AGP Executive Report

Market Expansion: Malaysia’s RedPlanet is targeting 10%–20% annual growth and sees Brunei as a key market after recently entering the country, alongside wider ASEAN expansion. Economic Diversification: Brunei’s non-oil and gas sector now contributes 55% of GDP, up over the past decade; Hengyi Industries is targeting a 50% Bruneian workforce for its refinery expansion. Trade and Investment: Brunei and India reviewed bilateral trade and economic cooperation at their third Joint Trade Committee meeting, while Brunei also hosted ASEAN discussions on strengthening MSME development. Digital Growth: Southeast Asia’s digital economy is forecast to grow 17% to US$368 billion in 2026, with Brunei among the markets covered.

Brunei Expansion: Malaysia’s RedPlanet is targeting 10%–20% annual revenue and profit growth, with its recent entry into Brunei among its expansion priorities. The geospatial firm serves utilities including power, telecoms, water and gas. Digital Economy: South-east Asia’s digital economy is forecast to grow 17% to US$368 billion in 2026, with AI lifting activity across e-commerce, travel and online media; Brunei is among the 10 markets covered. Finance: Baiduri Bank has priced its first overseas bond, marking a step into international debt markets. MSMEs: Brunei is hosting ASEAN meetings focused on helping small businesses digitise, adopt sustainable practices and reach new markets. Industry and Trade: Hengyi’s petrochemical expansion aims for a 50% Bruneian workforce, while Honeywell will supply process technologies for the project. Separately, Brunei and India reviewed trade and economic cooperation at their third Joint Trade Committee meeting. Brunei’s non-oil and gas sector now contributes 55% of GDP, up over the past decade.

Brunei Expansion: Malaysia’s RedPlanet is targeting 10–20% annual revenue and profit growth over the next three to five years, with its recent entry into Brunei among its key growth opportunities. The geospatial firm serves utilities and has a RM132 million tender pipeline. MSME Push: Brunei is hosting ASEAN meetings on helping small businesses digitise, adopt sustainable practices and reach new markets. Petrochemicals: Honeywell will supply technologies and engineering support for Hengyi Industries’ Pulau Muara Besar Phase II expansion, planned to lift crude-processing capacity to about 20 million tonnes a year and produce higher-value petrochemicals. Hengyi has also set a target for Bruneians to make up half its expansion workforce. Finance and Trade: Baiduri Bank has priced its first overseas bond, while Brunei and India reviewed bilateral trade and economic cooperation at their third Joint Trade Committee meeting. Economic Shift: Brunei’s non-oil and gas sector now contributes 55% of GDP, according to a minister, as the country looks to broaden growth beyond energy.

Digital Economy: South-east Asia’s digital economy is forecast to grow 17% to US$368 billion in 2026, with AI boosting activity; Brunei is among the 10 markets covered. Industrial Investment: Honeywell will provide technology and engineering for Hengyi Industries’ Pulau Muara Besar expansion, which is expected to lift annual crude-processing capacity to about 20 million tonnes. Hengyi is targeting a 50% local workforce for the project. Business Finance: Baiduri Bank has priced its first overseas bond, marking a step into international capital markets. Trade Links: Brunei and India reviewed bilateral trade and economic cooperation at their third Joint Trade Committee meeting. MSME Development: Brunei is hosting ASEAN meetings focused on helping smaller businesses adopt digital tools, operate sustainably and reach new markets.

Digital Growth: South-east Asia’s digital economy is forecast to grow 17% to US$368 billion in 2026, with Brunei among the 10 markets covered. Brunei’s education minister also urged graduates to use AI to build workplace skills, not replace them. MSME Agenda: Brunei is hosting ASEAN meetings focused on helping small businesses digitise, adopt sustainable practices and reach new markets. Petrochemicals: Honeywell will supply technology and engineering for Hengyi’s Pulau Muara Besar expansion, which is expected to lift annual crude-processing capacity to about 20 million tonnes; Hengyi is targeting a 50% Bruneian workforce. Finance and Trade: Baiduri Bank has priced its first overseas bond, while Brunei and India reviewed trade and economic cooperation at their third joint committee meeting. Economic Mix: Brunei’s non-oil and gas sectors now contribute 55% of GDP, up from a decade ago.

