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Overview of the corporate market and Brunei

ECONOMY. Brunei's economy is dependent on oil and gas and is the third crude oil producer in Southeast Asia after Indonesia and Malaysia. Brunei is also the fourth largest producer of natural gas. Reserves current oil and gas in Brunei are sufficient at least until 2015. Therefore, the government of Brunei has used its oil wealth for investments outside the country for future generations. In addition, the government intends to develop its economy beyond oil and gas, but with little success.
U.S. GDP was $ 5200000000 Brunei, with a GDP per capita of U.S. $ 13,879 in 2004. The economy grew an average growth rate of GDP of 3.0% per year from 2000 to 2004 were exports Brunei oil and gas and therefore dependent by world oil and gas. Inflation has been below 1.5% in 2000-2001, experience deflation in 2002-2003 but inflation eventually crept to 0.9% 2004. The government is the largest employer in Brunei and many of its citizens prefer to work with government. The country has experienced an increase in unemployment in 2002 2004, but remained below 5.0%.
The industrial sector (mainly oil and gas activities) contributed to 56.1% GDP in Brunei in 2004. The services sector contributed 40.3%, while the agricultural sector contributed only 3.6% during the period. The main industries are oil, refined petroleum, liquefied natural gas and construction. The main agricultural products are rice, vegetables, fruit, poultry and eggs.

Demography. Brunei has a small population of just over 370,000. Brunei Malays are the largest ethnic group are large and almost 70% of the population of accounting followed by China with 15%. Others include indigenous peoples and immigrants who have settled in the country. The Islam is the official religion of the country and 70% of the population practices the Muslim religion. Other religions include Buddhism, Christianity and indigenous practices. The official language is Malay, while the Chinese community in Brunei often used the Chinese language in the community. The general population is fluent in English and that schools teach language and is used in higher education, business and science.
Three-quarters or 75% of the population lives in urban areas and mostly work in utilities, oil and gas industry, the wholesale and retail trade and construction. Major urban centers include the national capital Bandar Seri Begawan, Muara, Tutong, Seria and Belait Lumpur.
Poverty is almost non-existent in this oil-rich country of Brunei. Brunei GDP per capita is half of Singapore, but on the basis of purchasing power parity (PPP) is slightly lower than Singapore. Nearly 70% categories of households in medium and high income while the remaining 30% in the category of lowest income.

INFRASTRUCTURE. Services telecommunications in the country well developed, while the reliability of services outside of Brunei is good. Internet access is available in many parts of the country but broadband services are limited. Some cities are well served by roads and cross the border to the east of the Malaysia. Countries served by an international airport in Bandar Seri Begawan.

INTERNATIONAL TRADE. Major trading partners include Japan, Korea South Australia, USA, Thailand, Indonesia, China, Singapore and Malaysia. A large portion of imports from Singapore are re-exports of Singapore other countries. The main exports include crude oil, natural gas, refined petroleum products. The main imports are machinery and equipment, vehicles and auto parts, consumer goods, foodstuffs, construction materials and chemicals.

USE CONSUMER technology. Almost all households Brunei penetration of fixed telephony and mobile population was 40% in 2004. general population Brunei can afford to install computers in their homes, but the rate of household penetration is low at 20%. Penetration Internet users is also low at 9% of the population or 34,000 users. However, almost all homes in Brunei have televisions and refrigerators.

Retail market. Stores in South Asia is often overlooked that Brunei is a potential market for the population of small consumers. However, the country has the highest GDP per capita in the second region after Singapore and depends on imports for virtually all consumer goods and Food. The estimated value of the retail market in Brunei in 2004 was U.S. $ 390 million in 2004, as food represents about 280 million dollars. The mother "and pop" stores and convenience stores dominate the retail industry next to some stores and supermarkets. Often, consumers shop Brunei cross the border with Malaysia to the widest range of consumer goods.

Food Culture. Food consumed Malaysians tend to be rice with spicy meat and vegetables. However, the people of Brunei are accustomed to Indian food, thanks to Many small Indian restaurants throughout the country. Thus, households often serve fish, chicken or beef curry. food restaurants are the most popular Chinese, Indonesian, Indian, Thai and Japanese restaurants, but it is interesting to some discomfort. Among the younger generation, many are accustomed the food served Western-style outlets for fast food and bakeries.

About the Author

Khal Mastan is a Senior Consultant with Pegasus Business and Market Advisory (http://bma.pegasus-asia.com) based in Malaysia. He involves himself in business and marketing research and provides consulting services on markets in Southeast Asia namely Malaysia, Thailand, Singapore, Indonesia, Philippines and Brunei. He has more than 20 years experience in the region and work experience in various industries. He holds a bachelors degree in Biochemistry and an MBA. He can be contacted at khalzuri@pegasus-asia.com or +6 (03) 7726 5373 in Malaysia.

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