Top Korean firms probe Cambodian opportunities

Top Korean firms probe Cambodian opportunities

A Korean delegation comprising representatives of leading businesses such as Hyundai Motor, CJ Group and Booyoung Group sought investment opportunities in Cambodia, mainly in the digital and technology sector, vehicle assembly factories and manufacturing of value-added products.

The delegation opened about this during a courtesy call to Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia (CDC) on Tuesday.

Chanthol highlighted the advantages of investing in Cambodia and encouraged them to choose the country as a location for investment. The advantages he highlighted include political stability, peace, economic growth, exchange rate stability, human resource productivity and infrastructure development.

Cambodia’s Investment Law, Chanthol said, provides a set of incentives to investors. Government-private sector forums are organised regularly to address the issues that challenge investors, especially the market situation in Cambodia under the free trade agreements, he noted.

The Cambodian government has also provided incentives for investment projects in heavy industry, such as the assembly of electronic components, the assembly of automobiles and technology projects, he added.

“I believe that Korean investors and firms will consider Cambodia as a potential location, focusing mainly on high-tech industrial manufacturing such as vehicle and electronic components,” Chanthol told reporters after the meeting.

Hacheong Yun, Director General of the Korea Trade and Investment Promotion Agency (KOTRA Phnom Penh), said that the visit aimed to explore more investment opportunities in Cambodia, while some companies are already active in Cambodia.

Later, the Korean delegation also attended a forum held yesterday under the theme ‘Kingdom of Opportunities: Strategic Cooperation for Future Growth.’

Representatives from 13 Korean companies including Samsung Electronics, Hyundai Motor, LG Electronics, CJ Group, LX International, DAEJOO KC Group, Booyoung Group, Hanshin Engineering & Construction, KORINDO Group, Kolao Group, Korea Small and Medium Enterprises (KBIZ), and Maekyung Media Group, joined the forum.

The forum aimed to share information on new laws and regulations of Cambodia, as well as the potential opportunities for investment and business in Cambodia, especially cooperation between Cambodian and Korean private sectors, said Chea Vuthy, Deputy Secretary-General of CDC.

Bilateral trade between Cambodia and Korea reached $751 million in 2023, a 3.5 percent decline year-on-year, according to a report from the General Department of Customs and Excise. khmertimeskh

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