Brunei: Country and Foreign Investment
This page was last updated on 22 May 2019.
Brunei has good connections with other countries in the region and has a reasonably well-developed infrastructure. The economy has gone through difficulties due to a period of low oil prices. The leadership has responded by setting up initiatives to diversify Brunei’s economy.
Brunei has greatly simplified its procedures for starting a business, making it a much easier country to do business in. The country’s ease of doing business ranking on the World Bank’s Doing Business website was 55th in 2019. Further improvements envisioned are setting up a designated commercial court to lessen the time spent settling commercial cases, protecting companies in financial difficulties and encouraging better corporate governance. The World Bank recognised Brunei as the most improved economy for the three years 2015 to 2017.
The Bruneian leadership has set an eventual target of 60% contribution to GDP being from outside the oil and gas sectors. To achieve this, the country is looking to attract foreign direct investment and strengthen its existing local businesses.