By Lee Kap-soo

The Embassy of Cambodia in Seoul and the Korea International Trade Association (KITA) jointly held the 2nd Korea-Cambodia Business Forum at the Trade Tower in Seoul on Dec. 21.

The forum was attended by Ambassador of Cambodia to Korea Chring Botumrangsay, Executive Vice Chairman Jeong Marn-ki of KITA, Oknha Sok Piseth, vice president of the Cambodian Chamber of Commerce and more than 150 Cambodian government officials and Korean businessmen.

"The new Cambodian government's aggressive investment promotion policy has created a favorable environment for Korean businessmen to enter Cambodia," said Ambassador Botumrangsay.

Delivering welcoming remarks, Ambassador Botumrangsay said, “The Joint Economic Committee Meeting agreement on double taxation avoidance and the Cambodian Korea Free Trade Agreement have been introduced while Korea and Cambodia have also engaged in the regional Comprehensive Economic Partnership.

Noting that Cambodia’s new investment law and its launch of Pentagonal Strategy phase one provide conducive investment environment and create more opportunities for businessmen and investors, she said, “Today’s event will feature the presentation from relevant sectors highlighting a number of aspects relating to business and investment, including Cambodia’s economic outlook, business and investment environment and incentive in Cambodia as well as our human capital and labor law and information technology strategy and the project presentation from the private sector that will highlight exactly how Cambodia could attract your attention.”

In an opening speech, Executive Vice Chairman Jeong Marn-ki of KITA said, "With a young population with an average age of 25.6 years, Cambodia is a dynamic country that has sustained 7% economic growth in recent years." 

Jeong said, "Korean companies are interested in the Cambodian government's active measures to attract investment, such as the new investment law that eliminates discrimination between locals and foreigners."

According to the KITA, Korean businessmen are considering Cambodia as their third country in ASEAN after Vietnam and Indonesia. Since the free trade agreement (FTA) between South Korea and Cambodia came into effect in December last year, Korean companies have benefited from the market opening.

On the day, Ha Miley, Deputy General Manager of KITA, presented the current state of the Cambodian economy, saying, "Until the improvement of Cambodia's infrastructure and labor productivity reaches a stage that meets the expectations of Korean companies, we need to establish a mid- to long-term investment roadmap by considering other markets and their advantages and disadvantages." 

Meanwhile, Prof. Cho Yong-beom of the Konkuk University, said, "Cambodia is attracting the attention of investors due to its ICT workforce with an average salary of less than $300 and the government's rapid response to prepare for the Fourth Industrial Revolution." 

He added, "Cambodia should make intensive investments in the ICT sector, including the establishment of an ICT core technology research center."