Logo of Phnom Penh Post newspaper Phnom Penh Post - New office opens to aid Korean businesses

New office opens to aid Korean businesses

New office opens to aid Korean businesses

SOUTH Korean construction companies anticipate future growth in Cambodia’s hard-hit sector, according to a body representing Korean contractors abroad.

The International Contractors Association of Korea (ICAK) opened its first office in the Kingdom on Monivong Boulevard, Phnom Penh, on Monday.

ICAK, which represents 40 Korean contractors in Cambodia, will take on a liaison role between Korean companies, their Cambodian counterparts and the government.

ICAK planning chief Kim Tae-Yup said that although the Cambodian construction sector is struggling to recover from the crippling effect of the global financial crisis, the association is opening the centre in anticipation of future growth.

“This market is getting bigger and bigger. More and more Korean companies are coming,” he said.

“The economic crisis hit the market badly last year, but we are opening this office for the future. Our government gives development assistance to the Cambodian government, and I think it will increase in coming years.”

He said that although he did not know the exact amount the South Korean government is donating, it is not insignificant “and is increasing”.

Korean contractors have won US$40 million worth of construction contracts in Cambodia this year, mainly in road construction and some buildings, Kim Tae-Yup said.

MOST VIEWED

  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty