Brunei Darussalam has achieved a remarkable economic milestone, with its non-oil and gas sectors now contributing over 50% of GDP—a dramatic shift from a decade ago when hydrocarbons dominated the economy. This structural transformation results from targeted government policies designed to build economic resilience and reduce dependence on energy price fluctuations.
The diversification strategy has focused on five priority sectors: downstream oil and gas (including petrochemicals and fertilizers), tourism, information and communication technology (ICT), services, and food manufacturing. According to Dato Dr. Amin Liew Abdullah, Minister at The Prime Minister’s Office and Minister of Finance and Economy II, these efforts have yielded impressive results: non-oil exports have surged from 10% to nearly 60% of total exports, while unemployment has dropped sharply from 9% to 4.7% over the past eight years.
Concurrently, Brunei has made significant strides in digital transformation, with over 90% of the population now covered by 5G networks and mobile download speeds ranking among the world’s fastest. The establishment of the Brunei Innovation Lab in 2021 has provided a testing ground for AI-driven solutions in sectors such as aquaculture, while digitalized government services and ASEAN-integrated trade platforms have enhanced operational efficiency.
These developments have significantly improved Brunei’s investment appeal, attracting international investors—particularly from the Middle East—who find the country’s stable inflation (averaging 1% annually), shared cultural values, and open-door policy conducive to business. Joint ventures in marine sectors, ICT, and artificial intelligence demonstrate the broadening of Brunei’s economic base beyond traditional industries.
Looking ahead, the government plans to continue its diversification efforts while prioritizing welfare, healthcare, and environmental protection. Future preparedness will focus on adapting to global trends in AI, climate change, and digitalization, with significant investments in skills development and education to ensure workforce adaptability in an evolving economic landscape.