Prime Minister Hun Manet will preside over the Cambodia-Korea Business Forum, to be jointly organized by the Cambodia Chamber of Commerce (CCC) and Korea Chamber of Commerce and Industry (KCCI) this week in Seoul, Korea.
According to a CCC statement, KCCI and CCC are in a joint move to promote cooperation on trade and investment between Cambodia and Korea.
“The forum will be held under the presidency of Cambodian Prime Minister Hun Manet, who is leading high-ranking officials for an official visit to Korea from May 15 to 19,” it said.
The main purpose of the forum is to promote bilateral business and investment between Cambodia and Korea and to strengthen the partnership between the two countries, the statement noted.
CCC will sign a Memorandum of Understanding with KCCI to strengthen the business and economic relations as well as to foster business opportunities between the two nations, it added.
CCC Vice President Lim Heng said that the forum will increase awareness among Korean businesspeople about the opportunities and investment and business climate in Cambodia.
“The business forum will play an important role in providing more detailed information to officials, investors and businessmen of the two countries about the benefits of implementing the Cambodia-Korea FTA,” Heng told Khmer Times yesterday.
During its stay in Korea, the CCC delegation will conduct site visits to Pangyo Techno Valley, Samsung Innovation Museum, and KIER Bio-fuel Conversion Pilot Plant as well as meet with relevant stakeholders to establish connections and enhance business activities between the two countries.
It may be noted that Cambodia-Korea Free Trade Agreement was put into force on December 1, 2022.
With South Korea agreeing to remove tariffs on 95.6 percent of products imported from Cambodia, and Cambodia to axe duties on 93.8 percent of imported goods, trade between the two countries is expected to hit new levels in coming years.
According to a report from the National Bank of Cambodia (NBC), Korea was the country’s second-largest source of foreign direct investment for the first quarter of 2023, amounting to $5.4 billion.
The official report stated that Korea’s investments were primarily in finance, real estate, manufacturing, agriculture, hydropower and construction.
Meanwhile. Prime Minister Hun Manet recently said that his overseas official trips are to promote Cambodia’s investment and business potential and attract foreign investors and businessmen to Cambodia.
“I travel abroad and I aim to attract foreign investors to the country. This can contribute to job creation, income generation for our citizens and promotion of the country’s economic development,” the Prime Minister said.
Data from the General Department of Customs and Excise of Cambodia (GDCE) showed that the bilateral trade between Cambodia and Korea rose by 7.4 percent to $256 million in the first four months this year.
