Let’s take a closer look at Brunei’s economic progress and initiatives highlighted by His Majesty in his recent 78th birthday celebration titah.
• In 2023, the non-oil and gas sector grew by 4.5%, contributing 59.8% towards all exports. This diversification is notable, given Brunei’s exports have been primarily from upstream oil and gas. Leading non-oil and gas sector contributors are the products of Hengyi Industries and Brunei Fertilizer Industries Sdn Bhd.
• Brunei’s GDP grew 6.8% in the first quarter of 2024. International forecasts project Brunei’s growth for 2024 to be 2.7% to 3.7%, driven by the downstream oil and gas and food sectors.
• Hengyi Petrochemicals phase two at Pulau Muara Besar (PMB) will further expand the country’s crude oil refining capabilities to a reported 11 million tonnes annually, with increased output for other petrochemical products.
• Also under construction at PMB is Brunei’s first marine maintenance and decommissioning yard, led by Anson International Sdn Bhd, a joint venture between a local company, two FDIs, and the government.
• Muara Port Company plans to double the capacity of the country’s main port. Supporting developments include the expansion of storage and fishery-related facilities.
• The government continues to support the growth of entrepreneurship and MSMEs through direct support from agencies such as Darussalam Enterprise and policy frameworks that create a conducive business ecosystem under MoFE.
• A digital payment hub will soon be launched under the National Payment Network, facilitating cashless transactions, especially between local and international financial institutions.
• Brunei’s first private nursing college, JMPC College has been set up between Jerudong Park Medical Centre and the Philippines’ Far Eastern University to produce internationally competitive graduates.
• The country will reduce greenhouse gas emissions by 20% by 2030 under the Paris Accords and is producing a National Adaptation Plan on climate change.
