Korean Businesses Eye Expanded Trade and Investment in Cambodia

Korean Businesses Eye Expanded Trade and Investment in Cambodia

Phnom Penh, March 27, 2024 – A delegation of 13 leading Korean companies, spearheaded by Hacheong Yun, Director General of the Korea Trade-Investment Promotion Agency in Cambodia (KOTRA Phnom Penh), is exploring new trade and investment avenues in Cambodia’s burgeoning sectors.

This search for opportunities was discussed during a strategic meeting with Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), held at the CDC headquarters on March 26.

Sun Chanthol showcased Cambodia as an optimal investment locale to the Korean delegates, citing the nation’s peace, political stability, consistent economic growth, exchange rate stability, human resource productivity, and focus on physical infrastructure development as key attractions.

He highlighted the advantages offered by Cambodia’s investment law, including numerous incentives for investors and the facilitation of dialogue through the Government-Private Sector Forum. Additionally, Chanthol emphasized Cambodia’s integration into the global market through various free trade agreements with Korea, China, the United Arab Emirates, and participation in the Regional Comprehensive Economic Partnership (RCEP) Agreement and the Everything But Arms (EBA) scheme.

The Cambodian government is particularly keen on attracting investment in heavy industries such as electronic and automobile assembly, as well as technology projects.

Among the Korean companies participating in the delegation were industry giants such as Samsung Electronics, Hyundai Motor, LG Electronics, and several others spanning electronics, construction, and media sectors. This initiative marks a significant step towards strengthening trade and investment ties between Cambodia and South Korea, reflecting both countries’ commitment to mutual economic growth and cooperation.

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