Cambodia-South Korea bilateral trade soars 36% to $1 billion last year
Cambodia-South Korea bilateral trade soars 36% to $1 billion last year
Bilateral trade between Cambodia and South Korea reached more than $1 billion last year, up more than 36 per cent from 2018’s $756 million, thanks to the good relations between the two countries, Prime Minister Hun Sen said during a meeting with Cambodians residents in South Korea on Monday.The Kingdom exported $335 million in goods and imported $696 million last year, he said, noting that exports to South Korea mostly comprised of clothes, shoes, travel goods products, beverage, components for electronic equipment, rubber, medical and agricultural products.
Meanwhile, he said, Cambodia mainly imports vehicles, beverages, electronic equipment, home appliances, medical and plastic products.
“The trade volume between the two countries has continued to increase and made diplomatic relations between South Korea and Cambodia inseparable,” he said.
Between 1994 and last year, the Council for the Development of Cambodia approved 215 investment projects worth nearly $5 billion.
Last year, 254,874 South Koreans visited the Kingdom, data from the Ministry of Tourism shows.
In February last year, the installation of a Hyundai Corporation (Cambodia) Co Ltd-owned fruit treatment facility in Kampong Speu province was completed.
The company said it plans to export 1,700 tonnes of mango to South Korea in its first year of operation, and eventually increase total fruit exports to 50,000 tonnes. This includes coconut, durian and mangosteen.
Cambodia and South Korea have signed an agreement for a joint feasibility study on a potential free trade agreement (FTA) that aims to expand the bilateral investment volume between the two countries, the Ministry of Commerce said the last November.
“The Cambodia-Korea bilateral FTA is expected to strengthen relations, promote bilateral trade between the two countries, create further employment and investment opportunities, and promote service exports that will contribute more to economic growth and bring greater benefits to the people of both nations,” a press release said.
