Brunei sets US$5b development plan
Brunei sets US$5b development plan
BANDAR SERI BEGAWAN (Reuter): Brunei's new BR$7.2 billion (US$5 billion), five-year development plan will focus on building power plants and roads, expanding the seaport and developing the capital, official sources said yesterday.
Brunei's Sultan Hassanal Bolkiah announced the plan in a speech marking the country's 13th national day since gaining independence from Britain in 1984.
The tiny sultanate on Borneo island has long depended on oil as the source of wealth for its 280,000 people. With recoverable reserves expected to last only another 20 years or so, the country is seeking to diversify the economy.
"The local industry cannot depend too much on the domestic market, Hassanal said in a radio broadcast on Saturday night. "We should therefore explore the vast opportunities in the region and in the international arena."
The previous five-year plan allocated BR$5.0 billion, mostly for telecommunications, water and power projects. The sultan did not give details of the plan, which may be issued later this week by the Finance Ministry.
Finance Ministry officials said power projects, using the country's considerable gas deposits, would get the single biggest allocation. New roads are also on the drawing board for the largely jungle-covered country.
The plan also contemplates a major redevelopment of the capital city of Bandar Seri Begawan, home to some 50,000 residents, most of whom live on the Brunei River in Kampong Air, or "Water Village".
The plan calls for installing plumbing, sanitation and other infrastructure in the village, a patchwork of thousands of houses built on stilts over the river and a big attraction for tourists.
The sultan, who by some accounts is the world's richest man with a net worth of more than $40 billion, officiated at Sunday's National Day celebrations.
Flanked by his three brothers, who have key cabinet positions, the 50-year-old monarch watched 22 parachutists bearing 13 Bruneian flags float down to the parade ground after jumping from air force helicopters.
Brunei is a member of the Association of South East Asian Nations (ASEAN) with Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. It has close financial links to Singapore and cultural ties to Malaysia.