Garment workers at their sewing machines at a factory in Kandal province’s Ang Snuol district last January. Yousos Apdoulrashim
In the first seven months of 2024, Cambodia's exports to South Korea totalled more than $187 million, a jump of 14 percent over the same period last year.
South Korean imports grew to more than $291 million, an increase of 3.2%, according to a report by the General Department of Customs and Excise of Cambodia (GDCE).
The total trade volume during this period exceeded $479 million, while last year saw slightly more than $447 million. This represented a 7% step up.
From January to July in 2023, the Kingdom exported slightly more than $164 million worth of goods to South Korea, while importing over $282 million.
During a recent meeting with Prime Minister Hun Manet, South Korean ambassador Park Jung-wook praised Manet's efforts to improve Cambodia’s investment environment.
According to a social media post by the prime minister, the ambassador noted that this included the introduction of policies and mechanisms to increase the trust and success of South Korean investors investing in Cambodia.
The post quoted Park as saying that following a series of seminars and business forums that took place during Manet’s official visit to Seoul in May, South Korean investors are increasingly interested in opportunities in the Kingdom.
“The ambassador is committed to further promoting the relationship between the two countries through close coordination with the relevant ministries and institutions of Cambodia to effectively implement the agreements and initiatives achieved during the official visit,” it said.
Relations between the two countries were upgraded to a “strategic partnership” during Manet’s visit.
At the May opening ceremony of the Cambodia-Korea Business Forum, held in Seoul during his visit, Manet noted the increased presence of Korean investment projects and businesses, both large and small, in Cambodia, noting that bilateral trade exceeded $1 billion by 2023, covering the textile, travel product, bicycle and electronic accessories manufacturing sectors, as well as the processing of agricultural products.
“Korean companies are playing a key role in the Cambodian economy. The contribution of South Korean companies in diverse sectors including manufacturing, real estate, infrastructure, agriculture and financial services has helped to boost economic growth and accelerate industrial development in Cambodia,” he said.
Council for the Development of Cambodia (CDC) first vice-president Sun Chanthol highlighted Cambodia’s investment potential, noting that positive factors include peace and political stability, macroeconomic stability, a young workforce ready for the digital transformation, government support for the growth of the private sector and flexible and favourable investment practices, as well as intermediate infrastructure that is currently developing and becoming more interconnected.
He made the statements during a discussion forum on “Cambodia’s Economic Environment and Business Opportunities”, held earlier this month in Phnom Penh.
He highlighted the vision and mission of the CDC in disseminating the current state of the investment climate and business opportunities in Cambodia to the world, noting that this will encourage investors to learn more about the Kingdom’s investment opportunities.
