Prime Minister Hun Manet Bolsters Cambodian-Korean Economic Ties
A series of new MoUs and initiatives aim to enhance investment and development between Cambodia and South Korea.
During his first official visit to South Korea from May 15 to 18, Cambodian Prime Minister Hun Manet signed 12 Memoranda of Understanding (MoUs) aimed at boosting economic cooperation and investment between Cambodia and South Korea. The agreements, spanning sectors from finance to infrastructure, were inked with private sector entities and banking institutions, underscoring a deepening economic relationship.
Meeting with South Korean leaders including President Yoon Suk Yeol and Prime Minister Han Duck-soo, Hun Manet discussed strengthening trade and investment under the framework of existing free trade agreements. These discussions are timely as South Korea remains one of Cambodia's largest trade partners, with bilateral trade reaching approximately $751 million in 2023.
The visit also saw initiatives to further enhance bilateral relations, including the establishment of regular consultation sessions between the Korean Business Association in Cambodia and the Cambodian government, and plans for a special economic zone specifically for Korean companies. These steps are designed to create a more favorable business environment for Korean investments in Cambodia, which have already been influential in sectors like manufacturing, real estate, and financial services.
In addition, the visit resulted in a $120 million loan agreement for the improvement of rural roads in Cambodia, part of ongoing support that has seen South Korea invest significantly in Cambodia’s infrastructure through the Korea Economic Development Cooperation Fund.
This strengthening of ties is set to elevate the partnership to a “strategic partnership,” focusing on closer cooperation for mutual prosperity. The Cambodian Chamber of Commerce and the Korean Chamber of Commerce and Industry also signed an agreement, further cementing the commitment to enhancing bilateral economic activities.
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Meeting with South Korean leaders including President Yoon Suk Yeol and Prime Minister Han Duck-soo, Hun Manet discussed strengthening trade and investment under the framework of existing free trade agreements. These discussions are timely as South Korea remains one of Cambodia's largest trade partners, with bilateral trade reaching approximately $751 million in 2023.
The visit also saw initiatives to further enhance bilateral relations, including the establishment of regular consultation sessions between the Korean Business Association in Cambodia and the Cambodian government, and plans for a special economic zone specifically for Korean companies. These steps are designed to create a more favorable business environment for Korean investments in Cambodia, which have already been influential in sectors like manufacturing, real estate, and financial services.
In addition, the visit resulted in a $120 million loan agreement for the improvement of rural roads in Cambodia, part of ongoing support that has seen South Korea invest significantly in Cambodia’s infrastructure through the Korea Economic Development Cooperation Fund.
This strengthening of ties is set to elevate the partnership to a “strategic partnership,” focusing on closer cooperation for mutual prosperity. The Cambodian Chamber of Commerce and the Korean Chamber of Commerce and Industry also signed an agreement, further cementing the commitment to enhancing bilateral economic activities.
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