A high-level Korean delegation, comprising key representatives from prominent companies such as Hyundai Motor, CJ Group, and Booyoung Group, has expressed keen interest in exploring investment opportunities in Cambodia. The focus of their interest lies primarily in the digital and technology sectors, as well as the establishment of vehicle assembly factories and the manufacturing of value-added products.
During a courtesy call to Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia (CDC), the Korean delegation discussed the advantages of investing in Cambodia. Chanthol highlighted the country’s political stability, sustainable peace, steady economic growth, exchange rate stability, skilled human resources, and robust infrastructure development as key factors that make Cambodia an attractive investment destination.
Chanthol also emphasized that Cambodia’s Investment Law provides a comprehensive set of incentives to attract investors, and the government regularly organizes forums with the private sector to address any challenges faced by investors. He further mentioned that the Cambodian government offers special incentives for investment projects in heavy industries, including the assembly of electronic components, automobiles, and technology projects.
After the meeting, Chanthol expressed his belief that Korean investors and firms would consider Cambodia as a potential location for high-tech industrial manufacturing, with a focus on vehicle and electronic components.
The visit of the Korean delegation is aimed at exploring further investment opportunities in Cambodia, building on the existing presence of some Korean companies in the country. As part of their visit, the delegation also participated in a forum titled ‘Kingdom of Opportunities: Strategic Cooperation for Future Growth.’ This forum provided a platform for representatives from 13 Korean companies, including Samsung Electronics, LG Electronics, and DAEJOO KC Group, to discuss new laws, regulations, and potential investment opportunities in Cambodia.
Bilateral trade between Cambodia and Korea reached $751 million in 2023, experiencing a slight 3.5% decline compared to the previous year, according to data from the General Department of Customs and Excise.
The eagerness of Korean businesses to explore investment prospects in Cambodia reflects the country’s increasing appeal as an attractive market for foreign investment. With its favorable business environment, government incentives, and potential for growth, Cambodia is poised to strengthen its economic ties with Korea and further advance its industrial development.
Source: Khmer Times
