Cambodia, South Korea commit to stronger trade relations

Prime Minister Hun Sen and his South Korean counterpart, President Moon Jae-in, on Friday agreed to work together to boost trade and investment between the two nations.

On Saturday, Mr Moon left Cambodia after a three-day state visit during which he also led a delegation of South Korean businesspeople.

During his visit, Mr Moon said the relationship between the two countries is strengthening and that Cambodia is an attractive investment destination for South Korean firms.

Speaking at the Cambodia-Korea Business Summit, held at Phnom Penh’s Peace Palace on Friday, Mr Moon said Cambodia and South Korea have become important economic partners and highlighted that last year bilateral trade reached nearly $1 billion and that South Korea is Cambodia’s second largest investor.

Mr Moon said more than 300 South Korean firms are doing business here, providing thousands of jobs to Cambodians.

“Cambodia is attracting larger amounts of foreign direct investment and it will be one of the most important markets for infrastructure projects in Asia in the next 10 years. Korean companies are increasingly expanding their investments and operations here,” he said.

“We hope the memorandums of understanding (MoUs) signed today will boost bilateral investment.”

Speaking at the same event, Mr Hun Sen said Mr Moon’s visit will give South Korean companies an opportunity to learn about Cambodia’s investment and business environment.

“Today’s forum allows us to share information regarding the latest developments in Cambodia with regards to investment and business opportunities, and will help companies know more about recent policies in Cambodia to improve the business and investment climates,” the premier said.

“With our countries enjoying close relations, I would like to ask the Korean private sector to consider our country for their operations and to explore opportunities here,” he said.

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