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from II - ECONOMIC OUTLOOK 2004–2005
Published online by Cambridge University Press: 21 October 2015
Things are looking brighter for Brunei in 2004 and 2005. Many internal as well as external dynamics offer promising prospects that, if fully realised, could mean that Brunei would be one step closer to achieving a truly diversified and growing economy in the coming years.
In mid-January 2003, Brunei unveiled an ambitious five-year plan of US$4.5 billion (B$7.8 billion) aimed at diversifying its oil-dependent economy and attracting new foreign investments. Such a plan is expected to bear fruit in the shorter term but will only come into full play by 2008. The above plan is also expected to create 6,000 new jobs for Bruneians; if fulfilled, this should be a welcome relief for alleviating the current state of unemployment in the economy and dependence on public sector employment. The government sector employs about 75 per cent of Brunei’s workforce and, officially, Brunei’s unemployment stands at around 5 per cent, although the real figure has often been considered to be higher.
A global mega port hub for container handling at Pulau Muara Besar and a 500-megawatt power plant in Sungai Liang are also among some of the projects that have been proposed by the Brunei Economic Development Board (BEDB), with feasibility studies expected to be completed by end 2003. However, it is important to note that Brunei’s lack of experience in the shipping industry, strong port competition from Malaysia and Singapore, and the development of a neighbouring smelter in Sarawak, Malaysia, are factors that may work against reaping the full growth potential of these ventures. The BEDB has also proposed a strategy of developing downstream and manufacturing industries, notably petrochemicals, halal food, and tourism.
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