Phnom Penh (FN), May 19 – South Korea expressed its view that Cambodia is the most favourable country for investment among the 10 ASEAN member states.

Delegate Minister Jean François Tan spoke at the press conference on Saturday night (May 18) on the outcomes of Cambodian Prime Minister Hun Manet’s visit to the Republic of Korea from 15 to 18 May 2024.

Jean François Tan highlighted that while Korean companies have long invested in Cambodia, the Royal Government of Cambodia is now seeking a new wave of highly attractive Korean investments. Specifically, they are targeting Korean small and medium enterprises and high-tech industries.

Jean François Tan outlined key reasons why Cambodia is currently a favourable destination for investment:

1. Economic Growth: All international financial institutions predict that in 2024, Cambodia will achieve the highest economic growth among the 10 ASEAN countries, potentially exceeding 6%.

2. Workforce Quality: Korean investors and business leaders have praised Cambodian workers for their resilience, good character, and strong work ethic. The presence of a young, energetic workforce makes Cambodia an attractive investment destination.

3. Political Stability: Investors require political stability and lasting peace to avoid financial and time losses. Cambodia has enjoyed real political stability and lasting peace in recent years, ensuring a secure environment for investment.

4. Infrastructure Development: Cambodia has seen significant infrastructure improvements, including new international airports in Siem Reap and Phnom Penh, the expressway, and the upcoming Funan Techo canal.

5. Trade Agreements: Cambodia benefits from the simultaneous implementation of multiple free trade agreements, such as the Cambodia-Korea Free Trade Agreement and the ASEAN-Korea Free Trade Agreement (RCEP).

During the current visit, Premier Hun Manet and South Korean President Yoon Suk Yeol discussed bilateral cooperation in the fields of politics, economy, trade and infrastructure development, defence and security and other areas.

As a result, the two leaders agreed to strengthen and expand existing good cooperation and upgrade the relationship to a "strategic partnership" to promote closer and more prosperous cooperation.
=FRESH NEWS