Brunei and ASEAN

Located on the north coast of the island of Borneo in Southeast Asia, Brunei covers an area of 5,765 km2 and has a population of 0.45 million.

Political stability, low inflation rates, a high standard of living, and a wealthy population of the country make it an ideal environment for long-term economic growth.

Brunei is accessible by air, sea and land. Brunei International Airport is the main entry point into the country and Royal Brunei Airlines is the national airline.

The GDP was 13 billion US dollars in 2021, and the per capita GDP of 2021 was USD 30,717. The GDP of the country is composed of 41% from services and 59% from industry. Brunei is the third-largest oil producer in Southeast Asia, and It is also the ninth-largest producer of liquefied natural gas in the world.

The economy of Brunei is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village traditions. The Brunei dollar is pegged to the Singapore dollar at a one-to-one ratio.

The largest destinations for Brunei exports (mostly mineral fuels) for were Japan, South Korea, Malaysia, and Thailand. The largest sources of imports to Brunei were from China, Singapore, Malaysia, and the United States. The largest export sectors by market value were mineral fuels, chemicals, and machinery and transport equipment.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 3.6 trillion according to estimates for 2022.