“The ratification of the Cambodia-Korea Free Trade Agreement (CKFTA) will accelerate bilateral trade and investment between the two countries in the coming years,” said Amb. Chring Botumrangsay of Cambodia in Seoul.
Delivering a welcome speech at the Cambodia-Korea Business and Investment Forum held at Intercontinental Seoul COEX on Jan. 27, Amb. Chring said, “Cambodia is a relatively small market, but fast-growing economy market. Cambodia is the best destination for foreign investment.”
In celebration of the ratification and entering into force of the Cambodia-Korea Free Trade Agreement (CKFTA), the Royal Embassy of Cambodia, the Ministry of Commerce of Cambodia, and the Council for the Development of Cambodia jointly co-hosted the Cambodia-Korea Business and Investment Forum with the aim to help promote trade and investment awareness between Cambodia and Korea in light of the CKFTA and the Cambodia's New Law on Investment.
Amb. Chring said, “The aims of the forum are to promote trade and investment between the two countries by sharing information, guidelines, and best practices, establish a network between public and private sectors for both countries, raise awareness of the importance and opportunities of the newly signed CKFTA and cooperative trades to private sectors from both countries.”
The forum provided information, regulations, guidelines, and best practices for creation of business opportunities related to the expanding of trade market and investment in Cambodia and Korea.
Additionally, it gave the public and private sectors of Cambodia and Korea the chance to actively participate in the promotion of trade and investment while also expanding business networks between the two nations.
Pan Sorasak, the Minister of Commerce of Cambodia; Ahn Duk-geun, the Minister for Trade of the Republic of Korea; Sok Chenda Sophea, the Minister Attached to the Prime Minister and Secretary-General of the Council for the Development of Cambodia; Kang Jae-kwon, Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs of the Republic of Korea attended the forum.
Representatives from the Cambodia Chamber of Commerce, the Young Entrepreneurs Association of Cambodia, the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Importers Association (KOIMA), the Korea International Trade Association (KITA), as well as representatives from the private sectors of both Korea and Cambodia also participated in the trade and investment forum.
On this special occasion, there was the signing of Memorandum of Understanding (MOU) between private companies from both countries. The aim of the MOU is to promote the cooperation between Cambodian and Korean private sectors and will serve as mechanism to boost up the cross-border investment and trade of the two nations.