Korea Trade-Investment Promotion Agency (KOTRA) is set to organize a forum to enhance Korean investment in Cambodia, aligning with the bilat...
Korea Trade-Investment Promotion Agency (KOTRA) is set to organize a forum to enhance Korean investment in Cambodia, aligning with the bilateral free trade agreement (FTA). The aim is to familiarize Korean entrepreneurs with Cambodia's investment landscape.
Hacheong Yun, director-general of KOTRA, disclosed the initiative during a meeting with Suon Sophal, deputy secretary-general of the Council for the Development of Cambodia (CDC), emphasizing collaborative efforts.
Sophal praised the existing Korea Desk, highlighting its significance in fostering private investment cooperation. He commended Korea's intent to organize a forum aimed at educating Koreans about Cambodia's investment climate.
Lim Heng, vice president of the Cambodia Chamber of Commerce, voiced support for the upcoming forum, foreseeing enhanced bilateral understanding and collaboration under the Cambodia-Korea FTA (CKFTA).
According to the National Bank of Cambodia (NBC), Korea ranked second in foreign direct investment (FDI) for Cambodia in the first quarter of 2023, injecting over $5.4 billion into various sectors.
Cambodia experienced a notable surge in exports to Korea, exceeding $281 million in 2023, reflecting a 20% increase from the previous year. However, bilateral trade witnessed a slight decline, reaching $751.38 million.
Despite the trade deficit narrowing to $189.11 million in 2023, Korea remains Cambodia's 12th largest trading partner. Efforts to bolster investment and trade ties between the two nations are expected to contribute to Cambodia's economic growth.
Stay tuned for further updates as KOTRA's forum aims to pave the way for increased Korean investment in Cambodia, fostering mutually beneficial partnerships and economic development.
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