Oknha Kith Meng, president of the Cambodian Chamber of Commerce, urged South Korean businessmen to invest more in Cambodia following South Korean President Moon Jae-in’s New Southern Policy – a policy designed to cement ties largely with ASEAN.
Mr. Kith Meng’s statement was made at the 4th Cambodia-Korea Business Forum at the Peace Palace on Friday, presided over by Cambodian Prime Minister Hun Sen and President Moon Jae-in.
According to Kith Meng, Cambodia is one of the fastest-growing economies in the world blessed by stable macroeconomic and political stability, thus Cambodia unveils potential and investment opportunities for Korean businessmen and investors.
Kith Meng further expressed at the said event that the presence of the Kingdom’s Prime Minister and South Korean President in business forum today boosts the confidence for both-sides.
He added that Cambodia has maintained 7% economic growth per annum and that Cambodia is becoming a middle-income country by 2030 and a high-income country by 2050.
Furthermore, the kingdom’s geography is located at the center of ASEAN, a crucial partner for South Korea due to the bloc’s growth potential, rich resources and growing diplomatic influence with $2.7 trillion GDP and over 640 million people.
Aside from that, South Korea is one of Cambodia’s major trading and investment partners, as the two countries signed a Bilateral Investment Treaty in 1997.
Overall, South Korea has invested on 212 projects in the kingdom from 1994 to 2018, with a total investment of $4.5 billion.
Cambodia-Korea’s bilateral trade reached $975 million in 2018, an increase of 11% compared to 2017.
Cambodia also welcomed 300,000 Korean tourists to Angkor Wat and the nations share the same taste in music and fashion.
President Moon Jae-in and the First Lady made a state visit to Cambodia from March 14-16.
The President and the First Lady have met with King Norodom Sihamoni and Prime Minister Hun Sen to exchange ideas on how to expand substantive cooperation for the two countries’ mutual prosperity.
The President also expected to reinforce the basis of cooperation for the successful hosting of the ASEAN-ROK Commemorative Summit, which is to be held in South Korea in the latter half of this year.
According to Moon Jae-in’s article to Asia News Network members, the number of visitors traveling between ASEAN countries and South Korea last year surpassed 10 million for the first time and bilateral trade recorded a new high at $160 billion.
“With ASEAN, I will seek to build a people-oriented community of peace and prosperity,” Moon tweeted before his first overseas trip this year for 7 days, from March 10-16 to make state visits to Brunei, Malaysia and Cambodia.