The Cambodian Ambassador to Korea, Chring Botumrangsay, recently shared optimistic insights on the flourishing bilateral relations between Cambodia and Korea. Addressing a business investment event in Seoul, she emphasized the robust economic synergy between the two nations.
In her opening remarks at the 2nd Korea-Cambodia Business and Investment Forum, Ambassador Botumrangsay highlighted Korea’s commitment to expanding Free Trade Agreements (FTA) and Economic Partnership Agreements (EPA) with various partners. She pointed out that Korea’s ambition to become a global pivotal state, coupled with initiatives like the Korea-ASEAN Solidarity Initiative (KASI), would play a pivotal role in fostering economic cooperation and creating opportunities in the region and globally.
Notably, the one-year milestone since the implementation of the Korea-Cambodia Free Trade Agreement (FTA) was celebrated at the event. This FTA, which came into effect the previous year, has significantly boosted bilateral trade, reaching an impressive historic high of $1.05 billion. Consumer goods such as beverages, cosmetics, and automobiles are among the primary exports from Korea to Cambodia, while imports include essential raw materials like textiles, aluminum, and natural rubber.
The ambassador highlighted the positive impact of the Joint Economic Committee Meeting, the Agreement on Double Taxation Avoidance (DTA), and the Cambodia-Korea Free Trade Agreement (CKFTA). Both nations have also actively participated in the Regional Comprehensive Economic Partnership (RCEP) and the ASEAN-ROK Free Trade Agreement.
Moreover, Cambodia’s commitment to diversifying its industries has expanded investment opportunities beyond traditional sectors. The introduction of the New Investment Law in 2021, focusing on non-discriminatory treatment for domestic and foreign investors, has created a conducive investment environment.
“Cambodia’s new investment law, sub-degree, and the launch of the pentagonal strategy phase 1 provide a conducive investment environment and create more opportunities for businessmen and investors,” emphasized Ambassador Botumrangsay.
As the event unfolded, participants gained deeper insights into various sectors, shedding light on the multifaceted aspects of Korea-Cambodia relations and the promising avenues for economic cooperation. Despite global uncertainties, Korea views Cambodia as a promising alternative market, given its strategic advantages, including high economic growth, low labor costs, and a youthful population.
The forum aimed to provide valuable insights for those considering entering the Cambodian market, featuring experts from Cambodia’s Chamber of Commerce, the Ministry of Industry, Science and Technology, and the Ministry of Labor and Vocational Training. These experts provided a comprehensive view of Cambodia’s market environment and prospects from a Korean perspective.
Since establishing diplomatic relations on Oct. 31, 1997, Korea and Cambodia have engaged in various collaborations and exchanges to strengthen their bilateral relationship. The enduring positive trajectory of these relations sets the stage for further growth and mutual benefit in the years to come.