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.