A group of South Korean delegates on Monday announced that it was seeking to invest in six priority areas in the Kingdom, a move aimed at boosting trade between the two countries.
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The plans were discussed during a meeting between the Council of Development of Cambodia and Republic of Korea’s Trade Bureau of the Chungcheobuk-do Administration that was led by Maeng Gyeong Jae.
Mr Jae said his visit to Cambodia was intended to understand the local business environment and seek investment opportunities in the Kingdom.
Korean enterprises, led by the delegation, are seeking to invest in six sectors, namely the bio industry, solar and new energy industry, cosmetics and beauty industry, organic and food industry, new transportation and aviation industry, as well as the ICT convergence industry, Mr Jae was quoted as saying in the CDC statement.
Chheing Yanara, a CDC senior official who chaired the meeting, welcomed the move, saying that the two parties exchanged information and views regarding the investment plans.
He said that direct investment from Korea in Cambodia has helped the country’s socio-economic development, adding that development cooperation with Korea has been effective and well aligned with the Kingdom’s development priorities.
Last week, a roadshow event of Cambodia-Korea Construction Material held in Phnom Penh was attended by about 80 construction material companies from South Korea that sought business matching with local partners in the sector to import building materials into the Kingdom.
Kyungmoo Kwon, director general of Korea Trade-Investment Promotion Agency based in Phnom Penh, said that he hoped to see more materials for the construction sector from Korea to be imported into Cambodia.
“The construction sector here in Cambodia is dramatically growing,” Mr Kwon said at the event. “Cambodia depends on most of the construction materials from out of the country, [such as from] China, Vietnam, and Thailand. So, we really want to introduce efficient, safer, and better Korean products and equipment related to construction.”
Prime Minister Hun Sen and South Korean President Moon Jae-in, who visited Cambodia in March, at the meeting agreed to work together to boost trade and investment between the two countries.
Mr Moon said Cambodia and South Korea have become important economic partners and bilateral trade between the two countries reached nearly $1 billion last year, making the country Cambodia’s second largest investor.
Mr Moon said more than 300 South Korean firms are doing business in the Kingdom, providing thousands of jobs to Cambodians.