor Pharma’s halal pharmaceuticals manufacturing plant, the BEDB has continued to…

Analysis

The development of local small businesses is a key area of focus
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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 youth unemployment. Virtually every business in Brunei Darussalam has been affected by some aspect…