Phnom penh: Government officials from Cambodia and the Republic of Korea (ROK) have engaged in extensive bilateral discussions aimed at maximising the economic benefits of the Cambodia-Korea Free Trade Agreement (CKFTA). The high-level meeting took place in Seoul between Cambodian Deputy Prime Minister H.E. Sun Chanthol and South Korean Trade Minister H.E. Yeo Han-koo.
According to Agence Kampuchea Presse, the meeting on June 15 included key figures such as H.E. Khuon Phon Rattanak, Ambassador Extraordinary and Plenipotentiary of Cambodia to the Republic of Korea, and Mr. Park Joo-bong, President of the Incheon Chamber of Commerce and Industry, along with senior leaders from the CDC and the Ministry of Commerce. H.E. Deputy Prime Minister expressed gratitude for the opportunity to discuss Cambodia's socio-economic progress, emphasizing the country's stable political climate and investor-friendly environment.
H.E. Deputy Prime Minister highlighted Cambodia's commitment to creating a favorable business environment for Foreign Direct Investment (FDI), supported by a flexible Investment Law. He also underscored the Royal Government's efforts to enhance regional cybersecurity and ensure a safe business environment by combating online scams.
Additionally, Cambodia's readiness to provide "Aftercare Services" was noted, which include mechanisms like the Government-Private Sector Forum, the Cambodia-Korea Public-Private Sector Dialogue, and the Private Sector Breakfast Briefing programmes to resolve investor challenges.
H.E. Minister expressed a warm welcome to the Cambodian delegation and praised Cambodia's efforts in attracting FDI. He noted the country's rapid socio-economic development and competitive position as an attractive investment destination. H.E. Minister committed to maintaining bilateral trade cooperation and encouraged Korean businesses to explore opportunities in Cambodia, especially in high value-added sectors.
The discussions focused on leveraging the CKFTA to expand trade and investment between the two nations. The meeting concluded with both sides reaffirming their commitment to close relations and facilitating business opportunities into tangible investment projects.
The CKFTA, which came into force on Dec. 1, 2022, aims to expand economic ties and boost market access for Cambodia and South Korea.