Economic Overview
Though it is a small nation, Brunei boasts an incredibly wealthy economy, largely down to its international relations and oil deposits. Each day around 167,000 barrels of oil are produced, and around 25.3 million cubic meters of liquefied natural gas. Brunei is the fourth largest producer of oil in Southeast Asia and is one of the richest countries in the world. Substantial income from overseas investment supplements the economy, and most of these investments are managed by the Brunei Investment Agency, a department of the Ministry of Finance. The government uses this money to, among other things, pay for all medical services, and subsidize rice and housing.
Given the makeup of its climate and environment, Brunei relies heavily on an import, export system whereby many food stuffs are brought into the country. Around 60% of its required food is imported, with 75% of the imported food coming from nearby Asian countries. Over the few next years, Brunei’s leaders hope to increase the workforce and reduce unemployment by growing the banking and tourism sectors. Royal Brunei Airline is also trying to develop the country as a modest hub for international travel between Europe and Oceania, so it is hoped that in the next few years there will be a rise in tourism.
Many expats are likely to find work in Brunei in one of the many international industries that have sprung up there over the last few decades. Indeed, thanks to its booming economy there are few places in the world where anyone is likely to find a more international business hub. Its placement as a bridge between Europe and Oceania, too, means that Brunei is perfect for anybody looking to spread their business and business experiences across continents.