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So, What Makes Brunei Unique and Wealthy?

by Osei Agyemang 3 years ago in feature

The Oil Country.

Most people have an assumption that the greater the population, the richer the economy.

This is a thought based on more work, more production. Fortunately, in Brunei Darussalam simply called Brunei, this is not so, but it's one of the fastest growing, and the richest states in the world. As little as it was, Brunei struggled for independence in the early 1950s. Luckily, a new constitution was adopted proclaiming Brunei a self-governing state in 1959. Due to the little population of about 421,300, its foreign affairs, security, and defense was still managed by the United Kingdom. There were fears they wouldn't be able to take full responsibility. The oil powerhouse, Brunei, officially gained its independence from the United Kingdom on January 1, 1984, but celebrates the country’s independence on February 23 on a traditional basis. Based on economic data, the wealthiest nations are also amongst the tiniest, and Brunei is no exception.

Measuring a country's wealth depends on gross domestic product (GDP) for the value of all goods and services produced, and then dividing a country's GDP by the number of people. This economic analysis is the best way to understand how rich, or poor, a nation is. The population is associated with other people. However, given the inflation, and the cost of local goods, and services, of course, we can get a clear picture of the standard of living in any country. The resulting figure is expressed in international dollars for comparison between countries.

Brunei possesses rich natural resources to identify very large hydrocarbon reserves, and other prosperity. There is no hidden news that the Sultan administration pays for education (through to the university level), health care, interest-free loans, and other living expenses for the citizens. There are, also reserves for people receiving support from Brunei's rich oil and gas reserves. Of course, oil has so far become an important export item. It is not surprising, however, that people could live comfortably because the first oil was discovered in the Seria, Belait area in 1929. This was the beginning of economic growth. In 1991, the first oil field produced one billion barrels, which was a remarkable achievement.

Brunei also benefit from foreign investment managed by the Brunei Investment Agency. According to financial data, the national reserve of Brunei in 1991 was $ 30.2 billion. Most of the revenue from this investment was reinvested with petroleum income, solely used as government revenues. So far, the government of Brunei has reinvested all its imports without delay.

Many years ago, Brunei’s national income was mainly from empty soda bottles. Yes! Surprised? Brunei imported a bitter colourless tonic water, which is commonly used for the treatment of malaria. That's not all. They also imported Coca-Cola from a few Asian countries, particularly Singapore. After using the product, they export back the empty bottles, which was another form of business. Perhaps Brunei’s sole oil company, Brunei_ShellShell, is a blessing to this small country called Brunei. The company offered a good way to improve Brunei in its ladder of success. If not, other stories would've have been conveyed.

About 50 percent of the effective inhabitants of Brunei were employees of the known public government works, and were all on payroll. A good number of the people who were Bruneians worked for the government in a choice of capacities as the Brunei administration was the biggest employer. The tedious jobs were performed by foreigners, together with the Philippines and Indonesians. At a point, Brunei barred every foreign citizen from the country simply to approve the system for them to declare firm intensity, devoid of any troublesome move. The Sultan, Hassanal Bolkiah is one of the richest men in the world, and evidently, it signifies where he comes from. Accordingly, if such a credible person from this tiny country of Brunei is listed amongst the world's richest, therefore it is obvious the country has a set to bid in expressions of development.

The Sultan is the genetic ruler who rules through a cabinet of ministers selfsame to the British system. He serves as a Prime, and Defense Minister respectively, which indicates a semi-socialist system of rule. This system provides free education for all Brunei children, free medical, and subsidized housing for every citizen, which comes with no public salary tax. All of this has been made feasible kind courtesy of the steady stream of revenue from Brunei’s offshore oil and gas production. An attraction in a row about Brunei is that the British tried to incorporate Brunei into a single political entity back in 1961 but they refused to join. The Sultan of Brunei was perfectly against the move. He suggested they rather depend on their small pile of oil. Little did he realize that they flush had gas. The Sultan opted out of the united front at the last moment.

