Republic remains second largest trade partner of Brunei with total trade of over B$1 billion

THE Republic of Korea remained the second largest trading partner of Brunei Darussalam in 2016 with total trade worth B$1.094 billion.

"The majority ofthe export to Korea from Brunei Darussalam is oil and gas. Actually, the trade volume is still the same but the value shows a slight reduction compared to 2015 because of the fall in oil and gas prices," the South Korean Ambassador to Brunei Darussalam Cho Won-myung said.

In an interview at the Korean Embassy in the diplomatic enclave recently, the envoy told the Weekend Bulletin that "Korea and Brunei are very important partners of trade and our government would like to thank Brunei Darussalam for providing a stable energy source to Korea".

With the new chancery in place, he stressed that the Korean Embassy in Brunei Darussalam is continuing its efforts to expand the volume of trade between both countries in the long term, hoping that Brunei companies would import high-quality Korean products such as building materials and food products.

Cho Won-myung cited that the potential of foreign investments from Korea in Brunei would be in medical and high-tech industry.

"Two years ago, I had invited a Korean bioinformatics company which uses DNA for medical treatment to come to Brunei to explore the potential for cooperation. As there are many pristine forests, the company will be able to utilise the flora and fauna to make natural medicine.

"As Brunei has modernised hospitals and rehabilitation centres, we can apply the bioinformatics technology here. The famous Koreanbioinformatics company can set up a base here and then commercialise the technology through factories. Allied companies will be established here and in five to 10 years, the industry will flourish, developing Brunei as a leader in bioinformatics industry and providing high-end jobs to locals," the envoy added.

Another potential investment area Korea is looking at in Brunei is Islamic financial technology, the ambassador said, adding that last year, a Korean company was here evincing interest in launching a related project.

As Brunei Darussalam has formally joined the Paris Agreement on fighting climate change, the ambassador felt that renewable energy could be another potential area of cooperation.

Touching on tourism, he pointed out that more Koreans are expected to visit Brunei with the launching of direct chartered flights from Korea to Brunei in December last year.

"This year, more tourists are expected to arrive in Brunei. Brunei travel package is one of the best tourism products being featured online as well as TV channels in Korea. With more people-to-people exchanges increasing mutual understanding, I hope that there will be more Bruneians visiting Korea."

Last year, around 11,000 Koreans arrived in Brunei which is a huge jump from the previous year. Currently, there are more than 450 Koreans residing in Brunei, the ambassador said.

Source:
@BRUDIRECT.COM

by BruDirect.com

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