FTA makes Cambodia attractive destination for S Korean investment
25 Dec 23 1 min read
Insights
- The Cambodia-Korea Free Trade Agreement (CKFTA) marked its first year, boosting bilateral trade to $1.05 billion.
- Cambodia's ambassador to South Korea highlighted the FTA's role, along with the 2021 New Investment Law, in attracting South Korean investment.
- Cambodia is transitioning to a modern, digital economy, encouraging more Korean investments.
The FTA, along with the introduction of the New Investment Law in 2021, has created a more conducive environment making Cambodia an attractive destination for South Korean investment, Rangsay said while addressing the 2nd Cambodia-Korea Business and Investment Forum in Seoul recently.
Cambodian economy has traditionally relied primarily on agriculture, but it is now transitioning to a modern economy with growing number of industries and services, along with moving forward towards a digital economy, she said.
The two countries have mechanisms in place to promote economic, trade and investment relations, including the CKFTA, the double taxation agreement (DTA) and the Joint Economic Committee meeting. Further, both nations are members of the Regional Comprehensive Economic Partnership [RCEP] and the ASEAN-Korea Free Trade Agreement [AKFTA], which have been instrumental in fostering economic, trade and investment cooperation.
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“We are ready to welcome investors and we encourage Korean investors to see the potential directly,” Rangsay added.
Fibre2Fashion News Desk (RKS)
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