PHNOM PENH: Cambodian officials recently met with the South Korean Ambassador to discuss the feasibility of establishing a Cambodia-Korea Special Economic Zone (SEZ). This initiative follows a meeting between Cambodian Prime Minister Hun Manet and South Korean President Yoon Suk Yeol on May 16, 2024.

The meeting, held on Thursday, June 20th, was led by Deputy Prime Minister and Vice President of the Council for the Development of Cambodia, Sun Chanthol. Ambassador Park Jung-Wook represented the Korean Embassy.

Also present were Cambodian ministers of Industry, Science, Technology and Innovation, Mines and Energy, along with specialists from relevant ministries.

The Cambodian team highlighted the country's strong potential for SEZ development. They expressed their desire to collaborate with the Korean Embassy to promote the project and its benefits to potential Korean investors.

This collaboration would include sharing information about the Cambodian government's support for the SEZ and the streamlined investment process available.

Deputy Prime Minister Chanthol reaffirmed Cambodia's commitment to facilitating investment activities for all interested parties. He further requested Ambassador Park's assistance in identifying Korean investors interested in the Cambodia-Korea SEZ.

The Deputy Prime Minister expressed his willingness to send a special delegation to Korea to provide more details and showcase the full support offered by the Cambodian government.

Special Economic Zones (SEZs) of Cambodia are geographical areas within Cambodia's borders that have been specially designated by the national government in which business and trade regulations could differ from those that apply to the rest of the country. SEZs are established to meet the needs of the specific business environment including basic infrastructure and abundant employment resources and logistics functions.

According to the General Department Of Logistics's data, there have been 570 investment projects in SEZs with a total employment of more than 161, 000 workers. The majority of investors are from Cambodia, Japan, China, Thailand and Taiwan. The most common economic activity is light manufacturing, that is labor intensive operations in automotive and machinery, electrics and electronics, and other various as activities.