The Brunei Economic Development Board. Introduction The BEDB
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1 The Brunei Economic Development Board Introduction The BEDB
2 Brief History 26th November 2001 BEDB was formed under the Brunei Economic Development Board (Amendment) Order th December 2001 Appointment of Board of Directors July 2002 Appointment of CEO and Staff Dialogues with Private and Public Sectors BEDB s Strategic Plans (Corporate and Development) Industrial Cluster Analysis Facilitating Prospective Investor Establishing Benchmark
3 Organisation Structure Chairman Deputy Chairman CEO ACEO ACEO Deputy CEO ACEO Corporate Business Development Strategy & Planning International Business
4 Brunei Economic Development Board Mission Statement Powering Sustainable Economic Growth in Brunei Darussalam
5 Our Objectives 1. To promote and facilitate foreign and domestic investment in Brunei Darussalam 2. To develop human, physical and natural assets of Brunei Darussalam 3. Create a proactive business environment that is conducive to investment within Brunei Darussalam 4. Improve transparency of investment regime
6 Our Focus 1. Promote and develop business enterprises especially SMEs with growth potential 2. Facilitate and assist in the development of industrial activities including export oriented activities 3. Formulate marketing strategies, investment policies and incentives to attract investments 4. Encourage industries to upgrade skill through investment in new technology, training, RnD activities
7 The Brunei Economic Development Board A Two Pronged Investment Strategy To Kickstart The Diversification Of Brunei Darussalam s Economy
8 The The Two Two Pronged Investment Strategy First Prong Second Prong SG LIANG PMB FDI Quantitative Quantitative Objectives Objectives Through Through to to Direct Direct Investment Investment Of Of US$4.4 US$4.4 billion billion Creation Creation of of jobs jobs
9 First Prong: The Two Pool Investment Strategy First Pool Sungai Liang Infrastructure US$350M Jetty US$250M Aluminum Smelting US$1.5B Sg Liang US$3B Power Station US$400M Total Total US$3 US$3 Billion Billion US$2.65B US$2.65B FDI FDI US$0.35B US$0.35B Govt Govt Spent Spent jobs jobs during during construction construction permanent permanent jobs jobs Methanol US$250M Ammonia/Urea US$250M
10 JETTY ALUMINIUM UREA POWER STATION METHANOL
11 First Prong: The Two Pool Investment Strategy Second Pool Pulau Muara Besar PMB Megaport US$1.5B Supporting Industries for Ports Other Potential Projects Total Total US$1.5 US$1.5 Billion Billion permanent permanent jobs jobs Bridge to PMB Causeway to Temburong Free Trade Zone
12 Undeveloped Ha Ha
13 Megaport
14 The Second Prong: FDI Manufacturing & Retail Tourism Total Total US$ US$ Million Million permanent permanent jobs jobs Halal Hub? FDI ICT Automotive Financial Centre
15 Foreign Direct Investment (Non-Oil) Existing Project Country ASEAN Other Countries Total Investment Value (Equity) B$Mil For Manufacturing Industry (Source: BINA)
16 Foreign Direct Investment Approved Project Country Investment Value (Equity) B$mil ASEAN Taiwan 11.4 Australia 9.7 Korea 5.8 Hong Kong 3.32 United Kingdom 1.42 USA 7.17 Others 0.99 Total Source: BINA
17 Industrial Site Location of Industrial Site
18 Industrial Site Industrial Site Gross Area (in m 2 ) Vacancy Rate (%) Use LambakKanan (East) 740, Hi-Tech LambakKanan (West) 450, Food Processing & Services BeribiII 470, Manufacturing & Services PekanBelait 380, Manufacturing & Services SerasaMuara 830, Manufacturing & Services Sungai Bera 500, Manufacturing & Services Serambangun, Tutong 400, Manufacturing & Services Batu Apoi, Temburong 50, Manufacturing & Services KampungSalar 400, Furniture, Warehousing & Cold Storage Sungai Liang 283, Downstream, Hi-Tech PulauMuara Besar 950, Hi-Tech, Tourism
19 Why Invest in Brunei Stable Economy Government s Strong Commitment to Draw FDI Well-Educated and Flexible Workforce Strategic Location Within ASEAN region Excellent Infrastructure Excellent, Peaceful Living Experience
20 Stable Economy Strong Upstream Sector Trade / Revenue from Oil 54% GDP 90% Export 83% Revenue Stability Medium / Long Term GDP = $7.5 billion GDP Growth 2-3% Per Capita GDP B$22,000 4 th Highest Per Capita GDP in Asia (2000) Low Inflation between 1 1.5% Low Unemployment 4%
