Logo of Phnom Penh Post newspaper Phnom Penh Post - South Korea’s Moon signs seven agreements during recent Kingdom state visit

South Korea’s Moon signs seven agreements during recent Kingdom state visit

Content image - Phnom Penh Post
President Moon Jae-in (second right) shakes hands with tourists during his visit to Angkor Wat temple on Saturday. TANG CHHIN SOTHY/AFP

South Korea’s Moon signs seven agreements during recent Kingdom state visit

The Cambodian and South Korean governments agreed to promptly conclude an agreement on mutual legal assistance and double taxation prevention as a foundation for broadening economic cooperation, according to a Sunday Ministry of Foreign Affairs and International Cooperation press release.

The agreement was made during South Korean President Moon Jae-in’s three-day state visit to the Kingdom last week. In total, the two parties agreed seven deals during the trip.

During the visit between March 14 and 16, Moon met with Prime Minister Hun Sen. The leaders reached agreements on various areas of cooperation – including trade and investment, agriculture, finance, infrastructure, industry and development.

The leaders agreed to promote bilateral trade through the expansion of Cambodian product’s market access to Korea, with a particular focus on agricultural products.

“Both leaders emphasised the importance of creating a more favourable investment climate to attract greater investment from Koreans in line with Cambodia’s industrial development and economic diversification policy, for both nations’ mutual benefit,” the ministry’s release said.

“They expressed satisfaction with the current state of financial cooperation and the presence of 17 Korean financial institutions in Cambodia to support the investment of Korean companies in Cambodia and Cambodian small- and medium-sized enterprises.”

According to the release, the seven deals reached included the 2019-2023 loan framework agreement and two other loan agreements for health science and rural road development. The remaining four were memorandums of understanding on various areas of cooperation.

Before departing from Cambodia on Saturday, Moon and his wife Kim Jung-sook paid a visit to Siem Reap to see the Angkor Wat temple.

In a statement on his Facebook page, Moon praised Cambodia’s hospitality and said the Kingdom is one of South Korea’s two main development cooperation partners, adding that his country is the Kingdom’s second largest investor.

“Our two countries confirmed the wording for a treaty on mutual legal assistance in criminal matters and agreed to promptly conclude a double taxation avoidance agreement,” Moon said.

“These will serve as the foundation for broadening people-to-people exchanges and economic cooperation.”

MOST VIEWED

  • Chikungunya hits 15 provinces, says gov’t

    Ministry of Health spokeswoman Or Vandine said on Thursday that the chikungunya outbreak in the Kingdom has spread to 15 provinces. Some 1,700 people are now suspected to have the disease. Vandine urged people to prevent its further spread by eliminating shelters for the Aedes aegypti mosquitoes

  • Body of woman killed in Bangkok returns

    The Cambodian embassy in Thailand is working to repatriate the body of a casino dealer who was shot dead in Bangkok on Monday night. Ministry of Foreign Affairs and International Cooperation spokesman Kuy Kuong told The Post on Wednesday that officials are preparing paperwork to

  • Gov’t exempts visa A and B holders from Covid fees

    Airline passengers who are diplomats and officials of international organisations holding Type A and B visas for travel to Cambodia are exempted from paying Covid-19 testing fees, said the Ministry of Health in its latest adjustment of rules on Wednesday. Health Minister Mam Bun Heng