Come invest in Cambodia, Hun Sen tells S. Koreans

South Korean President Moon Jae-in and Prime Minister Hun Sen at the Cambodia-Korea Business Forum. Supplied.

Prime Minister Hun Sen encouraged Korean private investors to learn more about Cambodia’s business potentials and to contribute to the country’s economic development.

The call came during Mr Hun Sen’s meeting with South Korean president Moon Jae-In during the Cambodia-Korea Business Forum at the Peace Palace Friday.

He said, “I would like to call on the private sectors and Korean investors who have not come to Cambodia to learn about the potential and investment opportunities in Cambodia and to invest in Cambodia to contribute to the development of the country. We will take full advantage of all these achievements.”

The prime minister also stated that “Cambodia is the most open country in the region that provides foreign investors, including Koreans privilege to invest in all sectors, as well as domestic investors.”

He highlighted that Cambodia and the Republic of Korea had signed a bilateral investment promotion and investment agreement in 1997.

Earlier Friday, some agreements were signed, including Memorandum of Understanding between the Council for Dvelopment of Cambodia and Korea Business Investment Promotion Agency about the cooperation investment that will provide greater accessibility and capability to Korean investor to invest more in and expand their operations in Cambodia.

He added that in order to enhance competitiveness, promote economic diversification and improves the business environment and investment in Cambodia, the Royal Government of Cambodia has recently introduced in-depth reform measures to reduce costs and operating costs. The government considers the private sector as an engine head of economic growth and a true partner in the development of the country.

The Prime Minister also stated that Cambodia has established a “Government-Private Sector Forum”, which is chaired by Samdech Techo Hun Sen himself and participated by ministers, ministries, institutions, governors and representatives of private establishments.

Mr Hun Sen said that he will head the 18th Government-Private Sector Forum on March 29 at the Peace Palace, where hewill put out some other sharp measures:

1: Increasing Cambodia’s Competitiveness,

2: Improve and enhance the investment and business environment,

3: Diversify the national economy and create more and more quality jobs for Cambodian workers.

“On behalf of the Royal Government of Cambodia, I assure all investors of a favourable environment, especially peace, security and political stability, as well as macro-economic stability, effective legal framework and institutions, transparency, accountability and predictability. ”

From 1994 to 2018, South Korean investors have 212 projects in the Kingdom, with a total investment of USD4.56 billion.