Cambodia Investment Review

CCC President & Royal Group Chairman Neak Oknha Kith Meng Highlights Enhanced Business Ties at Cambodia-Korea Business Forum 2024

CCC President & Royal Group Chairman Neak Oknha Kith Meng Highlights Enhanced Business Ties at Cambodia-Korea Business Forum 2024

Cambodia Investment Review

The 2024 Cambodia-Korea Business Forum, co-organized by the Cambodia Chamber of Commerce and the Korea Chamber of Commerce and Industry, recently brought together leaders and business executives to discuss and strengthen business ties and investment opportunities between Cambodia and Korea. Kith Meng, Chairman of the Royal Group of Companies, played a central role in the event, emphasizing the historical and growing economic partnership between the two nations.

In his welcoming speech, Kith Meng expressed his sincere respect to distinguished guests, including Samdech Thipadei Hun Manet, Prime Minister of Cambodia, and H.E. Ahn Dukgeun, Minister of Trade, Industry & Energy of the Republic of Korea. He highlighted the significance of the forum in fostering discussions on potential areas for collaboration, aiming to deepen economic relations and mutual prosperity.

Shared Historical Bonds and Vision for the Future

Kith Meng noted the shared history of Cambodia and Korea, both countries having rebuilt their nations from the devastation of past wars. “Many Koreans may well see Cambodia at the development stage where The Republic of Korea was in the 1980s,” Meng stated, drawing parallels between the two countries’ economic trajectories. He underscored the cultural pride and active participation in regional peace and development as common traits that bind the two nations.

Read More: South Korea’s Rising Private And Public Investment In Cambodia

He also emphasized the strategic partnership emerging from their shared vision of broader economic and social cooperation. “We are becoming closer from the success of our current trade and investment dealings, and our nations will become strategic partners because of our common vision,” he said.

The forum built upon the existing strong foundation of Cambodia-Korea relations. Kith Meng expressed pride in the history of successful Cambodia-Korea Business Forums, including those presided over by former Cambodian Prime Minister Samdech Techo Hun Sen and past South Korean Presidents. Under the leadership of Prime Minister Hun Manet, the current forum marks a new chapter in bilateral relations, symbolizing a renewed commitment to fostering an environment of trust and confidence for investors.

Cambodia-Republic of Korea Business Forum – on the afternoon of May 16, 2024.

During the forum, six memoranda of understanding (MoU) were exchanged, reflecting the depth of cooperation between the two nations. These included:

  1. Protocol Amending the Framework Arrangement concerning Loans from the Economic Development Cooperation Fund (EDCF) for the years 2022 until 2026.
  2. MoU on Reinforced Intellectual Property Cooperation.
  3. Letter of Intent to Strengthen Cooperation on Narcotics Control.
  4. MoU on the Skilled and Professional Talent Development Programme.
  5. Loan Agreement for the Rural Roads Improvement Project IV.
  6. Agreement on investment cooperation.

These agreements aim to enhance bilateral relations and exchanges, supporting each other’s growth and development. Kith Meng praised the robust financial cooperation between Cambodia and Korea, noting Korean investments in 15 financial institutions in Cambodia and the potential for additional cooperation in digital finance.

Opportunities for Mutual Growth

Kith Meng highlighted the significant benefits Korean businesses could offer Cambodia, such as technological excellence in semi-conductors, LED, EV, AI, broadband, and 6G technology. He also mentioned Korea’s heavy industrial infrastructure, new industries like biotech and alternative energies, speed to market, and financial liquidity as key assets for supporting Cambodia’s economic growth.

In return, Kith Meng pointed out Cambodia’s strategic location in Southeast Asia, its young and hardworking workforce, and its rich natural resources, including gold, copper, and valuable stones. He emphasized Cambodia’s US dollar income base, which presents low currency risk for investors.

Kith Meng, Chairman of the Royal Group of Companies.

This year marks the 35th anniversary of diplomatic relations between the Republic of Korea and ASEAN. Meng highlighted the importance of the recently introduced Korea-ASEAN Solidarity Initiative, which underscores Korea’s dedication to deepening its partnership with ASEAN.

Addressing concerns about safety, Kith Meng reassured potential investors, stating, “There have been some misrepresented media about Cambodia not being safe, which is incorrect. Come see for yourself and listen to your fellow Korean companies already operating in Cambodia about its positive and safe environment.”

He also encouraged attendees to exchange business cards and seize the opportunity to connect with Cambodian business partners. “Invest in these opportunities to secure your strategic advantage in the Southeast Asian market,” he urged, wishing all participants good health and continued success.

The forum concluded with a strong message of mutual cooperation and a shared vision for future prosperity between Cambodia and Korea. Under the dynamic leadership of Prime Minister Hun Manet and the continued commitment of business leaders like Kith Meng, the Cambodia-Korea partnership is poised for significant growth and mutual benefit.

Cambodia-Republic of Korea Business Forum – on the afternoon of May 16, 2024.

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