Cambodia: Korean investors told to take advantage of trade agreements

Mr Hun Sen, also President of the ruling Cambodian People’s Party (CPP), made these observations during a meeting with Chang Dae-whan, Chairman of Maekjung Media Group.

Welcoming the delegation from the Maekjung Media Group, Mr Hun Sen hoped Korean investors would explore more investment opportunities in Cambodia.

He apprised the visiting delegation about the significance of diplomatic relations between Cambodia and the Republic of Korea established in 1996, stressing that he is the founder.

Mr Hun Sen said ever since the diplomatic ties was established, many South Korean companies have invested in Cambodia and tens of thousands of Cambodians have been accepted to work in the Republic of Korea.

“Regarding the bilateral cooperation, both sides should pay attention to key areas, including the strengthening of bilateral relations, promotion of Mekong-RoK cooperation and ASEAN-RoK cooperation to be more effective and enhancement of the Regional Comprehensive Economic Partnership (RCEP),” he said.

The two nations announced the implementation of the bilateral trade-free agreement in October 2020 and are members of RCEP, which was put into force in January 2020.

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

Exports to Korea amounted to $281 million, a 20.3 percent increase from the previous year, while imports from Korea totalled $470 million, a 13.8 percent decrease from 2022.

According to the Korea International Trade Association, Korean businesses are considering Cambodia as their third entry point into the ASEAN after Vietnam and Indonesia.

The FTA between Korea and Cambodia, which came into effect in December 2022, has provided Korean companies with market access advantages, it said.

Source:Khmer Times