Is Brunei A Right Country To Invest?
Tags: Brunei Government, Business Association, Business Blueprint, Business Partnership, Economic Development Board, financial schemes, Global Market, government sector, Investment Opportunity, mentorship programme, National Development Plan, private sector economy, SME, SMI, training program
Brunei main industry is its oil & gas sector which contributed almost 90% of the country’s revenue. Brunei is a government sector
driven economy, instead of private sector economy. Currently the Brunei Government is promoting to diversify the country’s economy, an effort to not depend solely on the oil & gas industry.
I believe this is a good opportunities for our SMEs and companies to penetrate the Brunei market. The Brunei government has their own They also have a Vision 2035 blueprint, and between the year of 2007 – 2012, the National Development Plan. Brunei government have set their main focus as the development of SMEs.
These include entrepreneurs’ development, developing more ICT centre and hubs, and more business assistance ft the country’s SMEs. The country has started development for SMEs by providing training programmes, assistance in banking and SME financing schemes.
The Brunei government have set their objective in placing the country to be among top 10 industrial countries in the world by 2035. The country manufacturing industries is not much developed yet. However the country has started small manufacturing in food & beverage. This is of course in partnership with foreign companies, mainly from Malaysia, Thailand and Australia.
Nearly 30,000 Malaysian works in Brunei. Most of them are working here in various industries in Brunei. Most of the Malaysians are working in the hospitality, manufacturing, and even in the local education centers.
Even have 2 Malaysian associations here, Malaysian Citizen Association Brunei and Persatuan Kebajikan Penduduk Semelayu Malaysia. There are also quite a number of Malaysian companies here in Brunei. For example, 2 of Brunei’s leading advertising and events companies are Malaysian owned.
The country is encouraging business partnership between local SMEs with foreign investors to help develop various industries. Brunei government, through Brunei Economic Development Board (BEDB) have set up an ICT centre, known as the I-Centre. Its main objective is to develop the country’s ICT industry by providing training, guidance and assistance. It is the incubator in technology which also includes mentorship programme between the country’s ICT SMEs with established ICT companies. In these programs, I-Centre has appointed a Malaysian company, Skali Sdn Bhd as a mentor.