| Brunei at a Glance | |
|---|---|
| Population (2018) | 433,297 |
| GDP (2017) | $12.1 billion |
| GNI per capita (2016) | $32,860 |
| Ease of Doing Business Rank (2018) | 56 |
| U.S. Goods Exports to Brunei (2017) | $121.1 million |
| U.S. Goods Imports from Brunei (2017) | $19.3 million |
|
Sources: Wordometers, World Bank, U.S. Census Bureau, Trading Economics, USTR |
|
The US-Brunei Committee is the leading policy advocacy group and preeminent platform for US businesses to explore commercial and investment opportunities in Brunei.
The Council has an enduring relationship with Brunei’s key decision makers and can provide inroads and strategic advice for US businesses seeking to participate in the development of Brunei’s economic future. Through our exclusive programs such as the annual Senior Executives Business Mission to Bandar Seri Begawan, the Council consistently develops and strengthens avenues of bilateral cooperation in a public-private framework.
With Brunei being named one of the most improved economies in the world for two consecutive years according to the 2017 Doing Business Report by the World Bank, the US-Brunei Committee is committed to facilitating an innovative and collaborative ecosystem to build upon Brunei strengths and achieve its potential on its transition from its production-based economy to a knowledge-based economy.
The US-Brunei Committee aims to:
- Elevate the level of focus of Brunei in the US business community as a trade and investment destination.
- Sustain engagement with the Energy and Industry Department on increasing upstream and downstream growth as well as maximizing economic spin-offs in the oil and gas industry.
- Collaborate with the Brunei Economic Development Board (BEDB) and the Energy and Industry Department to promote private sector activity and engagement in support of Brunei’s economic diversification efforts towards Wawasan Brunei 2035.
- Strengthen business-to-business (B2B) relationships between the US and Brunei business communities to create new markets and facilitate cross-border investment opportunities.
Country Summary
Brunei Darussalam is a nation of roughly 400,000 citizens. The government is led by the Sultan and Prime Minister, H.E. Hassanal Bolkiah. Brunei's high standard of living encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. The economy's leading engine of growth are in the crude oil and natural gas production industries, accounting for over half of GDP and more than 90% of exports. Per capita GDP is among the highest in Asia. The government provides for all medical services and free education through the university level and subsidizes rice and housing. The two major themes that guide Brunei's economic development agenda are managing the exploitation of its oil and gas resources and diversification of the economy beyond the petroleum sector. The latter has proved to be challenging, because of the bureaucratic nature of economic policy formulation and reform.