Phnom Penh (FN), March 15 – Oknha Kith Meng, president of the Cambodian Chamber of Commerce, urged South Korean businessmen to invest more in Cambodia following South Korean President Moon Jae-in’s New Southern Policy – a policy designed to cement ties largely with ASEAN.

Oknha Kith Meng’s statement was made at the 4th Cambodia-Korea Business Forum at the Peace Palace on Friday, presided over by Cambodian Prime Minister Hun Sen and President Moon Jae-in.

The forum was co-organized by the Cambodian Chamber of Commerce and the Korean International Trade Association, with the support of the Ministry of Commerce and Council for Development.

President of the Cambodian Chamber of Commerce stated that the presences of the Prime Minister and South Korean President in Business Forum today boost the confidence for both-side investors.

According to Oknha, Cambodia is one of the fastest-growing economies in the world blessed by stable macroeconomic and political stability, thus Cambodia unveils potential and investment opportunities for Korean businessmen and investors.

He added that Cambodia has maintained seven per cent economic growth per annum, and that Cambodia is becoming a middle-income country by 2030 and a high-income country by 2050. Furthermore, the kingdom’s geography is located at the center of ASEAN, a crucial partner for South Korea due to the bloc’s growth potential, rich resources and growing diplomatic influence with USD 2.7 trillion GDP and over 640 million people.

Korea is one of Cambodia's major trading and investment partners, as the two countries signed a Bilateral Investment Treaty in 1997. 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. Both embrace one another culture, particularly movies and music.

President Moon Jae-in and the First Lady made a state visit to Cambodia from March 14-16. The President and the First Lady have met with King Norodom Sihamoni and Prime Minister Hun Sen to exchange ideas on how to expand substantive cooperation for the two countries’ mutual prosperity.

The President also expected to reinforce the basis of cooperation for the successful hosting of the ASEAN-ROK Commemorative Summit, which is to be held in Korea in the latter half of this year.

Last year, the number of visitors traveling between Asean countries and Korea surpassed 10 million for the first time, and bilateral trade recorded a new high at $160 billion, according to Moon Jae-in’s article to Asia News Network members.

“With ASEAN, I will seek to build a people-oriented community of peace and prosperity,” Moon said in the tweet before his first overseas trip of 2019 for seven days March 10-16 to make state visits to Brunei, Malaysia and Cambodia.