Lembaga Kemajuan Ekonomi Brunei لمباڬ كماجوان ايكونومي بروني | |
Headquarters in Bandar Seri Begawan | |
Agency overview | |
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Formed | 11 April 1975 |
Jurisdiction | Government of Brunei |
Headquarters | Design & Technology Building, Simpang 32-37, Kampong Anggerek Desa, Bandar Seri Begawan BB3713, Brunei |
Agency executives |
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Parent ministry | Ministry of Finance and Economy |
Website | www |
The Brunei Economic Development Board (BEDB) [a] is a statutory body established in 1975 under the Brunei Economic Development Board Act (Chapter 104). [3] [4] This legislation created the BEDB as a corporate entity with perpetual succession, empowering it to spearhead economic development initiatives in Brunei. [5] Operating under the jurisdiction of the Ministry of Finance and Economy (MoFE), the BEDB aims to foster private domestic and international investment in the country. Additionally, the BEDB oversees the state's insurance sector and monitors the activities of the Tourism Promotion Committee. [6]
The BEDB's core responsibilities include promoting and facilitating commercial, industrial, residential, and agricultural projects in designated areas, supporting a wide range of enterprises in sectors such as mining, housing, industry, and agriculture. The BEDB plays a pivotal role in enhancing Brunei's competitiveness as an investment destination. [5]
To attract both domestic and foreign investments, the BEDB develops policies, incentives, and strategies with a particular focus on advanced technology industries and specialised services that hold strong export potential. The agency also supports the growth of local entrepreneurs, small businesses, and medium-sized enterprises while promoting industrial activities and export-driven initiatives. Additionally, the BEDB oversees parks, estates, and industrial sites with corporate-like authority to further its mandate of improving Brunei's economic framework. [5]
As part of Wawasan Brunei 2035, the government emphasises foreign direct investment as a critical driver of economic growth. Operating in an open economy, the BEDB offers trade incentives to attract potential investors. Its responsibilities include encouraging foreign participation in priority industries, assisting with permits, clearances, public project tenders, and cost assessments, and assigning dedicated account managers to streamline the investment process. [7]
The BEDB was established on 11 April 1975 during the Third National Development Plan (RKN 3), [4] inspired by the Economic Development Board of Singapore. [8] Since its inception, the BEDB has played a critical role in fostering economic growth in Brunei. Between the 1970s and 1989, it provided approximately B$70 million in loans to small and medium-sized enterprises (SME) across the nation. [6]
Under the Investment Incentives Act of 1975, the BEDB actively encouraged local participation in Brunei's economy through equitable involvement, which became a mandatory requirement. In 1978, the agency launched a programme to support local entrepreneurs and SMEs. However, with the establishment of the Ministry of Industry and Primary Resources (MIPR) and the Financial Institutional Division under the MoFE, some of the BEDB's responsibilities, such as tourism and insurance, were transferred to these entities. The Development Bank of Brunei assumed management of the SME financing programme in 1995. Subsequently, in 1998, the BEDB merged with the Economic Planning Unit to form the Department of Economic Planning and Development. [9]
The Brunei Economic Development Board (Amendment) Order, 2001, effective from 1 June 2001, [10] restructured the agency, further solidifying its legislative framework for promoting domestic and foreign investments. [11] In 2001, the BEDB was reestablished as part of the government's strategy to diversify the economy and reduce overreliance on oil and gas revenues. The board's primary role was to position Brunei as an attractive investment destination while fostering industries that could add value to hydrocarbons and support the development of non-oil and gas-related sectors. [12] The appointment of John Anthony Perry as CEO was widely regarded as a progressive move to advance these goals. [13]
The Brunei Economic Development Board Act (Amendment) Order, 2003, enacted on 24 March 2003, further refined the board's legislative mandate. [14]
On 20 September 2018, BEDB became part of the MoFE. [15] In May 2019, the FDI Action and Support Centre (FAST) was integrated into the BEDB, aligning with Brunei's economic diversification objectives. [16] This integration aimed to streamline project facilitation for international investors by expediting the processes of acquiring permits for foreign labour and infrastructure projects in collaboration with FAST. [7] As of 2024, BEDB also oversees industrial park development and collaborates with its Enterprise Development unit, Darussalam Enterprise, to create synergies between FDIs and local businesses. [17]
As of 2024, the senior leadership officeholders are as follows: [18]
In early 2003, the BEDB introduced a two-pronged strategy: an aluminium smelter project to strengthen industrial and petrochemical downstream industries, with Alcoa as the foreign investor, and the development of a deep-sea port for next-generation container ships, mega tankers, and transshipment services. [24] In 2004, the BEDB partnered with Halcrow Group on a US$1.7 billion deep-water port at Pulau Muara Besar (PMB), projected to save Brunei $43 million over two years while generating jobs. [25] Connectivity was enhanced with the B$204 million Pulau Muara Besar Bridge, completed by China Harbour Engineering in 2019, streamlining transport between PMB and the mainland. [26]