Digital Economy: South-east Asia’s digital economy is forecast to grow 17% to US$368 billion in 2026, with AI lifting growth; Brunei is among the 10 markets covered. Banking: Baiduri Bank has priced its first overseas bond, marking a step into international debt markets. MSMEs: Brunei is hosting ASEAN meetings focused on helping small businesses digitise, adopt sustainable practices and reach new markets. Petrochemicals: Honeywell will supply technology and engineering for Hengyi Industries’ Phase II expansion at Pulau Muara Besar, which is expected to lift annual crude-processing capacity to about 20 million tonnes and expand higher-value production. Trade: Brunei and India reviewed bilateral cooperation at their third Joint Trade Committee meeting, while Brunei’s non-oil and gas sectors now contribute 55% of GDP, up over the past decade.

Banking: Baiduri Bank priced its first overseas bond, marking a step into international debt markets. MSME development: Brunei is hosting ASEAN meetings through Oct 23, with officials focused on helping small businesses digitise, adopt sustainable practices and reach new markets. Downstream investment: Honeywell will supply technologies and engineering for Hengyi Industries’ Pulau Muara Besar expansion, which is expected to lift annual crude-processing capacity to 20 million tonnes. Hengyi says the US$5 billion project aims for a 50% Bruneian workforce. Economic diversification: Brunei’s non-oil and gas sector has grown to contribute 55% of GDP, up over the past decade. Trade ties: Brunei and India have reviewed ways to expand bilateral trade and economic cooperation.

MSME Development: Brunei is hosting ASEAN meetings through Oct. 23 on helping small businesses digitise, adopt sustainable practices and reach new markets. Hengyi Expansion: Honeywell will supply technologies and engineering support for Phase II of Hengyi’s Pulau Muara Besar project, which is expected to raise annual processing capacity to 20 million tonnes. Hengyi is targeting a 50% Bruneian workforce. Economic Diversification: Brunei’s non-oil and gas sectors grew to 55% of GDP in 2025, up from 46% in 2015; their share of exports rose to 60% from 7%, largely on downstream petroleum and chemicals. Trade Ties: Brunei and India reviewed ways to expand trade and cooperation in food, healthcare, pharmaceuticals and energy. Business Travel: Brunei is among 42 countries whose citizens can visit the United States for business or tourism without a visa in advance.

US Business Travel: Brunei citizens are among 42 nationalities eligible to visit the United States for business or tourism without a visa in advance; eligibility depends on citizenship. Hengyi Expansion: Honeywell will provide process technology and engineering for Phase II of Hengyi’s Pulau Muara Besar complex. The expansion is expected to lift annual crude-processing capacity to about 20 million tonnes, while Hengyi is targeting a 50% Bruneian workforce once it is operational. Economic Diversification: Brunei’s non-oil and gas sectors accounted for 55% of GDP in 2025, up from 46% in 2015, while non-oil and gas goods rose to 60% of exports from 7%. The minister attributed much of the shift to downstream petroleum and chemicals. Trade Links: Brunei and India reviewed ways to expand trade, including food exports, pharmaceuticals, healthcare and energy cooperation. Energy Trade Scrutiny: A report said refineries in Brunei, India and Türkiye collectively shipped €1 billion in oil products to countries sanctioning Russia in September, up 43% from August; it estimated €295 million of the products came from Russian crude.

Hengyi Expansion: Honeywell will provide process technology and engineering support for Phase II at Pulau Muara Besar, including facilities for higher-value petrochemicals. The US$5 billion project is expected to raise annual crude-processing capacity from 8 million to 20 million tonnes; Hengyi targets a 50% Bruneian workforce once it is operating. India Trade: Brunei and India’s third Joint Trade Committee discussed market access, food exports, pharmaceuticals, healthcare and energy cooperation to expand commercial ties. Economic Diversification: Brunei’s non-oil and gas sector grew to 55% of GDP in 2025, from 46% in 2015, while non-oil and gas products rose to 60% of exports from 7%, largely driven by downstream petroleum and chemicals, the economy minister said. Supply Chains: Singapore and Brunei signed a pact to strengthen the resilience of essential-goods supply chains.

Hengyi Expansion: Hengyi is targeting a 50% Bruneian workforce for its US$5 billion refinery expansion, which is expected to lift annual capacity from 8 million to 20 million tonnes. Honeywell will supply process technology and equipment for the project. Economic Diversification: Brunei’s non-oil and gas sectors rose to 55% of GDP in 2025, from 46% in 2015, while non-oil and gas products reached 60% of exports, up from 7%, the economy minister said. Trade Links: Brunei and India reviewed ways to expand trade, including agricultural and animal-product exports, and identified healthcare, pharmaceuticals and energy as areas for closer cooperation. Energy Trade: A CREA report found refineries in Brunei, India and Türkiye shipped €1 billion in oil products to countries imposing sanctions on Russia in September, up 43% from August; the report estimated €295 million worth was refined from Russian crude.

