The Ambassador of the Republic of Korea to Cambodia Tuesday commended the Cambodian government for its proactive measures to enhance the investment climate in the country, stressing that more Korean investors are keen to explore opportunities in the Kingdom.
Park Jung-Wook made the remarks during a meeting with Prime Minister Hun Manet at the Peace Palace in Phnom Penh.
The Ambassador said that the various incentives for investment in Cambodia’s policies and the establishment of effective coordination mechanisms have significantly boosted investor confidence and created a conducive environment for businesses.
“Korean investors have expressed keen interest in investing in Cambodia after Prime Minister Hun Manet’s recent official visit to the country,” Park said.
The Korean Ambassador also made his commitment to making efforts to further promote the relationship between the Republic of Korea and Cambodia through close coordination with the relevant ministries and institutions of Cambodia.
In the meeting, they discussed the key areas of cooperation, including trade and investment, defence and security, tourism, people-to-people exchanges and technical and vocational training.
The Prime Minister highly valued the efforts of the Ambassador for strengthening and expanding the Cambodia-Korea relations, stating that the two countries are continuously expanding the relationship that has been upgraded to a ‘strategic partnership’ in 2024.
Korea is also one of the biggest sources of foreign direct investment in Cambodia.
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Korea’s foreign direct investment (FDI) in Cambodia recorded $30 million last year, taking the total FDI from the country to $5 billion.
Korean companies are involved in sectors such as manufacturing, real estate, agricultural infrastructure and financial services.
The two countries have agreed to leverage the Regional Comprehensive Economic Partnership (RCEP) agreement and other free trade agreements for the benefit of all.
The two allies are also poised to strengthen their economic partnership by establishing special economic zones dedicated to Korean companies in Cambodia.
The initiative for a special economic zone envisioned as a hub for Korean investment is expected to attract more businesses and investment from the country.
