Brunei Darussalam is a nation of roughly 400,000 citizens and more so a world of business opportunities. Brunei’s political system is different as it governed by the constitution and the national tradition of the Malay Islamic Monarchy. True to its official name, the Nation of Brunei, the Abode of Peace, it indeed is an abode of tranquility. This tiny South East Asian nationis surrounded by Malaysia and South China sea thus providing it a strategically important and geopolitically strong locational benefits.
The economy of Brunei Darussalam is heavily dependent on the oil and gas sector. However, these reserves are estimated to last for a couple of decades before they vanish into oblivion. This has enforced and called upon a policy of intensive explorations and more developments on this front.
Apart from the gas and oil sector, it promises an ocean of opportunities for locals, new investors, entrepreneurs, students and even foreign investments. The fact that ease of doing Business report by the World Bank rank of Brunei has been increasing makes doing business easier in Brunei.
Brunei is also one of the world leaders in the manufacture of halal based products that is halal in every sphere from cosmetics to pharmaceutical products. This is in tune with Brunei’s global ambitions to become world leader in the halal industry. Brunei’s products are sold even in the UK for its halal products and their demand.
Sunrise sectors that have rising opportunities like food production, food processing, food expansion are being promoted through increasing market access through regulated access and export promotion. This will help Brunei consolidate its position in the ASEAN region.
Another area where Brunei shines is with its glowing service sector where opportunities in information and communications technology thrive. It is one of the fastest growing mobile markets and has deep internet penetrations. Also due to adequate government support, Investments are encourages to develop a spin wheel system with forward and backward linkages in ICT.
Having had a basic background of the economic situation in Brunei and the opportunities that prevail there, here is a list of some business ideas one could try:
10 Profitable Business Opportunities & Investment Ideas in Brunei
#1. Aquaculture- The nation has great prospects on this front as it provides fishing, fish farming are huge in Brunei. Fisheries and commercialization on fishes makes profits abound as this is mostly exported to other countries. Fish and aquaculture is considered an important way to do business. Thus it raises the stakes when it comes to environment friendly ventures. Make this business profitable with the use of latest farming tools.
#2. Supply Chain Firms- What one can do here is design, implement and operate contract logistics and freight management solutions on smaller scales. One can also enroll in a franchise and make money with brand recognition and value. This creates a network of supply analysis and interventions that can elevate the business scene at Brunei. This is specifically important in the capital city of Darussalem which offers some great business opportunities.
#3. Job portal services: This helps in employment generation to help in economy growth and development. This business links seekers and givers thus bridges the gap of employment generation. Portal should have a section to update the social media links to see the job seekers skills or social circles. This is very profitable business idea if you come up with a good website. You can use social media and local advertisement for initial marketing. This is low investment business idea, you can start with only two people at the begining.
#4. Boutique- Brunei being a small nation, there is always demand for tailors, fashion experts, consultants etc. What anyone aspiring to be a tailor or own a boutique with decent skills is to understand the market intricacies, find the trend that people most connect with, create and customize products and packages according to it. Boutique is considered as one of the most profitable small business ideas in around the world.
#5. Street food corners- With the global halal industry growing annually, it is one of the best growing industries in Brunei. With effective support from state, Halal is growing beyond leaps and bounds and has been a promising spot in the economy of Brunei. Various certifications, standards have been introduced and there is a new found involvement in making Halal sustainable and ethical with inculcating it in sectors like farming, transportation, logistics, supply chain management and analysis. Thus Brunei which is already among top 10 in the world in Halal aims to be world leader soon.
#6. Technology services as repair- Brunei is one of the most networked nations and repair persons are sought after for various equipment’s like AC, Refrigerator and other electrical appliances. What one can do to make it different is offer a spectrum of services from maintenance, prevention capacity to full, cleaning and repair. Also running small contests will boost sales as rebates are bound to attract people of all sorts.Thus creating attractive combination can boost business.
#7. Gym centers- The success of fitness studios is unrequited in this nation. Recent success stories of individuals has made making fitness a lucrative business option. With franchises you can earn on an established name or create your own personalized fitness studio that has a combination of sorts comprising various activity guides. This is one time investment business idea with some profitable return.
#8. Tourist Helpline- Brunei tourism has been receiving immaculate support from the Government making it an extremely viable proposition for any one who knows, understands and can explain a deal about cities in detail. History buffs could consider this. Or if you have a knack for finding beautiful spots to showcase in the richness of Brunei, then you are in. You can also create an online portal for tourist helpline.
#9. Web designer- This involves the standards for building and rendering web systems, creating pages and offering ones services either for freelance (mostly) or with an individual firm. The USP here is one’s creativity and understanding of the requires tools. Considering the transitional status of Brunei, this could potentially be the next big thing as most companies are looking to optimize their companies and make a place on the digital map. It can specifically be of use in the charged nation that Brunei is at the moment. This is profitable investment opportunity, infact investment in this business is much less as compared to others.
#10. Blogging- This can be done anywhere keeping in mind that what you do should interest you completely. Also in Brunei, the government focus on ICT infrastructure can increment the incomes and promote revenues for business owners.
Business in Brunei is regulated by the Brunei Economic Development Board (BEDB), an organ of the Government. This board charters the economic cruise of the nation. It has identifies exports and increasing manufacturing firms and production as the core strength and potential of the nation.
The board invites investments in new sectors like pharmaceutical, technology, base material production, supply chain and logistics to spruce up the Business planning of the island nation.
Brunei climbed to 56 out of 190 economies in the ease of doing business report by the World bank and thus records largest improvement towards regulatory frontier.Thus the economy has strengths that can be harnessed and utilized to maximum efficiency. The main points to consider however are the type of government and the economic terrain it has.
With a bright future as far as topography is concerned and a penchant for improving economy, the Brunei economy is bound to rise and these business investment ideas are golden opportunities for probable or aspiring entrepreneurs in.