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Moon’s visit spurs Korean investor visits to Kingdom

Moon’s visit spurs Korean investor visits to Kingdom

Twenty-three South Korea-based companies came to Cambodia to explore investment opportunities during South Korean president Moon Jae-in’s visit to the Kingdom last weekend.

Under collaboration with the Republic of Korea Ministry of Trade, Industry and Energy, the Korean Trade Centre in Phnom Penh (Kotra) organised a business meeting entitled “Cambodia-Korea Business Partnership” on Friday at the Phnom Penh Hotel.

Kotra manager Kim Dohyun said investors from the 23 companies met with Cambodian investors representing some 80 companies, adding that the occasion was important as a potential opportunity for knowledge sharing and for fostering investment partnerships.

‘Potential market’

He said Cambodia is currently a very attractive market to South Korean investors.

“Cambodia is a potential market for Korean investors, especially in some fields such as agriculture, agro-industry and textiles,” he said.

Korean companies attending the meeting came from the construction, pharmaceutical, cosmetic, automotive, food and beverage sectors.

According to Kim, whenever the South Korean president visits a country, investor groups visit as well to study and find investment partners. The firms attending the meeting are trusted by the Korean government.

Bong Yunjeong, managing director of ICT company Sein Systems Co Ltd, said Cambodia is a growing market with a high rate of internet users, so demand for internet equipment is high. “Cambodia is a high-potential market for Korean investors,” he said.

Products Cambodia currently exports to South Korea include apparel, electronic components, footwear, bags, rubber and pharmaceuticals. While the goods the Kingdom imports from South Korea are woven fabrics, trucks, beverages, electronics, machinery, home decoration items and plastic products.

The bilateral trade volume between Cambodia and South Korea last year was $975 million, up 11 per cent compared to 2017.

According to Export-Import Bank of Korea data, among major South Korean investments in Cambodia are real estate at 29 per cent; banks and finance at 21 per cent; construction at 18 per cent; factories at 15 per cent; and agriculture at four per cent.