Brunei Darussalam has an open economy that is favorable to foreign trade. It is because the country continues diversifying the economy away from the long-term reliance on gas and oil exports.
Brunei’s investment opportunities are driven by customer demand and government planning.
So many opportunities are opened in Brunei Darussalam. There are opportunities in commercial sectors, agricultural sectors, and many more sectors.
However, it is highly crucial to understand the market challenges to develop the best strategy to enter Brunei Darussalam’s market.
Various Sectors and Challenges in Brunei Investment
Among so many sectors you can enter and invest in, commercial and agricultural sectors are the most attractive ones. If you are interested in commercial sectors, here are the open opportunities you can choose:
- Commercial aviation
- Downstream and upstream gas and oil
- Defense equipment
- Food and beverage franchises
- Medical equipment
And about the agricultural sectors, the most attractive ones are the fishing industry or aquaculture and food production as well as food imports. Before entering Brunei’s market, you need to learn about the barriers you will face.
In 2019, the estimated population in Brunei Darussalam was 459,500 people. This means the local market in Brunei is relatively small.
The governments in Brunei allow the foreign enterprises to totally own the business scope, investment, and operation. Here are regulations for foreign investors:
- It is not a must for foreign investors to find a local partner just to enter Brunei’s market.
- In some cases, the foreign companies can be required to find a local partner in order to qualify for some Brunei Shell Petroleum and government projects.
- Sometimes, US investors or businesses should also expect delays, especially when dealing with Brunei’s government. Unfortunately, sometimes the delays can be long enough.
Conducting a deep Brunei Market Research like knowing the regulation above and which sectors opened in Brunei’s market, you can figure out the best ways to enter the market and invest in the right sector. You may want to visit the country, find a dependable partner, or use some trusted agents.
Entering Brunei’s Market Successfully
The population of Brunei Darussalam mostly clustered around its capital. The other population that doesn’t live in Bandar Seri Begawan is connected by the highway system that is well maintained. Brunei’s small population is actually an asset.
The products that are exported to Brunei Darussalam will gain national prominence once they are established.
Promotion strategies and market access usually focused on the cities can get some modification so that it can enter the market in Brunei successfully.
The Biggest Opportunities in Brunei Darussalam
Some firms which are able to export services and goods and are able to increase Bruneian employment are going to be welcomed.
If your firm is providing service that will increase the Bruneian enterprises’ capacity, your firm is highly needed in Brunei Darussalam.
However, the very first step you need to take before joining Brunei investment should be researching the market.
The results you get will let you know what you need to do next. It will also help you succeed in expanding and growing in Brunei Darussalam.