The Ministry of Industry and Handicrafts and the South Korea-based firm Gwangju TechoPark will soon reach a deal on improving technology in Cambodia’s special economic zones.
Industry and Handicrafts Minister Cham Prasidh met with Bae Jung-Chan, director of Gwangju TechoPark, last week.
The pair discussed ways in which the South Korean company can share its technology with industrial parks in Cambodia.
Phnom Penh Special Economic Zone and Sihanoukville Special Economic Zone will likely be the first to benefit.
Cambodia also wants South Korean firms to invest in running operations in the industrial parks.
Mr Prasidh told the South Korean side that the Sihanoukville SEZ is being developed as a multi-purpose industrial zone, due to the province having a deep sea port for international cargo ships and being connected by rail.
“Please regard Cambodia as a production, assembly, or processing base for export,” Mr Prasidh said. “Preferential systems mean Cambodia can export to many countries in the world, including South Korea, duty free and quota free.”
Kim Young-sun, Secretary General of Asean-Korean Center, last month told a seminar in Phnom Penh that Cambodia has great potential and many un-tapped sectors for firms to discover and develop.
According to the Council for the Development of Cambodia, investments made by Korean businesses reached $4.5 billion as of March 2017, approximately $300 million of which were in the agriculture and agro-industrial sectors.