Brunei looks to be financial center

Brunei looks to be financial center

BANDAR SERI BEGAWAN (AP): Faced with oil-dependent economy it says is unsustainable, Brunei's government announced a campaign Friday to sell itself as an international financial center.

Robert Miller, a senior government official, said the tiny sultanate aimed to rival global business centers such as Hong Kong and was confident of drawing investors from London, Frankfurt, Beijing and other places.

He said about 30 companies have registered to operate under special banking and insurance laws in the Brunei International Financial Center, which is the focus of the new campaign.

After decades of petrodollar prosperity under the rule of Sultan Hassanal Bolkiah - one of the world's richest men - Brunei now admits that its economy is unsustainable and over-dependent on crude oil exports.

In addition to rising unemployment, Brunei, located on the northeast tip of remote Borneo island, has a chronic budget deficit and lost billions of dollars in development and investment schemes run by the sultan's brother, Prince Jefri.

On Friday, Miller said Brunei's affluent society was a plus factor to push the country as a regional financial center.

"It also encourages expatriate professionals to train Bruneians in the international finance sector," he said.