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

  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry using ChatGPT AI to ‘ease workload’; Khmer version planned

    The Digital Government Committee is planning to make a Khmer language version of popular artificial intelligence (AI) technology ChatGPT available to the public in the near future, following extensive testing. On March 9, the Ministry of Post and Telecommunications revealed that it has been using the

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • PM urges end to ‘baseless’ international Ream base accusations

    Prime Minister Hun Sen urges an end to “baseless” foreign accusations surrounding the development of the Kingdom’s Ream Naval Base, as the US has consistently suggested that the base is being expanded to accommodate a Chinese military presence. Hun Sen renewed his calls while

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to