Brunei Economics and Business

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In 1929, the oil deposits began to be extracted, and these have made Brunei one of the richest countries in the world. Oil and natural gas account for about 90 percent of export earnings. Brunei is jokingly called the shellfare state. a welfare state based on revenue from the oil company Shell.

Brunei GDP (Nominal, $USD) 2003-2017

According to COUNTRYAAH, efforts to make the economy more versatile have failed. Fisheries and agriculture have declined, and the latter is now mostly conducted as binary. More than 80 percent of the food must be imported. As part of the food supply, the state has purchased a 5,858 km2 large livestock farm in Australia. Formerly important rubber production has almost ceased. In 2010, a large methanol factory was opened in the country. There are also far-reaching plans to build power plants in the Sungai Liang region. The Chinese are economically leading and dominate the business world, while Malaysians predominate in administration (40-50 percent of the workforce is publicly employed). The country’s economic assets, which are mainly invested in banks rather than invested, are in principle the Sultan’s private wealth.

Abbreviated as BRN by abbreviationfinder.org, Brunei has no public railways, but Brunei Shell Petroleum Co. operates a 13 km long railway between Seria and Badas. Along the coast there are quite good roads. Otherwise, the road network is substandard. Inland, rivers are the most important communication routes. Shipping is traditionally of great importance. Brunei’s most important port is Muara. International airport is located in the capital.

Note: the capital city of Brunei is Bandar Seri Begawan with a population of 41,000 (UN estimate 2018). Other major cities include Kuala Belait, Seria, Tutong.

Brunei Economics and Business

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