Phnom Penh (FN), March 15 - Cambodian Prime Minister Hun Sen announced that the Republic of Korea granted USD 700 million for Cambodian development 2019-2023.

The grant was extended at the Cambodia-Korea Business Forum at the Peace Palace on Friday, presided over by Cambodian Prime Minister Hun Sen and South Korean President Moon Jae-in.

The grant will be allocated on infrastructure, water resources, public welfare, education and human resources training, rural development, civil aviation training center project, and rehabilitation of National Road 2 and 22.

From 1996-2018, the Republic of Korea has financed approximately USD 630 million to the kingdom, of which USD 300 million is grant aid.

Cambodia and South Korea re-established diplomacy on 30 October 1997. Both signed a bilateral agreement on trade promotion and protection in 1997 and earlier today signed the Memorandum of Understanding (MoU) between Korea-Trade Investment Promotion Agency (KOTRA) and the Council for the Development of Cambodia (CDC) on Investment Facilitation Cooperation.

Korea has invested on 212 projects in the kingdom from 1994 to 2018, with a total investment of USD 4.5 billion.

Cambodia-Korea’s bilateral trade reached USD 975 million in 2018, an increase of 11 per cent compared to 2017. Cambodia also welcomed 300,000 Korean tourists to Angkor.