The Council for the Development of Cambodia (CDC) strengthened ties with the Korea International Cooperation Agency (KOICA), one of the international development partners of the country, and recently discussed with it the development cooperation for 2025 and 2026.
The discussions over lunch on Tuesday were led by Chhieng Yanara, Senior Minister in Charge of Special Missions and Second Vice-President of CDC and Choi Moon Jung, the Country Director of KOICA in Cambodia.
During the meeting, both sides shared the progress of KOICA’s ongoing projects from the beginning of the year until now and also discussed plans for the second half of the year. They also deliberated on the planning of new projects for 2025 and 2026, according to a statement.
“We expect that this meeting will enable KOICA to solidify its cooperation with the CDC and make even greater contributions to Cambodia’s development,” said the statement.
The meeting aimed to strengthen the partnership and align efforts to speed up the socio-economic development of Cambodia.
Meanwhile, the Ministry of Public Works and Transport (MPWT) recently held the final review meeting on the Environmental & Social Impact Assessment (ESIA) report for the Cambodia-Korea Friendship Bridge project.
According to a statement, So Victor, Secretary of MPWT and Chief of Project Coordination, led the meeting to review the final report on ESIA for the construction project. The meeting was also attended by representatives of the Ministry of Environment, the Ministry of Culture and Fine Arts, the Economic Development Cooperation Fund (EDCF) and Yooshin Engineering Co. Ltd. as well.
Meanwhile, 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 are also partners in the Regional Comprehensive Economic Partnership (RCEP) agreement besides the Cambodia- Korea Free Trade Agreement (CKFTA).
The two allies are also poised to strengthen their economic partnership by establishing special economic zones dedicated to Korean companies in Cambodia. The initiative is expected to attract more businesses and investment from the country.
The trade between Cambodia and Korea reached $479 million in the first seven months of this year, rising 7.2 percent compared to the same period last year. While the exports surged 14 percent to reach $188 million, the imports rose 3.2 percent to reach $291 million, according to the latest trade data of the General Department of Customs and Excise (GDCE).
Cambodia mainly exports footwear, apparel, travel products, beverages, electrical and electronic components, rubber and agricultural products to South Korea.
The Kingdom imports vehicles, electronics, kitchen appliances, beverages, pharmaceuticals and finished plastic products from Korea.
KOICA, meanwhile, is also a partner in the Enhancing Entrepreneurial Ecosystem and Investment (3Ei) initiative, a project to support Cambodia’s small and growing businesses (SGBs).
Along with KOICA, the project is co-funded by the Swiss Agency for Development and Cooperation (SDC) and the Ministry of Economy and Finance through Khmer Enterprise (KE).
The 3Ei initiative aims to mobilise impact investing and capital flowing into Cambodia and help SGBs not only to access finance but also non-financial support. The initiative further seeks to strengthen the entrepreneurial ecosystems in the country and enhance coordination among various ecosystem builders.
