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Brunei Market Analysis

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Tips:Market AnalysisAgricultural market Agriculture in Brunei is falling behind and the soil is depleted. After 1970s , as a
Market Analysis
Agricultural market  
Agriculture in Brunei is falling behind and the soil is depleted. After 1970s , as a result of the development of oil and natural gas production and Public Service Industry, a lot of people abandoned their farm works and did other jobs. Traditional agriculture was impacted a lot. And the modern agriculture is still far from developed. At present only a small amount of rice, rubber, pepper , coconut , papaya and other tropical fruits are planting. Productivity level is low, and the general is a family business. In recent years, the government encouraged diversing the economy, paying attention to the development of modern agriculture, strengthing drainage works and irrigation projects, increasing the fertility soil, creating more opportunities for citizens engaged in agricultural activities, expanding grain and fruit and vegetable planting area, increasing of cattle, sheep, chicken, fish, shrimp farming, expanding the eggs, milk production, and increasing the food self-sufficiency rate. The government encourages foreign entrepreneurs to invest, stressed to achieve food self-sufficiency and let people enjoy the safe food. During the the eighth five plans (2001 -2005) government granted 90500000 Brunei Ringgit support agricultural development, accounting for 1.24% of the total amount of government funding.
In the long-term, Brunei on the import of agricultural products the implementation of free of tariff, non-tariff barriers are not just for some food, execute stricter Moslem quarantine. Do not make individual income tax, value-added tax, sales tax. Corporation tax is 30%, but 3-5 years duty-free period. In 2000, the agricultural output value 140000000 Brunei Ringgit in 2001 146000000 Brunei Ringgit, this article, in 2001 than in 2000 increased 2.9%, agricultural output value for 10 consecutive years to around 2% of GDP.
From look on the whole, now Brunei domestic agricultural products rely on imports is about 80%.
1. Food:
    Rice is the staple food of the people in Brunei,which has an area of 491.42 hectares in 2001. The production was 538 tons. The output of 1.16 tons per hectare. The country each year needs 30,000 tons of rice,which is 73 kg per capita. There were more than 98% of rice needs import,and mainly from Thailand. To change this situation, during the Eighth Five-years Plan, Brunei Bureau of Agriculture planed to achieve rice self-sufficiency rate from currently less than 2% to 4%, to 1300 tonnes. The last two years, the Government allocated a total of 2.4 million Brunei Ringgit to support agriculture, of which 60 extreme rationing to purchase rice Assistance Fund, 20 million Brunei Ringgit for the improvement of irrigation systems and roads.
  2. Vegetables:
   Total output of 8900 tons in 2002, which met the domestic demand of 70%, most of which is leaf vegetables. 98.8% of the production is using the traditional methods, and others are using water hydroponics production and mushroom cultivation methods.There are 500 farmers in all. Vegetables are mainly divided into four categories of vegetables: leafy vegetables, fruit-vegetables, root vegetables and edible fungi. According to the statistics in 2000, the four categories of vegetables were 52.4%, 47.2%, 0.3%, 0.1%. During the during the Eighth Five-years Plan,the government planned to promot the production to 12,700 tons of vegetables,which the output value was 35 million Brunei Ringgit. They try to achieve 94% of self-sufficiency rate. They try to realized the plan by expanding the farmers’ acreage of vegetables,and the government offer technology,and high-quality seeds services.
 
  3. Fruits:
    The country's production is very small, with a total output of 3180 tons in 2001. The main varieties of fruits are bananas, watermelon, pineapple, durian. 80% of the domestic demand imports from other countries, the total imports of 15,497 tons in 2001. During the Eighth five plan's target that to achieve annual production of 8000 tons of fruit, the output value of 20 million Brunei Ringgit, To prompt self-sufficiency rate of 47% by improving infrastructure, increasing the mechanical equipment.
 
  4. Livestock:
    In 2000, the real estate buffalo meat 193 tons, the beef cattle production is about 13 tons, 2.15 tons of goat meat, a total of 208.15 tons, and can only meet the domestic demand of 4%. 96% dependent on imports. In order to meet domestic demand, the Brunei government in Australia has purchased a large ranch than the local area (5793 km2), used for cattle, sheep, to supply the domestic market in Brunei. The ranch's 2000 production of 9000. The ranch has now become the main channel of the meat supply Wen Lai Hala. In 2001, Brunei imports from the farm 10,054 live animals (about 2,599 tons), imported 125 tons of frozen and chilled beef. In order to further increase the supply of meat varieties, the government plans to set up some farms to breed goats and deer in Brunei.
 
  5. Poultry:
    Brunei now has 106 chicken farm, chicken with an annual output of  8,337,819 in 2000, an annual output of 10,066,101 in 2001. The poultry meat self-sufficiency rate was 56%. An annual output of about 7 million eggs, has achieved self-sufficiency. The target of Eighth five plan was an annual output of 97 million eggs, and the output value of 14 million Brunei Ringgit.
 
  6:    During the Eighth Five-Plan,the annual production of amount of fodder had achieved 60,000 tons, which had achieved 100% self-sufficiency. The Brunei Darussalam people had an average annual consumption of 40 liters of milk. The scale of food processing Industrial is small. There are 66 domestic companies and a joint venture engaged in fish processing,and the products are sales in Brunei. The aquaculture industry is one of the fastest growing industries in Brunei,which the output value was 1.3 million Brunei Ringgit in 1999. They are mainly about fish and shrimp. In recent years, the yield of shrimp is 40-50 tons per year,and 30 tons of freshwater fish each year. To the end of 2000, there is a total of 94 hectares of shrimp farming in Brunei. Brunei prohibits farming pigs, so all the pork Brunei needs are relly on import. Thailand exports to Brunei 100 tons of pork each month, Brunei mainly imports pork from Malaysia.
The oil and gas market
Brunei is a small country and it is rich in oil and gas reserves. Brunei is not only the fourth-largest oil country in Southeast Asia but also the world's fourth largest natural gas country. Since 2000, The ability of produce crude oil is stabilized at about 20 million barrels of daily and gas about 30 million cubic meters. More than 95 percent of the oil and more than 85 percent of the natural gas are for export. Oil and natural gas are not only the two pillars of Brunei’s economy, but also the most important source of export. In recent years, the oil and gas industrial output are accounted for nearly forty percent of the GDP. Oil and gas exports is accounted for about 90 percent of exports.
Financial market
    Recently Brunei established an international financial center, which marked the Brunei was deeply develop in the financial sector, banking, securities and insurance industry. Many high-profile foreign banks such as HSBC, Standard Chartered Bank, Union Bank , Maybank, Citibank have already had based in Brunei and account on the domestic associates plus Baiduri Bank and the Islamic Bank and Islamic development Bank,there are a total of nine banks.
Undeniable, Brunei has the necessary conditions to develop into an international financial center, favorably than other regions. Brunei government exempt from personal income tax, withholding tax, sales tax, no foreign exchange controls, offshore companies registered in the center is not required to pay corporate tax, and there is the perfect English common law system, as well as the international regulations which as the financial center that Brunei should have such as: First, Guard against international money laundering regulations Second, protect the financial operations. Third corporate transactions. Fourth, international Trust. 5th mutual fund, Islamic fund and other necessities. Therefore Brunei has conditionsd to become an international financial center.
 
 


Keyword: Brunei Market Analysis

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