The Korea International Trade Association (KITA) announced on Thursday it successfully hosted the “2nd Korea-Cambodia Business Forum” in Seoul at Trade Tower, in collaboration with the Embassy of Cambodia in South Korea.

The forum was attended by Jeong Marn-ki, executive vice chairman of KITA; Chring Botum Rangsay, Ambassador of Cambodia to Korea; and Piseth Sok, vice president at Cambodia Chamber of Commerce, along with more than 150 Cambodian government delegates and Korean businessmen.

In his opening remarks, Jeong highlighted Cambodia as a vibrant nation with a dynamic economy, citing its consistent 7 percent economic growth over the recent years and its young population with an average age of 25.6. He also emphasized the high interest among Korean companies in Cambodia due to the Cambodian government’s dedicated investment attraction policies, including a new investment law aimed at eliminating discrimination between domestic and foreign investors.

According to KITA, Korean businesses are considering Cambodia as their third entry point into the Association of Southeast Asian Nations (ASEAN) after Vietnam and Indonesia. The Free Trade Agreement (FTA) between Korea and Cambodia, which came into effect in December 2022, has provided Korean companies with market access advantages.

“The proactive investment attraction policies of the new government have created a favorable environment for Korean businesses to enter Cambodia,” Ambassador Botum Rangsay said, expressing optimism.

During the forum, KITA team leader Ha Ju-yeon presented an overview of the Cambodian economy that emphasized the need for Korean companies to establish a medium- to long-term investment roadmap, considering the strengths and weaknesses of the market until Cambodia’s infrastructure and labor productivity align with Korean businesses’ expectations.

Professor Cho Yong-beom from Konkuk University’s Department of Electronics Engineering highlighted Cambodia’s appeal to investors due to its workforce in the information and communication technology (ICT) sector, with an average salary of less than $300, and also emphasized the Cambodian government’s swift response in preparing for the Fourth Industrial Revolution.

By Chung Seung-hwan and Minu Kim

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