The Report: Brunei Darussalam 2014

Book excerpt: Following its successful chairmanship of ASEAN in 2013, Brunei Darussalam will look to continue its role as a regional leader in areas ranging from defence to commerce. The increased focus on diversification and the growth of several industries bode well for the economy, and the coming years are expected to see Brunei Darussalam further bolster its position within ASEAN and the international economy. Commanding the second-highest GDP per capita among all ASEAN member nations at $39,700 in 2013, Brunei Darussalam remains one of the most advanced economies in the South-east Asia region. Historically, the hydrocarbons industry has dominated the Bruneian economy and allowed the country to amass considerable wealth. However, the nation is making an earnest effort to diversify its economy to ensure future economic stability and sustainability. Thanks in large part to the efforts of the Brunei Economic Development Board, the nation has successfully brought in several major international investments in recent years, including a multi-purpose defence and aviation training centre. The Sultanate is also targeting growth in bio-industry through investments in research and development, as well as expanding the global reach of its halal food industry.