The Ministry of Commerce and the Korea Trade-Investment Promotion Agency in Cambodia have pledged to strengthen trade promotion initiatives and bilateral collaboration to enhance economic ties between the two nations.
The remarks were made during a meeting held on Wednesday at KOTRA Office in Phnom Penh between Samheng Bora, Secretary of State and Yun Hacheong, Director General of Korea Trade-Investment Promotion Agency in Cambodia.
The purpose of the discussion was to express appreciation for the fruitful outcomes arising from the collaborative efforts between the Ministry of Commerce and KOTRA. Both parties aspire to further deepen trade promotion and bilateral collaboration.
Both have committed to fostering economic ties, particularly in the realm of proliferating more robust collaborations especially in trade promotions.
“Our shared aim is to create an environment conducive for Korean businesses to explore and engage in a diverse array of business opportunities within the Cambodian and vice versa to fortify the foundations of mutual prosperity and sustained growth,” read a ministry’s statement on Thursday.
Ever since the historic Cambodia-Korea Free Trade Agreement (CKFTA) was signed in December 2022, Cambodia has seen a significant rise in Korean investment.
The ministry stated that CKFTA has given the progress of trade between the two countries, becoming an important mechanism to promote more trade and investment cooperation.
The Republic of Korea is one of the Kingdom’s largest trade and investment partners with a total bilateral trade volume of approximately $751 million, ranking 11th among Cambodia’s trading partners in 2023.
The foreign direct investment (FDI) from Korea reached $5 billion, ranking ninth in 2023.
Prime Minister Hun Manet emphasised in May that the CKFTA paves the way for Korean businessmen to invest and trade with local companies in the Kingdom along with the investment concessions of the Cambodian government which will provide many special conditions to facilitate foreign investment.