Hengyi Expansion: The company is targeting a 50% Bruneian workforce for its US$5 billion Phase II refinery expansion, which is expected to lift annual capacity from 8 million to 20 million tonnes. Honeywell will supply process technologies and support. Diversification: Brunei’s non-oil and gas sectors grew to 55% of GDP in 2025, from 46% in 2015, while their share of exports rose from 7% to 60%, largely on the back of downstream petroleum and chemicals. Trade Links: Brunei and India are exploring closer trade in food, pharmaceuticals, healthcare and energy, alongside business exchanges and investment opportunities. Regional Commerce: Singapore and Brunei have agreed to strengthen essential-goods supply chains and recognise each other’s halal certificates. Energy Trade Scrutiny: A report grouped Brunei with India and Türkiye in €1 billion of oil-product exports to sanctioning countries in September, up 43% from August; it estimated €295 million of the three countries’ exports were refined from Russian crude.

Downstream Investment: Hengyi Industries plans to invest US$5 billion in its Pulau Muara Besar expansion, lifting annual refinery capacity from 8 million to 20 million tonnes and targeting a 50% Bruneian workforce. Honeywell will supply process technologies and engineering for the project. Economic Diversification: Brunei’s non-oil and gas sectors grew from 46% of GDP in 2015 to 55% in 2025, while non-oil and gas exports rose from 7% to 60%, largely on the strength of downstream petroleum and chemicals, the economy minister said. India Trade: Brunei and India reviewed ways to grow trade, including agricultural and animal-product exports, and identified pharmaceuticals, healthcare and energy as areas for closer cooperation. Both sides also discussed business exchanges and investment opportunities.

Hengyi Expansion: The $5 billion second phase of Hengyi’s Pulau Muara Besar refinery aims to lift annual capacity from 8 million to 20 million tonnes, with the company targeting a 50% Bruneian workforce once operational. Economic Diversification: Brunei’s non-oil and gas sector grew from 46% of GDP in 2015 to 55% in 2025, while non-oil and gas goods rose to 60% of exports, largely on the back of downstream petroleum and chemicals. Trade Links: Brunei and India discussed expanding market access and cooperation in food, pharmaceuticals, healthcare and energy; their next Joint Trade Committee meeting will be held in Brunei. Singapore and Brunei have also agreed to strengthen essential-goods supply chains and recognise each other’s halal certificates.

Business Travel: Bruneian citizens are among those eligible to visit the US for business or tourism without a visa, under its programme covering 42 countries. Downstream Growth: Hengyi Industries has tapped Honeywell for technologies and services for Phase II of its Pulau Muara Besar expansion, which is expected to lift crude-processing capacity to about 20 million tonnes a year. Trade Links: Brunei and India agreed to pursue stronger trade, including Indian agricultural and animal-product exports, with pharmaceuticals, healthcare and energy also on the agenda. Halal Commerce: Singapore and Brunei will mutually recognise halal certificates, reducing duplicated certification and easing trade in halal products. Supply Resilience: The two countries also signed a pact to strengthen essential-goods supply chains. Regional Outlook: The IMF says Brunei, as an energy exporter, is benefiting from the energy shock, while warning that persistent volatility and inflation are testing Southeast Asian economies.

Energy Outlook: The IMF says Brunei is among the ASEAN energy exporters benefiting from higher energy prices, while urging fiscal discipline to maintain resilience as shocks fuel regional inflation. Hengyi Expansion: Hengyi Industries has hired Honeywell to supply technology and engineering for Phase II of its Pulau Muara Besar complex, which aims to lift crude-processing capacity to about 20 million tonnes a year and expand higher-value petrochemical production. Trade Links: Brunei and India discussed widening trade, including Indian food and pharmaceutical exports, and cooperation in healthcare and energy. Regional Partnerships: Singapore and Brunei signed agreements to recognise each other’s halal certificates and strengthen essential-goods supply resilience, easing processes for businesses and supporting trade. Consumer Protection: Brunei issued 29 fines totalling B$18,000 for health-product offences in the first nine months of 2026.