KUCHING: Brunei Darussalam has the potential to expand its halal and aquaculture industries – both of which are seen as ripe for expansion – in a bid to boost its non-oil growth.
According to a new report by global research and consultancy firm Oxford Business Group (OBG), The Report: Brunei Darussalam 2016 shines a spotlight on the sultanate’s halal and aquaculture industries.
Andrew Jeffreys, OBG’s chief executive officer and editor-in-chief, said that while Brunei Darussalam had felt the weight of declining revenues due to low oil prices, its efforts to broaden the economy were taking root.
“The Sultanate has shown its commitment to boosting non-energy growth by announcing plans to invest in key areas such as education, infrastructure, and research and development,” he said.
“The move to elevate tourism to ministerial status is yet another sign that Brunei Darussalam’s bid to look beyond oil for growth, in line with its long-term development roadmap, Wawasan Brunei 2035, is gathering pace.”
Developments are under way in the country’s tourism sector, OBG added, as the government moves to tap niche areas, including the eco and Islamic segments, and boost arrivals from promising markets such as China.
OBG’s report considers the key role that the country’s pipeline of projects is expected to play in supporting a more diversified economy, especially the major Temburong Bridge initiative, which will connect the two sides of the country, and a planned manufacturing hub.
The Report: Brunei Darussalam 2016 also explores the measures that the country is taking to enhance its business environment in a bid to boost foreign investment.
The Report: Brunei Darussalam 2016 contains an interview with Dato Mohd Amin Liew Abdullah, the Deputy Minister, Ministry of Finance and Chairman of the Brunei Economic Development Board, together with a detailed, sector-by-sector guide for investors.
It also features a wide range of contributions from other leading representatives, including the Managing Director of the Autoriti Monetari Brunei Darussalam Yusof bin Haji Abdul Rahman, the Secretary-General of ASEAN Le Luong Minh and the EU Trade Commissioner Cecilia Malmström.
OBG’s managing editor for Asia, Paulius Kuncinas, said The Report: Brunei Darussalam 2016 had also shown that the country’s reforms were beginning to yield results.
“Efforts to enhance Brunei Darussalam’s business climate were instrumental in helping the country move up the World Bank’s ease of doing business rankings this year and will support the drive to attract new FDI in targeted industries,” he said.
“While the challenges cannot be underestimated, we expect a sharpened focus on areas such as manufacturing to provide firm foundations for non-oil growth.”