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The Role of Foreign Direct Investment to the Growth of the Economy of Brunei

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Policy makers have shown some concern to this slow growth rates in RGDP in the 1990s. the government's focus has been on the slow down of the economy in 1997 brought about by the recent Asian Financial crises, which began in Thailand. To this effect, the government established a Ministerial task Force of Economic in 1998, involving members of the public and private sector to discuss means of reviving the economy and developing a blueprint for the development of long-term plans for economic growth and development. (Anaman, 2004: pp 779). The Brunei Economic Development Board (BEDB) was established in November 2001 by the government to oversee the implementation of policies to establish sustainable economic growth and development in the country.

The BDEC has as its main objective, the attraction of foreign investment into Brunei to undertake projects in different areas of the economy. However little Literature exists on how, when and why if any foreign direct investments have been made in Brunei. Also, there is no study that produces an evaluation of how the foreign direct investment has affected the economy of Brunei since the establishment of the Brunei Economic Development Board.

Earlier Literature on Foreign Direct Investment has either focused on a different country or has treated a series of countries taken as a whole. Buckley et al (2007) studied The impact of foreign ownership, local ownership and industry characteristics on spillover benefits from foreign direct investment in China. Their results show that some aspects of China’ s status as a transition economy have helped its development process. They, however, argue that it is possible for non-transition developing economies to implement similar policies.

Hu and Simon (2007) also studied foreign direct investment and indigenous technological efforts in China. They find a negative relationship between indigenous Research and development efforts with foreign direct investment (FDI), that is a firm’ s expenditure on research and development decreases with the amount of foreign direct investment it receives.

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