Korea, Brunei agree on energy coop.

President Kim Dae-Jung met with Brunei¡¯s Sultan Haji Hassanal Bolkish, on Monday as part of his state visit in the Brunei capital of Bandar Seri Begawan. The two leaders agreed to promote mutual investment and trade and ensure stable supply of crude oil and natural gas.

Kim will also attend the summit meeting of the Asia-Pacific Economic Cooperation (APEC). The sultan promised Kim that he will make sure the back payment of US$38 million owed to Hyundai Construction for building Jeludong marine park between 1996 and 1998 would be made as soon as possible and more money be invested in the construction of hotels and golf courses in Korea.

President Kim asked for better terms under which Korea can import Brunei crude to which the sultan reportedly showed a favorable response. President Kim called for continued support from Brunei for Seoul's policy of engagement with North Korea and Sultan Bokiah spoke highly of the ongoing rapprochement on the Korean peninsula, pledging his continued support and cooperation.

Upon departing Seoul President Kim said he will do his best to achieve international partnership in bolstering economic cooperation among nations and accelerating inter-Korean relations. He said he will discuss with the leaders of APEC members matters of common concern on globalization and multilateral trade and urge their support for North Korea's involvement in APEC activities. In the meantime, the Korean delegation to the APEC ministerial talks proposed that it chair the next APEC meeting in 2005, which was accepted.