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Cambodia-ROK Bilateral Trade Worth US$659 Million in First Ten Months of 2022

Cambodia-Republic of Korea (ROK) bilateral trade rose by 4 percent to US$659 million in the first ten months of this year, compared to the same period last year.

The figures were released by H.E. Pan Sorasak, Minister of Commerce, while receiving here yesterday afternoon a farewell visit from H.E. Park Heung-Kyeong, Ambassador of ROK to Cambodia.

For the first two weeks after the entry into force of the Cambodia-Korea Free Trade Agreement (CKFTA) on Dec. 1, 2022, the two-way trade value was recorded at US$ 0.5 million, the minister added.

H.E. Pan Sorasak congratulated H.E. Park Heung-Kyeong on his successful diplomatic mission in Cambodia, and thanked him for his contribution to Cambodia’s economic development in all sectors, mainly to the strengthening of bilateral cooperation between both nations.

Taking the opportunity, H.E. Minister informed his guest about the new Law on Investment of Cambodia, and asked the Korean diplomat to encourage Korean investors to invest in manufacturing, processing and automotive industry in Cambodia.

H.E. Pan Sorasak also affirmed the Ministry of Commerce’s readiness to continue working closely with the new Korean ambassador for more new achievements.

For his part, H.E. Park Heung-Kyeong spoke highly of the good bilateral relations between Cambodia and ROK, especially in the areas of politics, economy-trade, and the exchange of human resources.

The outgoing Korean diplomat thanked Cambodia for her support to ROK’s candidacy as the Director General of World Trade Organisation in 2021, and congratulated Cambodia on the successful hosting of ASEAN Summits and Related Summits this year, especially the ASEAN Economic Ministers’ (AEM) Meeting.

H.E. Park Heung-Kyeong was also optimistic about the entry into force of CKFTA and the Double Taxation Agreement which will increase confidence among investors and boost more Korean investments and businesses in Cambodia.

Source: Agency Kampuchea Press