Korea-Cambodia Startups Unite to Boost Global Venture Activation

Strengthening Cambodia Network of Venture Companies from Gwangju, Seoul, and Gyeonggi

Seeking Bilateral Growth Strategies with Minister Prep Gol under the Prime Minister's Office

South Korea's venture startups and Cambodia, a 'young nation' with a population of 17 million, have joined forces to revitalize global ventures. The core focus is discovering new business models that combine Korea's IT technology competitiveness with Cambodia's workforce.

The Han-Cambodia Small and Medium Venture Business Exchange Promotion Committee announced on the 3rd that from the 27th of last month to the 1st of this month, they visited Cambodia along with regional startups from the Gwangju-Jeonnam Venture Business Association, Seoul, Gyeonggi, and Busan to conduct market research and establish local networks.

This is the second practical field survey following an initial visit earlier this year.

Cambodia is a young country where 55% of its total population of 17 million belongs to Generation Y (born in the 1980s to 1990s) and Generation Z (born from the mid-1990s to early 2000s). Through a customized collaboration system utilizing the local workforce with low labor costs, it is expected to strengthen the industrial competitiveness of both countries.

On the 28th of last month, the market research team held a meeting with Im Si Non, Deputy Minister of the Ministry of Labor and Vocational Training of Cambodia, to discuss follow-up procedures on the mutual agreement signed in 2023 and business directions with local startups. The importance of economic cooperation and technology exchange between the two countries was emphasized at this meeting.

They then visited the PGCT Center, had a meeting with KOTRA, and observed the Gyeongbuk exhibition hall to understand the local atmosphere.

On the 29th, they conducted commercial area analysis and checked local prices. They surveyed large shopping malls and building material marts in Cambodia and held a meeting with KOICA to gain an understanding of Cambodia's socio-economic status.

Introduced by KOICA, they also visited EBC, Cambodia's educational broadcasting station under EBS's ODA project. On this day, the market research team proposed technical cooperation and ideas regarding vocational training and content production using SoulX's XR technology.

They then visited the NICC startup incubation center within the Royal University of Phnom Penh, where in-depth discussions were held on startup incubation and the application of technology in education on site.

On the final day, the 31st, they held a meeting with Prep Gol, a minister directly under the Prime Minister's Office, to discuss bilateral exchanges and ways for small and medium venture businesses to grow together.

Park Cheol-hee, Standing Advisor of the Gwangju-Jeonnam Venture Business Association, said, “It is highly meaningful that we have laid the groundwork for small and medium venture businesses to grow together through continuous exchanges with Cambodia,” adding, “We will pioneer new markets with cooperative items that complement Cambodia’s high proportion of young population and South Korea’s strengths.”

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