Brunei. According to Countryaah, the capital of Brunei is Bandar Seri Begawan. The international financial crisis with roots in Asia also hit the normally prosperous oil kingdom of Brunei. Sultan Hassanal Bolkiah’s younger brother, Prince Jefri Bolkiah, ended up in blustery weather since one of the companies he controlled, the construction and consulting group Amedeo, made losses estimated at several billion dollars.
- Abbreviationfinder: What does BRN stand for in geography? Here, this 3 letter acronym refers to the country of Brunei.
Assessors believed that Brunei was now facing its worst financial crisis since independence was proclaimed in 1984. The Minister of Justice resigned and some of the leading people in the Brunei Investment Agency, a company that manages the sultan family’s assets worldwide, were forced to resign. Prince Jefri Bolkiah lost some of his former positions of power in favor of his Muslim right-leaning brother Mohamed Bolkiah. He already held the post of Foreign Minister and was now appointed chairman of the Economic Council appointed to seek to save family wealth. Supporters of Prince Jefri Bolkiah claimed that the prince was appointed a scapegoat and that Brother Mohamed imperceptibly wants to transform Brunei into a strictly Muslim state.
HUMAN AND ECONOMIC GEOGRAPHY
According to an estimate, the sultanate, rather densely populated, had 315,000 residents in 1998, over two thirds Malaysians, Chinese and Indians, to which are added indigenous groups.
The economy of Brunei is dominated by hydrocarbons: in fact, oil (extracted from eight off-shore fields and two on-shore fields) and natural gas ensure a huge production, especially when compared to the small size of the sultanate. The export of hydrocarbons and derived products destined for approximately 55 % to the Japanese market, is the 92, 3% of the total export value. The government is trying to reduce the economy’s dependence on oil and natural gas; the latest development plans have tried to diversify the production structure, giving impetus to the banking and financial sector, as well as promoting manufacturing activities through the establishment of ‘industrial parks’, planned to number 23, the first of which came into operation in 1996. Agriculture has little relevance and only 1, 2% of the land area is destined for arable and arborescent crops: among the crops, rice predominates, alongside bananas, citrus fruits, cassava and coconut palm. The agricultural balance suffers a constant and considerable deficit and the country is forced to large imports of food products.