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Korean, Cambodian leaders agree to form bilateral strategic partnership

Published: 16 May. 2024, 17:36 Updated: 16 May. 2024, 19:22

SARAH KIM
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President Yoon Suk Yeol, left, enters the presidential office in Yongsan, central Seoul, with Cambodian Prime Minister Hun Manet for their bilateral summit on Thursday. [JOINT PRESS CORPS]

President Yoon Suk Yeol and Cambodian Prime Minister Hun Manet agreed in a joint statement Thursday to establish a bilateral strategic partnership to expand cooperation in various sectors, including defense, trade and development.

"I consider it very meaningful to establish a strategic partnership between the two countries," Yoon said at the beginning of their bilateral summit at the Yongsan presidential office in central Seoul. "I look forward to expanding cooperation in trade and investment cooperation, as well as in future-oriented fields such as the digital environment."

Manet was on a four-day official trip to Korea from Wednesday to Saturday.

The two leaders adopted a joint statement on establishing a strategic partnership between Korea and Cambodia, which agreed to strengthen cooperation in politics, security and defense, the economy and finance, and the socio-cultural and environmental sectors.

It also agreed to expand development cooperation in regional and international affairs.

The two sides called to strengthen defense and security cooperation, including the Korean Navy's plan to conduct its first port call in Cambodia later this year and UN peacekeeping operations. They will also coordinate responses to transnational crimes, including drug smuggling, human trafficking, cyber crimes and scam operations.

They will also increase economic cooperation and strengthen supply chains through their bilateral free trade agreement and regular consultations. The two sides could explore establishing a special economic zone to further attract investment projects from Korea to Cambodia. Pointing to Korean investment in 15 financial institutions in Cambodia, the two sides agreed to pursue additional cooperation in applying digital finance.

They also reaffirmed the importance of international peace and security, free trade, the rule of law and democracy.

The statement further urged North Korea to abide by UN Security Council resolutions and expressed support for South Korea's comprehensive strategic partnership with the Association of Southeast Asian Nations (Asean), its Indo-Pacific strategy and the Korea-Asean solidarity initiative.

It also pointed to South Korea's contributions to relations with the Mekong region — comprised of Laos, Myanmar, Vietnam and Thailand — such as doubling its annual contribution to the Mekong-Korea Cooperation Fund from $5 million in 2022 to $10 million by 2027.

President Yoon Suk Yeol, right, shakes hands with Cambodian Prime Minister Hun Manet during their bilateral summit at the Yongsan presidential office in central Seoul Thursday. [JOINT PRESS CORPS]

During the summit, the two countries signed six documents. This included renewing a framework arrangement increasing Korea's loan to Cambodia from $1.5 billion from 2022 to 2026 to $3 billion from 2022 to 2030 through the Economic Development Cooperation Fund (EDCF).

It also included memorandums of understanding (MOU) on investment cooperation, intellectual property, drug smuggling prevention, training human resources, and a loan agreement to rebuild roads and construct a bridge in rural Cambodia.

It has been a decade since former Cambodian Prime Minister Hun Sen's official visit to Korea in December 2014. He is the father of the current prime minister.

Yoon highlighted during the summit that Cambodia is one of the fastest-growing Asean countries, stressing that the two countries have achieved rapid development in their relationship since the reestablishment of diplomatic ties in 1997.

President Yoon Suk Yeol, left, and first lady Kim Keon Hee, right, walk out with Cambodia’s Prime Minister Hun Manet and first lady Pich Chanmony, center, after their luncheon at the presidential office in Yongsan, central Seoul, on Thursday. This marks the first time Kim has appeared at an official event in 153 days. [PRESIDENTIAL OFFICE]

Yoon noted that trade between the two countries has since then increased 20-fold and that people-to-people exchanges have increased 150-fold.

"Cambodia's economic growth and development cannot be separated from Korea's contributions," Hun Manet said, highlighting the significance of Seoul's aid to his country in various fields, including economy, infrastructure, health and education.

He highlighted Cambodia's strong relationship with Korea and expressed hopes for deepening and expanding bilateral ties at multilateral levels in the future.

First lady Kim Keon Hee, left, and Cambodia’s first lady Pich Chanmony, wife of Prime Minister Hun Manet, enter the Yongsan presidential office in central Seoul on Thursday. This marks the first time Kim has appeared at an official event in 153 days. [PRESIDENTIAL OFFICE]

Yoon visited Cambodia in November 2022 to attend Asean-related summits. Hun Manet expressed gratitude that during this trip, first lady Kim Keon Hee visited the home of a boy suffering from heart disease and provided support for him to receive surgery in Korea.

Yoon and Kim attended an official luncheon with the Cambodian prime minister couple, according to the presidential office, marking the first lady's return to public duties after some five months.

Kim has been out of public view since mid-December when she accompanied Yoon on a state visit to the Netherlands. She has been keeping a low profile amid corruption allegations since her reception of a luxury handbag from a pastor in 2022 came to light.

BY SARAH KIM [[email protected]]