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Korean investment worth $4.5 billion in 2017

Sum Manet / Khmer Times Share:
Beauty products from South Korea have become very popular in Cambodia. Supplied

Direct investment from South Korea has increased remarkably, reaching $4.5 billion last year, according to a report from the Korean Embassy.

The investment came from 900 different companies, who targeted primarily the textile, finance, real estate, construction and agriculture industries.

The report showed that bilateral trade reached $900 million. In 2016, trade between the countries was valued at $812 million.

Additionally, the South Korean government provided $600 million in development assistance.

Oh Nak Young, Korean Ambassador to Cambodia, said 2018 marks the 21st year of diplomatic relation between both nations, after diplomatic ties were reestablished in 1997.

“Despite the short time, relations between the two countries have been growing remarkably in all fields, including politics, economics, social development and culture,” the ambassador said.

“Because of their different economic structures, Cambodia and Korean can help each other.

“Our relation will continue to grow, with both nations benefitting from it,” he added.

Lim Heng, vice-president of Cambodia Chamber of Commerce, told Khmer Times that South Korean investors are increasingly attracted to Cambodia.

“Our population of 15 million is still small, but we have peace and a lot of young labor, which makes them want to invest in our country,” he said.

“CCC will help facilitate their investment. We welcome all investment from foreign countries and will help them prepare government documents and find local business partners.”

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