| James Kon |
THE Republic of Korea remained the second largest trading partner of Brunei Darussalam last year despite a 22 per cent drop in trade to US$1.24 billion in 2015 from US$1.58 billion in 2014.
The latest trade figures were revealed by Cho Won-myung, Ambassador of the Republic of Korea to Brunei Darussalam during an interview with the Weekend Bulletin on Thursday.
The 22 per cent decline is mainly due to the drop in oil price and the reduction of oil export to Korea from Brunei, the envoy said.
Korea is the second largest importer of Brunei liquefied natural gas (LNG), and last year saw an increase in LNG export. “The import of LNG from Brunei recorded an increase of 71 per cent despite the price of gas was adversely affected by the global slump in oil price. The volume of LNG export increased to 1.23 million tonnes last year compared to 0.717 million tonnes in 2014,” he said.
Cho Won-myung, Ambassador of the Republic of Korea to Brunei Darussalam. – JAMES KON
Overall, the ambassador said, “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. The Korean Embassy in Brunei Darussalam is making continuous efforts to expand the volume of trade between both countries.”
By October this year, the Korean embassy will have a new chancery and new residence at the diplomatic enclave. The construction of both buildings is progressing smoothly, the envoy said.
“The Korean government has put a high priority to the construction of the new chancery and residence in Brunei. At the current rate of construction, the buildings are expected to be completed in October this year,” he added.
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