Minister for Trade Dukgeun Ahn attended the Korea-Cambodia Business and Investment Forum held at COEX on January 27 and gave a congratulatory message. He noted that the opening of markets has established the foundation for a broader scope of trade for both countries across various areas like automobiles, machinery and agro-fishery products in comparison with the Korea-ASEAN FTA and Regional Comprehensive Economic Partnership (RCEP).

The event was held in the attendance of Pan Sorasak, the Minister of Commerce of the Royal Government of Cambodia among other high-level officials and interested companies, with the aim to promote and accelerate mutual trade and investment on occasion of the Korea-Cambodia FTA enforcement in December 2022.

Trade Minister Ahn emphasized that the FTA will strengthen their supply chain cooperation in textiles and clothing, heightening their joint products’ competitiveness world-wide.

He added that the Korean government intends to assist Cambodian companies advance their technological prowess via official development assistance (ODA) projects like TASK (Technical Advice and Solution from Korea).

The trade chief said that the two countries should work together to seek out joint projects in digital economy and other areas where public-private collaboration is feasible, as well as in sectors relevant to clean energy for carbon neutral.

Korea-Cambodia ties have developed significantly since the reestablishment of diplomatic relations in 1997, their trade volume and people-to-people exchange reaching USD 1.1 billion (2022) and 0.3 million (2021), respectively.

Approximately 300 Korean companies are currently contributing to Cambodia’s economy and employment in various areas like manufacturing, construction and finance.