Phnom Penh (FN), March 15 – Cambodian Prime Minister Hun Sen, on Friday, called on the private sector and Korean investors, who have not been in Cambodia, to learn about the potential investment opportunities and invest in Cambodia, addressing at the Cambodia-Korea Business Forum at the Peace Palace on Friday.

"Cambodia is one of the most open country in the region that provides opportunities to local and foreign investors, including Korean investors,” Premier Hun Sen spoke before President Moon.

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.

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.

The Premier pledged to enhance business competition, promote economic diversification, and improve the business investment climate in Cambodia.

Prime Minister highlighted economic reforms, which begin with the fifth principle – the surgery – aims to eliminate corruption. The government also works on trade facilitation and fiscal incentives, including reducing input costs and customs procedures; eliminating the 40-year operation Kampuchea Shipping Agency and Brokers (KAMSAB); reducing cost of scanning containers; lowering electricity price; and eliminating Cambodia Import-Export Inspection and Fraud Repression Directorate General (CAMCONTROL) of the Ministry of Commerce at all land and water borders. These are factors hopeful to attract international investors and businesspeople to invest in the kingdom.

The government also considered private sector an engine of economic growth and a real partner for development.

According to the Strongman, Cambodia has created a dialogue mechanism called “Government-Private Forum” under the leadership of Prime Minister, and participations from all ministers, governors, 300 private sectors, ambassadors, and international organizations. The mechanism aims to allow private sector present the challenges for the government to take actions. All the decisions of the Forum will be considered the decision of the Council of Ministers.

Cambodia and South Korea signed a bilateral agreement on trade promotion and protection in 1997 and earlier today, both signed the Memorandum of Understanding (MoU) between Korea-Trade Investment Promotion Agency (KOTRA) and the Council for the Development of Cambodia (CDC) on Investment Facilitation Cooperation.

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.