Brunei looks to be financial center<\/p>\n
BANDAR SERI BEGAWAN (AP): Faced with oil-dependent economy it
\nsays is unsustainable, Brunei's government announced a campaign
\nFriday to sell itself as an international financial center.<\/p>\n
Robert Miller, a senior government official, said the tiny
\nsultanate aimed to rival global business centers such as Hong
\nKong and was confident of drawing investors from London,
\nFrankfurt, Beijing and other places.<\/p>\n
He said about 30 companies have registered to operate under
\nspecial banking and insurance laws in the Brunei International
\nFinancial Center, which is the focus of the new campaign.<\/p>\n
After decades of petrodollar prosperity under the rule of
\nSultan Hassanal Bolkiah - one of the world's richest men - Brunei
\nnow admits that its economy is unsustainable and over-dependent
\non crude oil exports.<\/p>\n
In addition to rising unemployment, Brunei, located on the
\nnortheast tip of remote Borneo island, has a chronic budget
\ndeficit and lost billions of dollars in development and
\ninvestment schemes run by the sultan's brother, Prince Jefri.<\/p>\n
On Friday, Miller said Brunei's affluent society was a plus
\nfactor to push the country as a regional financial center.<\/p>\n
\"It also encourages expatriate professionals to train
\nBruneians in the international finance sector,\" he said.<\/p>",
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