Korea, Cambodia discuss stronger economic cooperation

This undated photo provided by the Ministry of Trade, Industry and Energy shows Trade Minister Cheong In-kyo. [YONHAP]

Korea's Trade Ministry said Wednesday it discussed measures to bolster bilateral cooperation with Cambodia in areas including trade, infrastructure and carbon neutrality.

Trade Minister Cheong In-kyo met Kem Sithan, the acting minister of Cambodia's commerce ministry, in Phnom Penh to share ideas on ways to broaden economic ties, according to the Ministry of Trade, Industry and Energy.

During the meeting, the two officials agreed to make efforts to find new areas of cooperation, including infrastructure projects.

Cheong noted that Asia's No. 4 economy currently takes up more than 10 percent of Cambodia's foreign direct investment, and requested the Southeast Asian nation to provide proactive support for Korean firms, including tax benefits.

Korea and Cambodia also reviewed the progress of the bilateral free trade agreement that went into effect in December 2022 and vowed to make efforts to diversify their trade portfolios.

"Based on the young human resources, Cambodia is a nation with high growth potential, posting annual economic growth of 7 percent over the past 20 years," Cheong said. "We hope that Cambodia emerges as the key economic partner in the ASEAN bloc through the bilateral FTA."

The two countries agreed to hold a joint FTA committee meeting in the first half of 2024, the ministry added.

Yonhap