President Moon Jae-in on March 11 speaks to Bruneiansd Sultan Haji Hassanal Bolkiah at the latter's official residence of Istana Nurul Iman. (Cheong Wa Dae)

By Jung Joo-ri and Lee Jihae

Brunei is a small country with a population of just 430,000 but boasts per capita GDP of USD 30,000 thanks to its abundance of crude oil and natural gas.

The nation is also a dialogue mediator between Korea and the Association of Southeast Asian Nations (ASEAN) that assists the Korea-ASEAN relationship.

In March, President Moon Jae-in became the first Korean leader to pay a state visit to Brunei in 19 years. During his trip, he proposed diversifying sectors of cooperation as part of his New Southern Policy and strengthening bilateral cooperation to improve Korea-ASEAN ties and make them future-oriented. 

President Moon Jae-in on March 11 takes a photo with workers at the construction site of Brunei's Temburong Bridge, which a Korean corporation is working on. (Cheong Wa Dae Facebook page)

The two countries have conducted close cooperation in energy and infrastructure since forming diplomatic ties in 1994. From 1997 to last year, Brunei exported to Korea about a million tons of LNG, and since the 1970s, Korean corporations have taken on several of Brunei's largest construction projects such as the Jame' Asr Hassanil Bolkiah Mosque and the RIPAS Bridge.

Both sides in March agreed to aid and support the LNG value chain by unifying related businesses such as the development, distribution and sale of the gas. The plan is for the chain to go beyond mere trade and strive for synergy in all bilateral energy activities.

The two countries also noted similarities between Korea's New Southern Policy, which aims for "people-centered peace and a community of prosperity" and Brunei's Vision 2035, a long-term national project to diversify industry, in that they both prioritize people and strive for mutual growth. They also agreed to devise methods to have their respective strategies yield synergy in a symbiotic manner. 

President Moon Jae-in and Bruneian Sultan Haji Hassanal Bolkiah on March 11 shake hands at the latter's official residence of Istana Nurul Iman after signing a memorandum of understanding. (Cheong Wa Dae)

etoilejr@korea.kr