This got the confederation angry, but he cared less. He knew what he was up to, as he entirely did not want to be second to somebody. He sought to manage their own economic assets, particularly the offshore oil and gas. This plainly depicts that Brunei's wealth wasn't a fluke, but as a consequence of confidence, good leadership, and hard work. Being a tiny economy hasn't been as austere a premonition as people may think. It has more willingly been very beneficial. For instance, having high-level fiscal sectors, and tax regimes that rally around to attract foreign investments. Brunei gold carBrunei, as it is sometimes called, is found on the northern coast of the island of Borneo in the South China Sea. It has a sizable people of fewer than 500,000, and covers no more than 2200 square miles.

Touching on Brunei's political history, the oil country has been ruled by one family for a little over 600 years. The domestic affairs of Brunei has been managed under the governance of the Sultan for every part of its existence with a well-planned strategy. The confidence reposed in this monarchal family by the citizens is scarcely phenomenal. Particularly as he (the Sultan) has besides formed a welfare state for the people. As a result, the family has not been disappointed at all. They have enormously developed the country to the delight of the people. The Sultan has created an interim space for the Chinese as they embody some part of the population. A small number of them have been arranged citizenship. But they are not eligible for the remuneration accorded Brunei citizens. Nevertheless, it is the Chinese who constitute the business-related class of the country, and the small number who have been granted nationality play an influential role in Brunei. Looking at the female populace of the oil country, one would carry out attention that women will never have an opportunity to serve the country. Fortunately, the first female ambassador to be posted to Brunei was Theresa Tull.

In 1993-1996, she gained an exceptional perspective on the prominence of women in the Islamic sultanate through her interactions with the splendid family, and other ministers. She worked hard to see the growth of the Brunei's wealth, and hunted to increase its part in world affairs following their independence. The productive Islamic country (Brunei) represents the outlining of a mono-economy, with oil and gas building up a broad 99 percent of its exports. It is a one-track economy with oil and gas accounting for a high rise percentage of its domestic product. The Brunei Shell Petroleum company, which is partly owned by the Brunei management, and the other by the regal Dutch Shell, produces the largest part of the output. Before Brunei was transformed into an industrial, or developed country, they had to go through rigorous challenges.

There were a series of economic affair meetings with a good deal focused on sustained developmental plans. The foremost plan was concentrated on creating new jobs for the indigenous labour force, and to embrace external investment. Bahasa Melayu, or Malay, is the representative language of Brunei. However, English is the language of business, and is extensively verbal at every level. Meanwhile, Brunei's recent decision to implement strict Islamic laws has sparked global condemnation, with celebrities including George Clooney, Elton John, and others calling for a boycott of the Dorchester Collection group of hotels owned by Brunei's investment agency. Another school of thought believes these laws may drive away investors.

The country's tremendous history has importantly influenced its society. Tons of people around the globe visit Brunei for holidays, and leisure on the footing that the country is clearly developed. As of December 2018, practically more than 12.5 percent of tourists were on transit in Brunei, though 12 percent visited for business purposes, followed by visiting contacts, and relatives at 8.9 percent. Brunei's monetary holdings alone has warranted cordial business relations with other big shots around the world. This has lined their inclusion in the inventory of richest nations according to the facts released by the International Monetary Fund (IMF) in April 2019.

About the Author

Osei Agyemang is a passionate and creative content writer/editor who is an expert in writing interesting, and innovative content. Osei is also an addicted travel enthusiast who likes to visit, and tell the stories of interesting places around the world. He is an award winning National Artist who studied Psychology, Journalism, and Global English Language at University of Strathclyde, and the University of Glasgow respectively.

Email: [email protected]

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About the author

Osei Agyemang

https://www.oseiagyemang.com:

A passionate writer who creates exciting and innovative contents. Osei Agyemang is also a tourism fan who loves to travel around the world. He has studied Psychology and Journalism.



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