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Economy :
Brunei’s economy depends
on its oil and natural gas deposits, which are mostly offshore, and
its investments. Although these are not extensive by world standards,
Brunei’s small population enjoys a very high standard of living. The
government has made recent efforts to diversify the economy, mainly by
providing tax concessions on foreign investment; timber, paper,
fertilisers, petrochemicals and glass are the most promising
candidates for development in the growing industrial sector. However,
these have been fairly limited to date. Some 15 per cent of the land
is under cultivation, with rice, cassava and fruit as the main crops.
Japan, which takes half of the oil produced by Brunei, is
the country’s largest single trading partner, followed by Korea,
Singapore, Thailand and Australia.
Brunei belongs to the Association of South East Asian Nations (ASEAN)
and subscribes to its major projects, including the plan to establish
a free-trade zone among member states in around 2010/2015. In 1995,
Brunei joined the IMF and World Bank, making available technical and
consultative advice from those institutions (it hardly needs their
financial support). The Asian financial crisis in 1997 had little
effect on Brunei, because of the country’s lack of indebtedness.
However, it has since become apparent that a substantial proportion of
the country’s financial resources, which are under the exclusive
control of the royal family, have been dissipated through individual
profligacy.
Business :
Suits are recommended. Business visits are best
made outside the monsoon season (between November and December). The
services of a translator will not normally be required as English is
widely spoken. Office hours : Mon-Thurs 0745-1215 and
1330-1630, Sat 0900-1200. Government office hours : Mon-Thurs
and Sat 0745-1215 and 1330-1630.
Commercial Information :
The following
organizations can offer advice: Brunei Darussalam International
Chamber of Commerce and Industry, PO Box 2285, Bandar Seri
Begawan (tel : (2) 226 000); or National Chamber of Commerce and
Industry of Brunei Darussalam, PO Box 115, Bandar Seri Begawan, BS8670
(tel : (2) 243 321-2; fax : (2) 228 737; e-mail :
info@nccibd.com;
website :
http://nccibd.com).
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