Business And Market Overview On Brunei
Brunei’s economic system depends on oil and fuel and is the third largest producer of crude oil in Southeast Asia after Indonesia and Malaysia. Brunei can be the world’s fourth largest producer of pure gasoline. Brunei’s present oil and fuel reserves are adequate at least until 2015. Thus, Brunei’s authorities has used its oil wealth for investments outdoors the country for future generations. Moreover, the government seeks to develop the nation’s financial system past on oil and fuel but with little success.
Brunei’s GDP was US$5.2 billion with a GDP per capita of US$13,879 in 2004. The economy grew at a mean GDP development of three.Zero% yearly from 2000 to 2004 driven primarily by Brunei’s export of oil and gasoline and therefore dependent by world oil and gas prices. Inflation was less than 1.5% in 2000-2001, expertise deflation in 2002-2003 however inflation ultimately crept at 0.9% in 2004. The government is Brunei’s largest employer and many of its citizens desire to work with the federal government. The nation skilled growing unemployment from 2002 to 2004 however remained under 5.0%.
The industrial sector (primarily oil and fuel associated actions) contributed in direction of 56.1% of Brunei’s GDP in 2004. The service sector contributed towards forty.Three% while the agriculture sector contributed solely 3.6% through the interval. Essential industries are petroleum, petroleum refining, liquefied pure gas and construction. Major agriculture merchandise embody rice, vegetables, fruits, rooster and eggs.
DEMOGRAPHY. Brunei has a small population of slightly greater than 370 thousand. Brunei Malays are the most important ethnic group and account for nearly 70% of population adopted by Chinese accounting for rust small oil refinery placement value 15%. Others embody indigenous people and immigrants who’ve settled in the nation. Islam is the official religion of the country and 70% of the population practice the Muslim faith. Different religions include Buddhism, Christianity and indigenous practices. The official language is Malay whereas Brunei’s Chinese language community typically used the Chinese language language inside the group. The inhabitants is mostly proficient in English since colleges train the language and utilized in increased schooling, business and the sciences.
Three quarters or seventy five% of the inhabitants stay within the city areas and largely work in authorities services, oil and gasoline trade, wholesale and retail trade and building. Major urban areas embody the nation’s capital Bandar Seri Begawan, Muara, Tutong, Seria and Kuala Belait.
Poverty is practically non-existent within the oil rich nation of Brunei. Brunei’s GDP per capita is half of Singapore however based on purchasing power parity (PPP) it’s barely less than Singapore. Almost 70% of the households belong to the center or excessive-earnings categories whereas the remaining 30% within the lower-earnings class.
INFRASTRUCTURE. Telecommunication providers within the nation properly developed while reliability of providers outside from Brunei is nice. Internet access is offered all through many components of the nation however broadband services are restricted. Towns properly linked by roads and crosses the border into East Malaysia. Country served by single worldwide airport at Bandar Seri Begawan.
Worldwide Commerce. Major buying and selling companions embody Japan, South Korea, Australia, US, Thailand, Indonesia, China, Singapore and Malaysia. A lot of the imports from Singapore are Singapore’s re-exports from other countries. Major exports include crude oil, pure gas, refined petroleum merchandise. Major imports include machineries and equipments, autos and vehicle elements, client items, foods, building supplies and chemicals.
Shopper Utilization OF Expertise. Practically all properties in Brunei have fixed-line telephones and the penetration of cellphones by population was 40% in 2004. Brunei’s common population have the monetary means to put in computer systems of their homes however the penetration in homes is low at 20%. Penetration of web users is also low at 9% of the inhabitants or 34,000 customers. However, nearly all homes in Brunei have televisions and refrigerators.
RETAIL MARKET. Marketers into Southeast Asia often neglect Brunei as a potential market because of its small shopper population. However, the country has the second highest GDP per capita in the region after Singapore and will depend on imports for practically all of its shopper goods and foods. The estimated value of Brunei’s retail market in 2004 was US$390 million in 2004 of which foods accounted for practically US$280 million. The “mother and pop” stores and mini markets dominate the retail industry alongside a number of department stores and supermarkets. Shoppers in Brunei often store cross the border into Malaysia for wider selections of client goods.
Meals Tradition. Foods eaten by the Malays are usually rice with spicy meat and vegetable dishes. Nonetheless, the individuals of Brunei are accustomed to Indian foods as a result of quite a few small Indian eateries throughout the country. Thus, properties often serve fish, rooster or beef curry dishes. Popular food service establishments include Chinese, Indonesian, Indian, Thai and Japanese restaurants however apparently rust small oil refinery placement value few Malay restaurants. Among the youthful era, many are accustomed to western model foods served by the quick food shops and bakeries.
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