Brunei belonged to the few economics in South East Asia regions that still expanded during a covid-19 pandemic. This country’s stable condition during the crisis has made many people consider doing business in Brunei. That’s why market analysis to reach out to this country currently rises in demand.
Doing the market analysis helps any business who wants to expand in Brunei know the most potential sectors and commodities to approach. Besides, it gives clients information about the industries that are highly affected by the crisis so that it offers a lack of potential for them to invest.
What to Do Before Doing Business in Brunei
Before start entering Brunei market and developing the business, there are several important things that clients need to do. Doing these help them to run the business and compete effectively in the market.
- Get to Know the Culture in Brunei Market
Each country has different cultures which affect market behavior and how people need to act in the market. Foreigners often don’t pay attention to this factor which leads them to failure in surviving in the market. If clients analyze the market before entry, they will know what culture to be aware of when doing the business.
Getting aware of culture enables clients to connect with the local economy so that they can infer, analyze, and create strategies according to the solid information. This approach helps clients to act responsibly to the local culture in Brunei when running the business there.
- Discover the Main Commodities of Brunei
Knowing the main commodities in Brunei gives clients ideas on where the potential takes place. The main commodities become the country’s strength on which involvement in this sector can give a great opportunity for clients’ business.
In Brunei, the main commodities are taken by crude oil, refined petroleum, LNG, as well as petrochemical products. Moreover, downstream oil and gas also contribute significantly to economic growth in Brunei. Mining and manufacturing sectors receive higher export trades due to the global demands.
- Conduct Market Analysis in Brunei
To successfully expand the business, conducting Brunei market analysis is required. Asking help from the professional in market analysis like YCP Solidiance helps clients to plan comprehensive market entry as well as strategies that they need to expand their business in this country.
Market analysis professionals commonly guide clients on dealing with the challenges they might face in the market. For instance, how to deal with the sectors that are highly affected by covid-19 pandemic.
- Understand the Government’s Approach in Brunei
Currently, Brunei government supports an investment-friendly environment to strengthen the nation so that foreign investors are interested to enter the Brunei market. In addition, the government has set up the Action and Support Centre for FDI coordination.
The government in this country also prioritizes public health and household conditions because private sectors renew their growth and the jobs still can be negotiated. Not just improving the business environment and productivity, Brunei government also accommodates investments through their regulations.
Doing business in Brunei can run effectively if clients conduct market analysis previously. By then, they will know the market potentials, strategies, trends, challenges, and the best ways to deal with them.