The Cambodia Chamber of Commerce (CCC) and the Korea Chamber of Commerce and Industry (KCCI) are set to meet this week in Seoul to review the progress made on their bilateral cooperation agreement.
The meeting will take place just months after the two chambers signed a Memorandum of Understanding (MoU) aimed at enhancing trade and investment ties between Cambodia and South Korea.
Kith Meng, President of Cambodia Chamber of Commerce, is leading the CCC delegation accompanying President of Senate Hun Sen to take part in the 25th World Knowledge Forum under the theme ‘Journey Towards Coexistence’ and attend other important official events until September 13.
“CCC delegation will hold a business meeting with the Korea Chamber of Commerce and Industry for fostering business relations between the two countries,” read a CCC statement.
The two chambers signed a memorandum of understanding in May this year. Since the signing of the MoU, both chambers have been actively working to identify and pursue opportunities for collaboration. This has included initiatives such as organizing business delegations, participating in trade fairs and exchanging information on market trends and investment opportunities.
“CCC delegation will also hold meetings with relevant parties to increase relations and to boost business activities in both countries,” added the statement.
The commitment of the two chambers comes at a time when Cambodia and Korea are experiencing growing economic ties.
Bilateral trade between the two countries has been steadily increasing in recent years, as the two countries have enjoyed the implementation of the regional mega trade pact -RCEP.
Figures from the General Department of Customs and Excise showed that the bilateral trade volume rose by 7.2 percent to $479 million in the first seven months of this year.
Korea is also one of the biggest sources of foreign direct investment in Cambodia. Korea’s foreign direct investment (FDI) in Cambodia recorded $30 million as of 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.
Source link: Khmertimeskh