PHNOM PENH: South Korea has been asked by Cambodia to increase its textile sector investments, particularly in the capital city of Phnom Penh.
The request was made on October 18 during a meeting between Mr. Joo Nak-young, the mayor of the Republic of Korea’s Gyeongju city, and H.E. Khuong Sreng, the governor of Phnom Penh.
H.E. Khuong Sreng emphasized that all foreign investors, including those from Korea, have access to favorable conditions from the Royal Government of Cambodia.
Mr. Joo Nak-young promised that he would do his part to encourage more Korean investors, particularly those from Gyeongju city, to invest in the textile industry in Phnom Penh to further develop the friendly ties and mutually beneficial cooperation between the two cities and nations.
The Cambodia-Korea Free Trade Agreement (CKFTA), which was confirmed by the Republic of Korea earlier this month, will go into effect on December 1st, 2022. This CKFTA deal would open up new export opportunities for both nations beyond their current markets.