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

  • First deportees of the year touch down in Cambodia

    Twenty-five Cambodian-Americans landed in Phnom Penh on Wednesday, marking the first such deportations of the year. “On Wednesday, US law enforcement authorities deported 25 Cambodian nationals that immigration judges determined had no legal basis to remain in the US,” said Arend Zwartjes, spokesperson for the US

  • Qatar Airways to connect Doha and Siem Reap town

    Qatar Airways Company QCSC has announced a new route connecting Qatar’s capital Doha with Siem Reap, a move hailed by local officials as a significant step to boost tourist numbers. A Qatar Airways representative, speaking at the Kuwait Aviation Show, announced on Thursday that

  • Sokha defence denies Tech’s claims

    ON DAY two of Kem Sokha’s treason trial, lawyers for the government said the defence had raised questions in an attempt to allow their client to make a public statement and a conclusion to the case, something his legal team denied. Ky Tech, a

  • Call for boycott of Angkor unacceptable

    Dear Editor, I wish to express my strong disagreement on the article published by Traveller for their website with the title Best places to go in 2020: 12 destinations you should avoid. Below is my opinion of the article. It is obviously free for the Traveller to

  • Probe underway after wreckage of drone with Chinese characters found

    Air Force Command spokesman Prak Sokha said on Sunday that investigations are underway regarding the wreckage of a drone that was recovered in Koh Kong province’s Koh Sdech commune in Kiri Sakor district. The wreckage has been taken to the capital for further examination,

  • Gov’t slams UN rapporteurs over Sokha trial statement

    The Ministry of Foreign Affairs and International Cooperation and the Permanent Mission of the Kingdom of Cambodia to the UN Office in Geneva deplored the statement of three UN special rapporteurs who claimed that Kem Sokha’s trial was “tainted” due to irregularities. The reaction