South Korean National Assembly speaker Woo Won-Shik (right) and Senate president Hun Sen shake hands during their September 10 meeting in South Korea. Hun Sen via social media
Senate president Hun Sen urged the South Korean government to encourage more Korean financiers to invest in Cambodia, assuring that the country would protect them and ensure peace for all foreign investors.
He made the remarks during a meeting with South Korean National Assembly speaker Woo Won-Shik on the sidelines of the 25th World Knowledge Forum in South Korea on September 10.
“The Senate president expressed gratitude and congratulated the growth in economic, trade and investment sectors that have boosted trade volume between the two countries. He thanked the Korean government and encouraged more Korean investors to come to Cambodia,” read a September 10 social media post from the Senate president’s office.
According to the post, Hun Sen recalled discussions he had with former South Korean president Moon Jae-in, which led to the push for a free trade agreement (FTA) between the two nations. He noted that the FTA has now been signed under the new Cambodian government under Prime Minister Hun Manet and the South Korean administration.
He added that discussions about creating a special economic zone (SEZ) for Korean companies in Cambodia could further facilitate South Korean financing, boosting production and exports to Korea.
“The new government under [Manet] will strive to protect Korean investors and ensure peace for all foreign investors,” he said.
Woo expressed his satisfaction with the growing trade and investment relations, noting the significant increase in bilateral trade between the two nations. He acknowledged that the establishment of the FTA has made it easier for more than 200 Korean companies to invest in Cambodia.
“[Woo] requested that the Senate president and the Royal Government of Cambodia continue to support and facilitate South Korean investment, to expand relations and cooperation further,” the release stated.
He also noted that preparations are underway for the establishment of an SEZ for Korean companies, an agreement that was reached during Manet’s recent visit to South Korea.
In the first eight months of 2024, trade between the two countries exceeded $556 million, a 10% increase. Exports to Korea amounted to over $218 million, a 15% rise, while imports from Korea totaled more than $337 million, up 7% compared to the same period in 2023, according to the General Department of Customs and Excise (GDCE).
