Cambodia and South Korea signed agreements to further cooperation in various sectors including public health, human resource development, transportation, energy, infrastructure, technology, trade, and investment on Friday March 15.
For in depth analysis of Cambodian Business, visit Capital Cambodia
The bi-lateral commitments were made during the three-day state visit of President of the Republic of Korea Moon Jae-in to the Kingdom.
Two agreements and five Memorandums of Understanding (MoU) were signed at the Peace Palace.
The agreement on the Korea Economic Development Cooperation Fund (EDCF) investing in projects in Cambodia was between Cambodia’s and Korea’s Ministers of Foreign Affairs. Cambodia’s Minister of Economy and Finance, and Korea’s Ex-Imbank agreed on the construction of a hospital at the Health Science University.
MoUs were signed concerning cooperation to develop transport, energy, and education infrastructure; information and communication technology; and on trade and investment promotion.
At the ensuing press conference the Prime Minister said that he and Moon Jae-in “discussed in-depth the bilateral cooperation in all areas …” that strengthen Cambodia-Korean ties. “We have emphasized the importance of a better investment climate in Cambodia, which will ensure success in industrial development and economic diversification, and bring mutual benefits for the two countries.”
“I believe that the state visit … will elevate the [bilateral] ties to a higher level in the “New Southern Policy” of the Republic of Korea, which aims to achieve prosperity, unity, solidarity, and regional peace and stability.”
President Moon Jae-in said that since the re-establishment of diplomatic ties in 1997, the relationship between Cambodia and Korea has grown remarkably. He said that the volume of bilateral trade in 2018 approached $1 billion. Cambodia is Korea’s second largest development partner and Korea is Cambodia’s second largest investor.
“Today, Prime Minister Hun Sen and I have agreed to expedite development of our bilateral relations and discussed ways to open the future to prosperity … Many Korean companies that have entered Cambodia are actively driving the economic development of the two countries.”