BRUNEI'S annual economic growth rate falls far short of economic targets
needed to realise Vision 2035, said the Minister of Energy at the Prime
Minister's Office yesterday.
The country needs an annual GDP
growth of 6.5 per cent in order to meet targets, said Yang Berhormat Pehin Datu
Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj Mohd Yasmin Hj Umar. However
last year's quarterly reports showed that the GDP growth fluctuated between 1.3
and 2.7 per cent in 2011.
The minister told reporters that
less than 15 per cent or about $400 million of current expenditure by the oil
and gas industry — the main driver of Brunei's economy — stayed in the country.
"Of the $2.7 billion, only
$400 million is spent in Brunei... Out of the $2.7 billion, I'd be happy if $2
billion stays in the country," he said on the sidelines of a dialogue with
oil and gas players.
Permanent Secretary (Downstream
and Power) at the Energy Department Hj Jamain Hj Julaihi added the economy's
overall growth will continue to be supported by the oil and gas sector by
devising three strategies to boost GDP growth.
"The first is to strengthen
our upstream and better our downstream," he said. " Secondly, to
secure our energy supply and ensure efficient use of our energy, and the third
one is how to generate spin off from all these upstream and downstream
activities."
"These are the three
strategic goals to ensure that we meet a six per cent economic growth." YB
Pehin Dato Hj Yasmin added that the Sultanate could have the potential to
become a distribution hub for oil and gas, much like Singapore.
The island-state is the pricing
centre and leading oil trading hub in Asia, exporting 1.37 million barrels of
oil a day despite not being an oil producing country. They rank 17th in the
world for oil exports, 41 places ahead of Brunei.
"Singapore has become an oil
and gas hub without producing a drop of oil... It is a 150 billion contribution
to their GDP," said the minister. "(They have succeeded) because they
have a system of incentives for companies to come in and invest and also for
companies within to move up," he said.
QURATUL-AIN BANDIAL
The Brunei Times
Business & Investment Opportunities
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