Prime Minister Hun Sen on Tuesday urged South Koreans and companies there to consider investments in the Kingdom and to take advantage of several deals signed between the two nations, including the double tax avoidance (DTA) agreement reached last year.
The prime minister made the appeal during a bilateral meeting with South Korean President Moon Jae-in at the sidelines of the World Summit 2020 in Seoul.
Hun Sen highlighted the strong ties between Cambodia and South Korea after resuming diplomatic relations in 1996. Many agreements have been signed between the countries to promote trade and investment, he noted.
After undergoing a series of institutional reforms, Cambodia is now a much more enticing investment destination for South Koreans, Hun Sen said, adding that he hopes Moon will encourage Koreans to do business in the Kingdom.
The Cambodian prime minister said trade between the two nations is growing, but that he would like to see even more exports of Cambodian goods to South Korea.
“We are really happy with the agreement on double taxation avoidance signed late last year. This deal makes it easier for people to invest and do business in each country,” he said.
Hun Sen noted that Cambodia already started exporting fresh mango to the Korean market earlier this year.
Moon said the relationship between the countries is becoming stronger and that Korea will continue to support the development of Cambodia’s agriculture industry.
He agreed to encourage Koreans to seize opportunities in the Kingdom’s thriving economy.
According to data from the Council for the Development of Cambodia, South Korea is one of the biggest investors in the Kingdom.
From 1994 to 2018, the government approved 212 investment projects from South Korea.