Cambodia and South Korea will have ‘Regular Consultation Sessions’ aimed at boosting trade and investment cooperation between the two countries.
This was decided during the high-level talks between Prime Minister Hun Manet and Yoon Suk Yeol, President of the Republic of Korea, recently during the visit of the Cambodian leader to Seoul.
Mr Hun Manet and the Korean President discussed bilateral cooperation in several sectors including infrastructure development and trade connectivity. Both leaders agreed to establish two major projects to strengthen and expand existing cooperation between the two nations.
The first project is the establishment of ‘Regular Consultation Sessions’ between Korean companies and the CDC. Second is the development of a special economic zone (SEZ) by creating a favourable business environment for Korean companies that want to invest and expand production chains in the Kingdom.
During the visit, the Prime Minister also held discussions with Han Duck-soo, Prime Minister of Korea to ensure the efficiency and effectiveness of the establishment of the ‘Regular Consultation Sessions’ and the Korean SEZ in Cambodia.
During the meeting, the leaders also discussed the proposed Cambodia-Korea Friendship Bridge which is scheduled to begin construction shortly, representing the long-standing friendship between the two nations.
Meanwhile at the Cambodia-Korea Business Forum (CKBF), co-organised by the Cambodia Chamber of Commerce (CCC) and the Chamber of Commerce and Industry of the Republic of Korea, CCC President Kith Meng said that the forum was being held on the strong foundation of friendship between the two countries.
The Kingdom’s dynamic business community is eager to deepen this cooperation further with the Korean partners, he said.
The CCC President said, “We envision a future where more Khmer and Korean enterprises are hand in hand, leveraging each other’s strengths to foster innovations and unlock the shared opportunities for growth and achieve future prosperity.”
Under the visionary leadership of Mr Hun Manet, the country embarked on a new chapter and this official visit symbolises a renewed commitment to strengthening ties and fostering a business-friendly environment for investors in both countries.
He emphasised that Korea can support the economic growth in Cambodia through advanced technologies such as semi-conductors, light-emitting diode (LED), electric vehicles (EVs), Artificial Intelligence (AI) and broadband. Korea will be the first country to roll out 6G technology in 2026.
Cambodia in return has a strategic location in the middle of Southeast Asia along with a young work force. Besides, the Kingdom is enriched with natural resources including fresh water, mines, gold, copper, aluminium and valuable stones.
Based on the joint press release between the Cambodian and Korean Prime Ministers, both sides agreed to continue discussions to initiate negotiation on trade and investment. They also agreed to boost digital trade and intellectual property (IP) cooperation for innovation-driven sustainable development while remained committed to strengthening supply chains.
The two leaders further agreed to jointly promote Korean investment in the Kingdom by focusing on small and medium enterprises (SMEs) and export-oriented high-tech industries such as automobile assembly, electronics, electrical equipment and machinery, the statement added.
The regular consultation channel between the CDC and the Embassy of the Republic of Korea will help create a favourable investment environment for Korean businesses.
The idea is to foster close collaboration between CDC and the Ministry of Trade, Industry and Energy of Korea, the Embassy of the Republic of Korea and the Korea Trade-Investment Promotion Agency (KOTRA)
The Prime Minister was accompanied during the trip from May 15-18 by Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of CDC along with Kith Meng, President of CCC and Chair of ASEAN Business Advisory Council Cambodia, Chea Serey, Governor of National Bank of Cambodia (NBC) and Cham Nimul, Minister of Commerce (MoC). (khmertimeskh)