The Korea International Trade Association (KITA), in collaboration with the Embassy
2nd Korea-Cambodia Business Forum Successfully Held
The Korea International Trade Association (KITA), in collaboration with the Embassy of the Kingdom of Cambodia, successfully held the 2nd Korea-Cambodia Business Forum on 21 December at the Trade Tower in Samseong-dong.
Following the first forum held in Phnom Penh, Cambodia in May, the event was attended by Chung Man-ki, Vice Chairman of KTA, Chring Botum Rangsay, Ambassador of Cambodia to Korea, Piseth Sok, Vice Chairman of the Cambodian Chamber of Commerce and Industry, Cambodian government delegation, and more than 200 Korean businessmen.
Korean businessmen and women attended the event.
In his opening remarks, Mr Chung Man-ki, Vice Chairman of the Korea International Trade Association, said, "With the recent intensification of competition in China and conflicts between the US and China, some of the major Chinese investors are looking for new investment destinations, and Cambodia, with its high growth potential, is one of them." "Korean businessmen are considering Cambodia as their third country to enter the ASEAN market after Vietnam and Indonesia, and their interest in entering Cambodia is high," he added.
"The KTA will continue to hold forums and seminars involving relevant ministry officials and Cambodian experts to improve the quality of information provided to support Korean companies' entry into Cambodia and strengthen bilateral economic and industrial cooperation," said Chung.
In his welcoming remarks, Ambassador of Cambodia to Korea Chhiring Botum Langsay said, "Over the past few years, despite the disruption of global supply chains due to COVID-19 and wars around the world, and the slowdown in the global economy, Korea and Cambodia have laid the foundation for bilateral economic cooperation, starting with the entry into force of the Double Taxation Agreement in 2021 and the RCEP and the Korea-Cambodia FTA last year." "The new government's active investment promotion policies have created a favourable environment for Korean businessmen to enter Cambodia, and we hope that meaningful business opportunities will be created through information exchange and networking between businessmen from both countries, such as today's forum."
The Vice President of the Cambodian Chamber of Commerce and Industry, who was visiting Korea for the first time to attend the 2nd Korea-Cambodia Business Forum, gave a detailed introduction to the investment climate in Cambodia, as well as an overview of the Bay of Lights, a mega-project in Cambodia being promoted by a Cambodian development company, Canopy Sands Development, and its investment prospects.
"Korean companies should take advantage of the Cambodian government's investment support incentives," said Ha Joo-yeon, Vice President of the Korea International Trade Association, in her presentation on the economic outlook for Cambodia. "Until the improvement of infrastructure and labour productivity in Cambodia reaches a stage that meets the expectations of Korean companies, it is necessary to build a mid- to long-term investment roadmap by considering the advantages and disadvantages of other markets."
"Cambodia is attracting investors with its ICT workforce with an average salary of less than $300 and the government's rapid preparations for the Fourth Industrial Revolution," said Choi Soo-beom, a professor at Konkuk University's Department of Electrical and Electronic Engineering, in his presentation on 'Cambodia's IT Industry Direction and Information Technology Strategy.