Non-oil and gas sector has to account for 30% of GDPsqwcgadmin
14th May, 2015
BRUNEI has to increase the non-oil and gas sector’s contribution to the gross domestic product (GDP) by 25 to 30 per cent within the next six years in order to diversify its economy.
Gary Ho, managing director of SQW China Limited which is the park manager for the BioInnovation Corridor (BIC), said Brunei’s oil-dependent economy is not a “very ideal situation”.
The oil and gas sector accounts for 67 per cent of the Sultanate’s GDP and 96 per cent of its export.
Current oil prices, while recovering, are still low, hovering around US$60 per barrel over the last few days. Low oil prices had forced the Brunei government to operate at a $2.28 billion deficit for the 2015/2016 budget.
Ho said in yesterday’s briefing that the non-oil and gas sector has to be developed as soon as possible. He said the BIC can contribute to this initiative.
He said that phase one of the industrial park, which is around 37 hectares out of 195 hectares earmarked for industrial usage, will be ready within 18 months.
The area is sub-divided into 25 plots, and Ho said that shortly after 18 months, he hoped that the area will be fully occupied.
One major company, Mitsubishi, a large Japanese multi-national corporation, has already confirmed its presence there, and will be doing bio-technology related operations, he said.
Source: Brunei Times