The BEDB supported cultural and economic development with a B$120,000 grant to Origin Films for the 2014 movie Yasmine, showcasing Brunei's heritage and natural beauty. This project highlighted the film industry's potential to create jobs and involve sectors like transportation, food, and hospitality. [27] The BEDB also advanced industrial initiatives, including the Sungai Liang Industrial Park under the Sungai Liang Authority, featuring the Brunei Methanol Company, and a biodiesel project aimed at addressing alternative energy needs and boosting SME opportunities. [3]
Aligned with Wawasan Brunei 2035, the BEDB partnered with the Ministry of Development and MIPR to promote e-business and ICT initiatives, fostering a knowledge-driven, paperless economy. [28] The Sultan Haji Omar Ali Saifuddien Bridge, completed in 2019 for $1.6 billion, became Brunei's largest modernisation project, connecting the Brunei–Muara and Temburong districts, enhancing tourism, and unlocking new economic opportunities. [26]
On 29 June 2022, [29] Brunei's first commercial integrated maritime repair and decommissioning yard was established at PMB through an open bidding process overseen by the BEDB. [30] Additionally, the BEDB partnered with Gulf News to release an eight-page report on 29 July 2024, highlighting FDI opportunities in Brunei's five priority sectors: downstream oil and gas, food, ICT, services, and tourism. [17]
The BEDB faces several challenges in creating an environment conducive to new businesses and industries. Despite royal encouragement to address these issues, concerns about a lack of initiative and poor plan execution remain. Sultan Hassanal Bolkiah's criticisms in 2009 and 2010 highlighted the failure to complete plans on time. Vincent Cheong, CEO of BEDB, suggests that Brunei's small population limits the ability of large enterprises to achieve economies of scale. Additionally, the country's political structure, which relies heavily on the sultan's decisions, has fostered a conservative approach that hinders innovation. Although there has been some progress, Brunei ranked 112th out of 183 countries in the "2011 Doing Business" report. While the government has made efforts, such as reducing corporate tax rates, significant progress in key areas like IT, tourism, and renewable energy has yet to be seen. [31]
Bandar Seri Begawan (BSB) is the capital and largest city of Brunei. It is officially a municipal area with an area of 100.36 square kilometres (38.75 sq mi) and an estimated population of 100,700 as of 2007. It is part of Brunei–Muara District, the smallest yet most populous district which is home to over 70 per cent of the country's population. It is the country's largest urban centre and nominally the country's only city. The capital is home to Brunei's seat of government, as well as a commercial and cultural centre. It was formerly known as Brunei Town until it was renamed in 1970 in honour of Omar Ali Saifuddien III, the 28th Sultan of Brunei and the father of Sultan Hassanal Bolkiah.
Belait District or simply known as Belait, is the largest as well as the westernmost district in Brunei. It has an area of 2,727 square kilometres (1,053 sq mi) and the population of 65,531 as of 2021. The administrative town is Kuala Belait, located at the mouth of the 32 kilometres (20 mi) long Belait River. The district is commonly associated with the oil and gas industry of the country, mainly concentrated near the town of Seria.
Brunei–Muara District or simply known as Brunei–Muara, is the smallest as well as the most populated district in Brunei. It has an area of 571 square kilometres (220 sq mi) and the population of 318,530 as of 2021. The district is also home to its administrative centre is Bandar Seri Begawan, as well as the Brunei International Airport and Muara Port, the country's only international airport and deep-water port respectively. The Brunei River flows within this district and is home to Kampong Ayer. As the administrative center of Brunei is located in the district, it remains the most developed in the country with the most up-to-date infrastructure, despite not being the center of Brunei's main economic activity.
Tutong District or simply known as Tutong, is the third largest and populated district in Brunei. It has an area of 1,166 square kilometres (450 sq mi) and the population of 47,210 as of 2021. The district is also home to its administrative centre is Tutong Town, as well as the Tutong River and Tasek Merimbun, the country's second longest river and the only ASEAN Heritage Parks in Brunei respectively.
Temburong District or simply known as Temburong, is the second largest and least populated district in Brunei. It has an area of 1,306 square kilometres (504 sq mi) and the population of 9,444 as of 2021. The district is also home to its administrative centre, Bangar Town, as well as the Temburong River and Ulu Temburong National Park, the country's third longest river and a national park in Brunei respectively.
Al-Muhtadee Billah ibni Hassanal Bolkiah is the eldest son of Sultan Hassanal Bolkiah and his wife Queen Saleha. He is the Crown Prince of Brunei Darussalam, and is first in the line of succession to the Bruneian throne. He is expected to eventually lead the state and government, and is regarded as the second most significant figure in the political hierarchy.
Seria or officially known as Seria Town, is a town in Belait District, Brunei. It is located about 65 kilometres (40 mi) west from the country's capital Bandar Seri Begawan. The total population was 3,625 in 2016. It was where oil was first struck in Brunei in 1929 and has since become a centre for the country's oil and gas industry.