21 Government Initiatives Government s Strong Commitment to Draw FDI Brunei Economic Development Board (Amendment) Order 2001 Investment Incentives Order 2001 Industrial Coordination Order 2001 Income Tax (Amendment) Order 2001
22 Investment Incentives The Investment Incentives Order 2001 To encourage the diversification of the economic activities by providing a broad tax based incentives and facilitation measures to promote the activities To encourage new investment and reinvestment activities to upgrade technology, undertake RnD, increase production capacities and expand markets such as venture capital activities, overseas investment companies and new technology companies. Tax Exemptions Relief from Corporate Tax Relief from Import Duties on Capital Goods and Raw Material Carry Forward Losses and Unabsorbed Allowances
23 Industrial Co-ordination ordination Order 2001 To coordinate and regulate the development of manufacturing activities in Brunei Darussalam To regulate the approval and operation of all manufacturing activities To enable the government of His Majesty to streamline rules and procedures necessary to speed up the approval of manufacturing activities and its implementation plan
24 Income Tax (Amendment) Order 2001 Carry Forward of Loss and Unabsorbed Allowances a. Carry forward of unabsorbed losses for 6 years and can be set off against future income b. Balance of any allowance which remains unabsorbed can be made available after the tax relief period but must be set off against income from the same trade Certain Dividends Exempted from Income Tax Dividend distributed by company during tax relief period may be exempted from tax in the hand of shareholders Double Deduction on Expenses For export promotion and RnD activities and an underwriting allowances for the cost of buying patent information
25 Foreign Ownership Normally minimum 30% local ownership Full foreign ownership possible for High Tech Industry 100% Export-Oriented Businesses High Tech Industries (Non-Exhaustive) Biotechnology Pharmaceutical Healthcare Fine Chemical Information and Communication Technology (ICT) Others not stated in list will be considered, as part of BEDB s business initiative
26 Workforce Well-Educated and Flexible Workforce Literacy Rate 93% Labour Force Participation Rate 67% Universal Enrolment Ratio Workforce by Major Occupation Group Legislators, Administration, Managers Professionals Technicians and Associate Professionals Clerical Service, Market and Sales Workers Agricultural and Fisheries Workers Production Craftsmen Plant and Machine Operators and Assemblers Labourers Others 4.4% 6.9% 12.3% 11.8% 12.6% 1.3% 15.1% 7.3% 21.7% 6.6%
27 Labour Rates No minimum or maximum wage as long as both parties agree Wages are generally determined by market forces As a guide, average monthly wage rate for selected profession in Brunei Dollars are: Typist, Clerk Secretary Laboratory Technician Plant Maintenance Mechanic Construction Supervisor Professional $450 $1000 $750 $750 $1000 More than $1000 Source: Labour Department. Note: Wages vary depending on the size and type of industry
28 Brunei s Strategic Location Within ASEAN Region
29 Infrastructure Excellent Infrastructure Piped Water Supply 99% Electricity Supply 99% Water 400 million litre (99%) Power 710 MW (99%) Length of Road 3200 km Public Utilities & Transport B$1.9 billion or 26% of total 8 th NDP budget of B$7.5 billion ICT B$1.1 billion or 15% of total 8 th NDP budget
30 Communications Indicators Direct Exchange (000) Phone Density (per 100 pop) Mobile Phone ( 000) from BruNet Subscribers ,250 E-Speed ,021 Pager 3 9,200 10,300 1 In 2000 the number peaked at 16,660 2 Figures from The Number peaked to 15,400 in 2000 PC Utilisation Imports from is 387,000 Units
31 Living Experience Excellent Place To Live In Modern Appearance Unexploited And Untouched Tropical Rainforests Voted As The 7 th Most Livable City By AsiaWeek Orderly, Clean And Green City Serene And Relaxing Surrounding Health and Education Facilities of International Standard
32 Brunei Economic Development Board Thank You
33 Brunei Economic Development Board Contact Details Business Development Division, Block 2K, Jalan Ong Sum Ping, Bandar Seri Begawan BA 1311, Brunei Darussalam Tel: Fax:
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