Brunei Times

The recent visit of Brunei's leader to Japan has been an important step to intensify and promote bilateral economic ties as Japan has entered a new era of consolidating and restructuring its economy.

Agriculture is the next sector the Brunei government has set sights on to transform its oil-dependent economy, a forward-thinking measure that future generations will certainly be thankful for.

Economic growth in the Sultanate of Brunei slowed to an estimated one per cent in 2012, owing to weakness in production and exports of crude oil, which is way below all other ASEAN peers except Singapore.

With efforts to increase Brunei's manufacturing base in the defence industry as one step to economic diversification, some market opportunities could open up for domestic players as well as foreign investors.

In three years’ time, Brunei will most likely be a member of ASEAN Economic Community (AEC). This represents an opportunity and a challenge at the same time for the small country in northern Borneo.

As the ASEAN region keeps growing and the attention of the global business community is turning eastwards, Brunei will start to play a more significant role in bilateral investments in the region.