Policies
Brunei Darussalam's economy is dominated by the oil and liquefied natural gas industries. The three major export commodities are crude oil, petroleum products and liquefied natural gas. These commodities are mainly destined for Japan, the United States and ASEAN countries.
Brunei Darussalam has entered a new phase of development in its drive towards economic diversification from dependence on the oil and liquefied natural gas-based economy. The Government also promotes the development of the private sector as a mean to attain this goal. This was solidly backed-up by the implementation of the Investment Incentive Act in 1975 and the formation of the Ministry of Industry and Primary Resources in 1989.
Brunei Darussalam welcomes foreign investors to actively participate in the current economic diversification programme of the country. Competitive investment incentives are ready and available for investors throughout the business cycle of start up, growth, maturity and expansion. The Investment Incentive Act provides tax advantages at start up and ongoing incentives throughout growth and expansion that are comparable if not better than those offered by other countries in the region.
Industrial activities are classified into four categories:
Industries for local market;
Industries based on local resources; and
Industries for export market.
Industrial policies including manpower, ownership, government support and facilities remain open and flexible for all categories of industrial activities. Brunei Darussalam maintain a realistic approach where a variety of arrangements are feasible. Policies relating to ownership allow for full foreign ownership, majority foreign ownership and minority foreign ownership, as per the type on industry and situation. Only activities relating to national food security and those based on local resources require some level of local participation. Industries for the local market not related to national food security and industries for total export can be totally foreign owned.
Brunei Darussalam gives priority to ensuring the stability of the natural environment. As such, all sites are free from pollution and are ecologically well balanced. The Government philosophy is for sustainable development. Therefore, all polluting industries are banned and one of the continuing criteria for engaging any industry's participation is the impact on the environment.
Statistics
Facts and figures on economic aspect of Brunei Darussalam can be obtained from the Economic Planing Unit, Ministry of Finance (Tel: 673 2 241911)
Facts and figures regarding investment in Brunei Darussalam can be obtained from the Promotion and Development Division, Ministry of Industry and Primary Resources (Tel: 673 2 382822)
Further Information can be obtained from Web Site: http://www.brunet.bn (Business in Brunei Darussalam).
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