Cambodia and South Korea Strengthen Trade Relations

Cambodia and South Korea have strengthened their trade and investment relations. The South Korean President Moon Jae-in described Cambodia as an attractive investment destination for South Korean firms. Moon said Cambodia and South Korea have become important economic partners, with bilateral trade reaching an all-time high, $1 billion in 2018.

"Cambodia is attracting larger amounts of foreign direct investment and it will be one of the most important markets for infrastructure projects in Asia in the next 10 years. Korean companies are increasingly expanding their investments and operations."

Moon said the MoU with Cambodia will boost their bilateral investment.

The Cambodian Prime Minister Hun Sen said they enjoyed close relations with South Korea. Sen explained that trade ties with South Korea have been strengthened with the Investors Protection Agreement, which was signed in 1997, and a recent MoU signed between the Council for the Development of Cambodia (CDC) and the Korea Trade-Investment Promotion Agency (Kotra) on investment facilitation cooperation.

"The Cambodian government has recently launched a campaign of internal reforms aimed at reducing operating costs for businesses, a sign that the government views the private sector as an important engine of economic growth and a partner in the country's development."

Moon further said the government has set up a public-private sector forum to give a voice to the business people.