Logo of Phnom Penh Post newspaper Phnom Penh Post - South Korean investor body explores local opportunities

South Korean investor body explores local opportunities

Content image - Phnom Penh Post
Ministry of Commerce permanent secretary of state Kem Sithan met with a delegation of the Korea Importers Association (KOIMA), led by its chairman Kim Byung-kwan who is also CEO of Bronte Family Co Ltd CEO, at his ministry on September 19 to discuss investment and business opportunities in Cambodia. MOC

South Korean investor body explores local opportunities

Cambodia is looking to drum up interest among Korean investors in the production of goods in the Kingdom for export to their home market, and push bilateral trade beyond current levels – $549.930 million in the first eight months of 2022, up by 6.42 over the same period last year, as reported by Customs.

To this effect, Ministry of Commerce permanent secretary of state Kem Sithan met with a delegation of the Korea Importers Association (KOIMA), led by its chairman Kim Byung-kwan who is also CEO of Bronte Family Co Ltd CEO, at his ministry on September 19 to discuss investment and business opportunities in Cambodia, the commerce ministry said in a statement.

Sithan told the KOIMA delegation that his ministry is currently making a number of reforms to provide better public services, such as the introduction of a self-certification scheme relating to the origin of goods as well as company and trademark registration systems that are more convenient, transparent and efficient.

“I hope that through this visit, [Kim] and the delegation will be more aware of Cambodia’s current potential,” the statement quoted him as saying.

He also encouraged the Korean delegation to promote and take advantage of the regional free trade deals and economic partnership agreements of which Cambodia is a member, to further boost import and export flows between the two countries.

Sithan highlighted the Regional Comprehensive Economic Partnership (RCEP), the ASEAN-Korea Free Trade Agreement (AKFTA) and the Cambodia-Korea Free Trade Agreement (CKFTA) as prime examples.

He emphasised the importance of the KOIMA delegation’s visit to Cambodia, calling on members to explore and seize the economic and trade opportunities offered by the Kingdom, especially those that tend to appeal the most to Korean investors.

Kim expressed delight over the visit, and pointed out that KOIMA was established in 1972 and currently has 8,300 companies in its ranks, operating in areas such as foods, spare parts, software, cosmetics, raw materials, textiles, agriculture and services, the statement recapped.

Speaking to The Post, Hong Vanak, director of International Economics at the Royal Academy of Cambodia, remarked that South Korea employs many Cambodian workers, adding that the two countries have long-standing trade relations, and that textiles and agricultural goods are among the Kingdom’s main exports to Asia’s fourth-largest economy.

According to the General Department of Customs and Excise of Cambodia, in the first eight months of 2022, the Kingdom’s exports to South Korea totalled $156.619 million, up 21.0 per cent year-on-year, and imports were $393.312 million, up 1.54 per cent. Cambodia’s trade deficit with South Korea for the January-August period narrowed 8.23 per cent to $236.693 million.

Regarding the trade deficit, Vanak called on Cambodia to make additional efforts to bring in more Korean investors to boost production for export to their home market.

“Korea is a big market and has a large population, so if Cambodia can produce goods with high import demand, it would help Cambodia expand its market presence there,” he said.

MOST VIEWED

  • Typhoon Noru brings flash floods – 16 dead

    An official warned that that the 16th typhoon of the season, Noru, had brought heavy rains to areas the Mekong River and flooded thousands of homes in the provinces bordering Thailand. As of September 27, the death toll from the flooding had risen to 16. National Committee

  • Siem Reap drain canal now ‘mangrove’ promenade

    A more than half a kilometre long stretch of canal in Siem Reap has been covered and turned into a promenade to attract visitors, said Ly Rasmey, secretary of state at the Ministry of Land Management, Urban Planning and Construction, on September 16. The new pedestrianised

  • Angkor wildlife, aquarium park still to open October

    The Angkor Wildlife and Aquarium complex about 30km southeast of Siem Reap town with initial total investment of more than $70 million is reportedly still on track for an end-October opening. The park is located on a 100ha plot along National Road 6 in Kbon village, Khchas

  • Defence minister reaffirms Kingdom’s staunch support for One-China policy

    Minister of National Defence General Tea Banh has reaffirmed Cambodia’s unwavering support for the One-China policy. Tea Banh was speaking at the September 20 ceremonial handover of 117 vehicles and other military equipment donated by China’s defence ministry, held at Phnom Chumreay International Military Training

  • Deaths due to ‘lifestyle’ diseases rise in Kingdom

    The Ministry of Health has called on people to pay closer attention to their health to protect themselves from non-communicable diseases (NCDs) which it said have caused high rates of deaths in the country. Ministry secretary of state York Sambath made the call at a

  • Textile industry minimum wage now $200

    The official minimum wage for workers in textile-related sectors including garment, footwear, and travel goods for 2023 was pegged at $198, with Prime Minister Hun Sen stepping in to add $2 to the total, making it $200 per month. The Ministry of Labour and Vocational Training made the announcement