The prime minister of Brunei is the head of government of Brunei. Concurrently, the title is held by the sultan of Brunei, who as sultan is also the head of state of the country. The prime minister, minister of foreign affairs, minister of finance and economy, and minister of defence are all the Sultan of Brunei. He is Brunei's Supreme Executive Authority in his capacity as the Sultan and Yang Di-Pertuan. The Privy Council, the Council of Succession, the Religious Council, the Council of Cabinet Ministers, and the Legislative Council support him in carrying out his responsibilities.
Bank Islam Brunei Darussalam (BIBD) is the main Islamic financial institution and the largest bank in Brunei. With the biggest network of branches and ATMs strategically placed throughout Brunei's four districts, BIBD has its headquarters situated in Bandar Seri Begawan.
Ministry of Culture, Youth and Sports, Brunei Darussalam is a ministry in the Government of Brunei Darussalam responsible for the policies and development of the country's national culture, youth, and sports. It was established immediately upon Brunei's independence on 1 January 1984. It is led by a minister, and the incumbent is Nazmi Mohamad who has held office since 7 June 2022. The ministry is headquartered in Bandar Seri Begawan, in the Brunei-Muara District of the sultanate of Brunei Darussalam.
Muara Naval Base is a naval base which serves as the headquarters and main operating base for the Royal Brunei Navy. It is situated approximately 4 kilometres from Muara Town, Brunei-Muara District, in the sultanate of Brunei Darussalam. The naval base is located near the mouth of the Brunei River, which flows into the Brunei Bay.
The Muara Port, also known as Muara Harbour, is a seaport operated by the Muara Port Company (MPC) Sdn Bhd, under the supervision of the Maritime and Port Authority of Brunei Darussalam. The port also contributed to the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA).
Brunei Methanol Company (BMC) is a national petrochemical facility situated at the Sungai Liang Industrial Park (SPARK) in Sungai Liang, Brunei jointly owned by Japan's Mitsubishi Gas Chemical Company (50%), ITOCHU Corporation (25%) and Mirkhas (25%), a company incorporated under the purview of the Strategic Development Capital Fund, a trust sub-fund of the Government of Brunei.
Ali binHajiApong is a Bruneian politician who serves as the Deputy Minister of Development and for the Prime Minister's Office from 2010 until 2015. He later became the Minister of Primary Resources and Tourism (MPRT) from 2015 until 2022.
Nazmi bin Haji Mohamad is a politician and civil servant who hold the position of Minister of Culture, Youth and Sports since 2022.
Mohd Amin Liew bin Abdullah or also referred to as Dato Dr Amin, is a Bruneian politician and businessperson whom is the incumbent second Minister of Finance and Economy II and the Minister at the Prime Minister's Office (PMO) since 2018, and the chairman of the Brunei Economic Development Board (BEDB) and Bank Islam Brunei Darussalam (BIBD).
Johar bin Haji Noordin, simply known as Dato Dr Johar, was a Bruneian physician and politician who formerly took office as the second Minister of Health from 1986 to 2002. Notably, he was among the first local doctors in the country.
Pengiran Zety Sufina binti Pengiran Haji Sani is a Bruneian politician who currently serves as the Deputy Minister of Finance and Economy since 2022. Additionally, she is the co-chair of the Centre of Strategic and Policy Studies, deputy co-chairman of Brunei Economic Development Board (BEDB), Chairman of Ghanim International Corporation, and Director of Royal Brunei Airlines (RBA) from 2021 to 2023. She is also the deputy chairman of the board of directors of several institutions such as Brunei Darussalam Central Bank (BDCB) and Jerudong Park Medical Centre (JPMC).
Khairuddin bin Haji Abdul Hamid is a Bruneian politician who currently serves as the Deputy Minister of Finance and Economy since 2022. Additionally, he is the CEO of Darussalam Assets (DA) on 30 January 2018 and Barramundi Group on 24 October 2022, and members of several organisations including the Brunei Investment Agency (BIA) in July 2012, Brunei Economic Development Board (BEDB) and Stock Exchange Steering Committee, Investment Committee for Yayasan Sultan Haji Hassanal Bolkiah, Strategic Development Capital Fund and chairman for Brunei Darussalam Central Bank (BDCB).
Amedeo Development Corporation (ADC), a private limited company owned by Prince Jefri Bolkiah, was Brunei's largest private company and played a significant role in Brunei's economy. However, the country faced considerable economic challenges during the 1997 Asian financial crisis, compounded by fluctuations in oil prices. In 1998, Brunei entered a moderate recession following the collapse of Amedeo, whose ambitious projects had previously driven domestic economic growth. Despite these setbacks, moderate yet steady economic growth was eventually restored, aided by rising oil prices and the successful reorganisation of Amedeo's investments.
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