Brunei

Note: This column mainly includes countries along the Belt and Road and countries that have signed cooperation agreements with China on Belt and Road Initiative.

Government Administration

Brunei Darussalam is an independentsovereign Sultanate governed on the basis of a written constitution. HisMajesty, Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, Sultan and YangDi-Pertuan of Brunei Darussalam, the 29th monarch in succession to the throne,is the prime Minister as well as the Defence and Finance Minister and Head of Religionof Brunei Darussalam.

As Sultan, His Majesty is advised andassisted by 5 constitutional bodies, namely, the Council of Succession, thePrivy Council, the Council of Cabinet Ministers, Religious Council and theState Legislative Council. The State Legislative Council which was reconvenedin September 2004, consists of Cabinet Ministers, local dignitaries, people whoachieved distinctions in business, religion and society as well as districtrepresentatives.

Economy

Brunei Darussalam has a small but wealthyeconomy, which is growing at a slow and steady rate. It has remained stablewith an average inflation rate of 1.5% over the past twenty years. The peopleof Brunei Darussalam enjoy a high quality of life with an estimated US$31,000per capita income – the second highest in the ASEAN region.

Brunei Darussalam’s economy has beendominated by the oil and gas industry for the past 80 years. Hydrocarbonresources account for over 90% of its export and more than 50% of its GrossDomestic Product. Today, Brunei is the fourth largest oil producer in SouthEast Asia and the ninth largest exporter of liquefied natural gas in the world.

Brunei Darussalam’s economy has beendominated by the oil and gas industry for the past 80 years. Hydrocarbonresources account for over 90% of its export and more than 50% of its GrossDomestic Product. Today, Brunei is the fourth largest oil producer in SouthEast Asia and the ninth largest exporter of liquefied natural gas in the world.

However, there is a rising awareness in thecountry of depleting natural resources and the subsequent need to diversify theeconomy away from its over-reliance on oil and gas. Plans for the futureinclude upgrading the labour force, reducing unemployment, strengthening thebanking and tourist sectors, and further widening the economic base beyond oiland gas.

Brunei Darussalam imports about 80% of itsfood requirements, with the government subsidising certain staples such asrice, sugar and milk. The government also subsidises housing, electricity,water and oil as well as providing comprehensive medical services and freeeducation through to university level.

Brunei operates a currency board systemwith the Brunei Dollar (B$) being pegged to the Singapore Dollar, allowing bothcurrencies to be legally interchangeable in Brunei and Singapore.

Brunei Darussalam has a low tariff regimeand no capital gains or personal income tax. Under its Investment IncentivesOrder 2001 prospective investors will also enjoy a wide range of incentives,including up to a possible 20 years exemption from corporate tax; exemptionfrom import duties taxes on raw material, machinery, equipment, componentparts, accessories or building structures and adjustment of capital allowanceand losses.

Tourism

Culture. Heritage. Nature. ContemporaryAsia. The four pillars of Brunei's tourism products, these elements offer aunique blend of modern refinement, scenic allure, cultural reverence andmajestic opulence for the discerning traveller.

As a division within the Ministry ofIndustry and Primary Resources, Brunei Tourism is a in charge of tourismdevelopment, marketing and promotion, as well as licensing of tour companies.The division has been actively engaged in the promotion of tourism to Bruneisince the mid 1990s. It was then that tourism gained recognition as a risingindustry capable of greatly contributing to the Kingdom’s economic diversificationefforts, as well as becoming a significant generator of future employmentopportunities for Brunei's citizens.

With recent increases in manpower andexpertise, including the hiring of international tourism consultants, and aclear strategy with ambitious but feasible goals, Brunei Tourism is working tomarket its undiscovered tourism potential in the competitive regional tourismmarket. Brunei Tourism has also recently launched a fresh new identity to carvea face for Brunei in the competitive and dynamic regional tourism market.Brunei Tourism is committed to working closely with both local and overseasindustry partners and the media to position Brunei Darussalam as a distinctive,exciting and undiscovered travel destination in Asia.

Source: bruneiembassy.org