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.”