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.