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ASEAN-ROK Summit Features: S. Korea, Brunei relations Updated: 2019-11-24 12:15:57 KST

Floating homes and golden mosques in the middle of forests, Brunei lives up to the meaning of its name -- 'abode of peace'.
Just twice the size of Korea's Jeju Island, the tiny nation is home to 430-thousand people.
However, the city-state is not so small in the economic world.
As the third largest oil producer in Southeast Asia, Brunei is among the world's richest countries with its extensive oil and gas resources, which dominate the bulk of export earnings and government revenues, meaning people in Brunei don't have to pay income tax.
South Korea has been loyal to Bruneian oil. It was the fifth largest importer of oil from Brunei in 2017 and imports over a million tons of LNG annually.
In return, Brunei has been a big fan of Korean vehicles, iron and steel.
The two countries also share similar goals and state policies to improve the lives of their citizens.

"By integrating our administration's New Southern Policy, focused on creating a community of people-centered peace and prosperity, with Brunei's Vision 2035, I hope to expand our bilateral ties into future technology and new fields of industry, and to achieve mutual prosperity."

Brunei's Vision 2035 aims to raise foreign investment and contribute to the country's long-term economic growth and social development.

"Not only are we marking 35 years of diplomatic ties, in terms of Korea-ASEAN relations, Brunei is the coordinator between the two parties."

Brunei's soon-to-be-completed Temburong Bridge, constructed by South Korean company Daelim, symbolizes the two countries' long-standing cooperation and collaboration in infrastructure and people-to-people exchanges.
And this time in Busan, President Moon and the Sultan of Brunei's meeting further solidifies their friendship and cooperation on intellectual property rights, national defense and the defense industry.
KIM Da-mi, Arirang News.
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