Brunei aims to transform oil-dependent economy

World
Europe

01:14

Here's a brief introduction to one of the richest nations in the world, the state of Brunei:

Located at the north coast of the island of Borneo in South East Asia, Brunei has a total land area of over 5,000 square kilometers. It is one of the smallest yet richest states in the world with a high standard of living. With a population of just above 420,000, the state pays for education and healthcare and citizens do not have to pay taxes.

In 2014, Brunei became the first east Asian country to adopt Islamic Sharia law. Oil and gas are the backbone of the country's economy.

More than 60 percent of its GDP is derived from oil and gas, which account for over 90 percent of exports. According to a BP world energy outlook survey, Brunei's oil reserves are projected to run out in the next 20 years.

To minimize its dependence on hydrocarbons, Brunei's Sultan Haji Hassanal Bolkiah is pursuing a "Vision Brunei 2035" strategy. Vision 2035 calls for the promotion of other industries like tourism, local business development, infrastructure, social security and the environment. The government aims to increase inbound tourists from over 200,000 in 2015 to just above 450,000 by 2020.