Jeong Manki, Vice Chairman of Muhyup, "If a Korea-exclusive industrial complex is established in Cambodia, companies wish to move in"

Meeting with Cambodia's Minister of Industry and Forestry
"Korea Recognized as ASEAN's 3rd Largest Cooperation Partner"

Jung Manki, Vice Chairman of the Korea International Trade Association (KITA), stated on the 14th, "Korean companies recognize Cambodia as the third largest partner among the 10 ASEAN (Association of Southeast Asian Nations) countries," adding, "They have expressed willingness to establish operations in Cambodia if a Korea-exclusive industrial park is developed."

KITA announced that Vice Chairman Jung visited Phnom Penh, Cambodia, the previous day (local time) and held meetings with Hem Bandi, Minister of Industry, Science, Technology and Innovation of Cambodia, and Did Thana, Minister of Agriculture, Forestry and Fisheries, to discuss ways to activate trade and investment between the two countries.

According to a KITA survey, out of 43 exporting companies, 21 (48.8%) are considering entering the Cambodian market. This ranks third after Vietnam (28 companies, 65.1%) and Indonesia (23 companies, 53.5%). Among the 43 respondents, 17 companies (39.5%) said they would be willing to relocate facilities if the Cambodian government establishes a Korea-exclusive industrial park.

Vice Chairman Jung said, "If a Korea-exclusive industrial park is established, reducing burdens such as taxes, rental fees, and logistics costs, and providing stable residential environments for expatriates, Korean companies are highly likely to shift their presence to Cambodia." He added, "Companies recognize that underdeveloped infrastructure, some remaining corruption, and difficulties in hiring technical personnel or managing labor need improvement."

Vice Chairman Jung requested easing the issuance of certificates of origin and simplifying trade procedures. Minister Bandi responded, "We will thoroughly review and actively consider these requests," adding, "Especially regarding the establishment of a Korea-exclusive industrial park, which Korean companies are interested in, we are willing to provide full support and cooperation."

Jung Manki, Vice Chairman of the Korea International Trade Association (third from the right), is seen having a meeting and taking a commemorative photo with Hem Bandi, Minister of the Ministry of Industry, Science, Technology and Innovation of Cambodia (fourth from the left), on the 13th (local time) in Phnom Penh, Cambodia.
[Photo by Korea International Trade Association]

In Cambodia, the power generation mix by source is hydropower (53.9%) and solar power (6.7%). Vice Chairman Jung emphasized the need to increase hydrogen business cooperation between Korean companies and Cambodia. He said, "It would be beneficial if the Cambodian government actively considers purchasing Korean hydrogen trucks or buses in the future and reviews the construction of hydrogen refueling stations." Minister Bandi stated, "We will take an active interest in hydrogen for Cambodia’s future industrial development and continue to review it," and added, "Let’s keep the dialogue going."

Both sides agreed to hold a business forum in Seoul this coming November and another business forum in Cambodia in January next year.

During the meeting with Minister Thana, it was discussed that marketing and promotion efforts should be increased to boost exports and imports of high-quality agricultural products such as Korean Hanwoo beef and Cambodian mangoes. Minister Thana said, "Cambodia has decided to systematically develop Hanwoo beef, but Korean consumers are not aware of Cambodia’s high-quality mangoes, rubber, and cashew nut agricultural products," adding, "We hope for more opportunities for product marketing and promotion."

Vice Chairman Jung said, "KITA is considering holding a Korean consumer goods exhibition in Cambodia next year," adding, "This exhibition could serve as an opportunity to expand trade, including in the agriculture and forestry sectors, based on exchanges between companies from both sides." Minister Thana responded, "The Cambodian Ministry of Agriculture, Forestry and Fisheries will actively cooperate in jointly hosting the exhibition and other related activities."

This content was produced with the assistance of AI translation services.