LIVELIHOOD and ECONOMIC in BRUNEI

DARUSSALAM

Brunei is a country with a small, wealthy economy that is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition.

It is almost totally supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP.

The government provides for all medical services and subsidizes food and housing. The government has shown progress in its basic policy of diversifying the economy away from oil and gas.

Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day (29,000 m3/d). It also is the fourth-largest producer of liquefied natural gas in the world.

Oil and natural gas account for almost all exports. Since only a few products other than petroleum are produced locally, a wide variety of items must be imported.

Oil and gas industry• Brunei Shell Petroleum (BSP), a

joint venture owned in equal shares by the Brunei Government and the Royal Dutch/Shell group of companies,

•BSP and four sister companies constitute the largest employer in Brunei after the government. • This satisfies domestic demand for most petroleum products.

The French oil company Elf Aquitaine became active in petroleum exploration in Brunei

Brunei's oil production peaked in 1979 at over 240,000 barrels per day (38,000 m3/d). um exploration in Brunei

Brunei Liquefied Natural Gas (LNG) plant, which opened in 1972 and is one of the largest LNG plants in the world.

(43 YRS) Brunei's LNG produced is sold to Japan under a long-term agreement renewed in 1993.

A major development with the establishment of SPARK, which is a 271 hectare site developed to be a world class petrochemical hub. The first major investment at SPARK is the USD450 million Methanol plant developed by the Brunei Methanol Company, a joint venture between Petroleum Brunei and two leading Japanese companies, Mitsubishi Chemical Holdings Corporation and Itochu Corporation.

Petrochemical industry

Brunei Darussalam in July 2009 launched its national halal branding scheme Brunei Halal.

Which allows manufacturers in Brunei and in other countries to use the premium Brunei Halal trademark to help them penetrate lucrative markets in countries with significant numbers of Muslim consumers.

Halal brand

Top 10 Jobs in Brunei1. Waitress

2. Driver

3. Quantity Surveyor is a professional

working within the construction industry concerned with construction costs and contracts. Services provided by a quantity surveyor may include: Cost planning and commercial management throughout the entire life cycle of the project from inception to post-completion.

4. Sales Lady

5. Cook

6.HSE Supervisor

7. Waiter

8. Kitchen Helper

9. Accountant

10. Sewer

Cosmetics

UNEMPOLYMENT IN BRUNEI DARUSSALAM

Unemployment Rate in Brunei decreased to 6.90 percent in 2014 from 9.30 percent in 2011. Unemployment Rate in Brunei averaged 4.72 percent from 1995 until 2014, reaching an all time high of 9.30 percent in 2011 and a record low of 2.90 percent in 2010. Unemployment Rate in Brunei is reported by the Department of Economic Planning and Development, Brunei.

Labour skill and qualifications: There is a mismatch between the acquired skill andqualifications of the local labour force and the demand or the required skill andqualifications needed in the private sectors.

Remuneration gap between the public and private sectors: The public sectorcompensation (i.e. salary & other benefits) is substantially higher than that in theprivate sectors. This has resulted the local labour force from working in the private

sectors on a long term basis, some see private employment as merely “temporaryjob” while waiting for a more “secure” public sector employment

Attitude of local labour: The private sector employer constantly voiced theirconcerns about the lack of discipline and inefficiency among local labour. This ispartly due to the perception [mentioned in (b) above] of local who often see privatesector employment as “temporary jobs”

Preference over foreign labour: In relation to the points above (c), there is thereforea tendency for the employers in private sectors to employ foreign labour, who aredeemed to have the right skills, relatively cheap and more efficient.

Right-sizing of the Public sectors: In the effort to streamline the public sectors, thegovernment has embarked on privatisation, corporatization and commercialization(PCC) strategy. This will have an impact in further reducing the size of andemployment opportunity in the public sector.

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