PHNOM PENH: During an official visit to the Republic of Korea, Prime Minister Hun Manet of Cambodia witnessed the co-organized Cambodia-Korea Business Forum between the Cambodian Chamber of Commerce (CCC) and the Korean Chamber of Commerce and Industry (KCCI).
The forum, held on the afternoon of May 16, 2024, was attended by 300 dignitaries, including Deputy Prime Ministers, Ministers, and business leaders from both countries.
HE Ahn Duk-geun, Minister of Commerce, Industry and Energy of the Republic of Korea, also participated in the forum. The event aimed to promote business and investment opportunities between Cambodia and Korea, strengthen bilateral business ties, and explore potential areas for joint cooperation. Six memoranda of understanding were exchanged during the forum.
The Republic of Korea is a significant trade and investment partner for Cambodia. In 2023, bilateral trade volume reached approximately $751 million, ranking Korea as Cambodia’s 11th largest trading partner. Additionally, direct investment from Korea (FDI) surpassed $5 billion in 2023, placing it ninth among Cambodia’s investment sources.
Cambodia and Korea signed the Cambodia-Korea Free Trade Agreement (CKFTA) in December 2022. The CKFTA is expected to streamline investment and trade between the two countries, offering Korean investors access to numerous local opportunities and the benefits of investment concessions provided by the Cambodian government.