Korea, Brunei to expand energy cooperation
President Moon Jae-in, left, shakes hands with Brunei's monarch Sultan Hassanal Bolkiah at the start of their summit in the Sultan's palace in Bandar Seri Begawan, Monday. Yonhap
By Kim Yoo-chul
By Kim Yoo-chul
Leaders of South Korea and Brunei agreed Monday to expand their partnership from the energy industry to patents, according to Cheong Wa Dae.
At a summit in the Brunei capital Bandar Seri Begawan, President Moon Jae-in thanked Brunei for backing his signature New Southern Policy, aimed at boosting ties with Southeast Asian nations.
Moon also thanked Brunei for inviting South Korean builders and shipbuilders to bid on infrastructure projects.
“I am expressing my sincere appreciation for your determination to help South Korean companies win contracts to construct the cross-sea Temburong Bridge,” Moon said at the start of his summit with Brunei's monarch Sultan Hassanal Bolkiah, according to press pool reports.
Temburong District, Brunei's easternmost territory, is separated from the rest of the country by Limbang, Malaysia. The bridge is being jointly built by South Korean builder Daelim and the China State Construction Engineering Corporation.
“Thanks for your warm hospitality. I am just happy to visit here as my first overseas visit this year,” Moon said. “Thirty-five years ago, we established diplomatic relations. Since then, our relationship is becoming much better in various areas from infrastructure to energy."
The South Korean leader arrived in the Southeast Asian country on Sunday evening for a three-day state visit. In response, Brunei's leader said Moon's visit would be a huge plus on various issues to expand both countries' mutual interests further.
Brunei is a member of the Association of Southeast Asian Nations (ASEAN). Under the New Southern Policy, Moon aims to reduce South Korea's heavy reliance on longtime trading partners such as the United States, China, Japan and Russia by diversifying trading channels into ASEAN member countries.
In the meantime, Moon also thanked Brunei for its support in developing South Korea-ASEAN relations and the successful preparations for the special South Korea-ASEAN summit held last November.
Cheong Wa Dae officials said Moon also briefed Brunei on the specifics of the latest summit between U.S. President Donald Trump and North Korean leader Kim Jong-un in Hanoi, Vietnam.
After the summit, the two countries signed a memorandum of understanding (MOU) on investment, intellectual property and technology cooperation, Cheong Wa Dae said.
It said the two countries also agreed to expand their relations in building a liquefied natural gas (LNG) value chain ranging from gas mine development to transport.
South Korea imports more than 1 million tons or about 4.3 percent of its LNG supply from Brunei annually. The estimated trade volume between South Korea and ASEAN was about $160 billion in 2018. South Korea aims to increase this to $200 billion by 2020 under its New Southern Policy.