Korea, Cambodia seek to strengthen economic ties

The Korea Times

The Korea Times

National

Sun, August 6, 2023 | 09:02

Politics

Korea, Cambodia seek to strengthen economic ties

Posted : 2019-06-03 16:43

Updated : 2019-06-03 18:22

Kim Sang-mook, third from left, KOTRA's Executive Vice President for Economic Cooperation and Trade Affairs, speaks during a panel discussion at The International Symposium on Korea-Cambodia Economic Cooperation, held at the National Assembly, Monday. From left are Seo Jung-soo, dean of Keimyung Adams College; Choi Kyung-hee, a researcher at Seoul National University's Asia Center; Kim; Ty Sokyun, a member of Cambodia's National Assembly; Long Dimanche, Cambodia's Ambassador to South Korea; and Yim Leat, a member of Cambodia's National Assembly.

By Kim Bo-eun

Officials and academics from Korea and Cambodia discussed furthering economic cooperation at a symposium hosted by The Hankook Ilbo and The Korea Times, Monday.

The event was held as the Moon Jae-in administration is seeking to strengthen economic and political ties with countries in Southeast Asia.

Dignitaries attending the event included ruling Democratic Party of Korea floor leader Rep. Lee In-young; Seong Kyoung-ryung, chairman of the National Research Council for Economics, Humanities and Social Sciences; Chea Samnang, director of Cambodia's deputy prime minister's Cabinet; and members of Cambodia's National Assembly, Ty Sokhun and Yim Leat.

"The countries are economic partners with a mutually beneficial relationship," Rep. Lee said at event held at the National Assembly.

He commented that bilateral ties have strengthened since a summit between President Moon Jae-in and Cambodian Prime Minister Hun Sen took place in March in Phnom Penh.

"The current administration is focusing on Southeast Asia, in order to establish a long-term cooperative relationship for co-development and prosperity," Seong said in a keynote speech.

Seong noted Cambodia is a strategic partner in economic cooperation given it has recorded an average annual GDP growth of 7 percent since 2012.

The Cambodian National Assembly's Ty said, "After establishing relations in 1997, developmental cooperation has been growing well in many aspects."

He noted trade between the countries has seen rapid growth, reaching $747 million in 2018. Foreign direct investment from Korea to Cambodia between 1997 and 2018 through 214 projects reached $4.5 billion.

"The government is drafting a new law on special economic zones to attract more investors including those from Korea," Ty said in a panel discussion that followed.

Kim Sang-mook, KOTRA's executive vice president for economic cooperation and trade affairs, said, "When we decide on which country in the region we want to invest in, we consider its growth potential and policies on foreign companies."

"Cambodia is a promising country because of its low entry barriers for foreign companies."

Cambodia has open investment laws ― in most sectors, 100 percent foreign ownership is allowed.

Kim said because the infrastructure and construction sectors are growing fast, these present opportunities for Korean businesses.

Cambodian Ambassador to South Korea Long Dimanche emphasized the bilateral ties between the countries, noting the presence of Cambodians here.

There are around 60,000 Cambodians in Korea, including migrant workers, women married to Koreans, and students studying here.

Dimanche said the workers and students are learning skills in Korea that will heighten Cambodia's competitiveness.

"The Hankook Ilbo organized this symposium with the Democratic Party of Korea's subcommittee so that discussions could take place on the economic cooperation pledged by the leaders of Korea and Cambodia in March this year," Hankook Ilbo President Lee Joon-hee said.

bkim@koreatimes.co.kr