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Thursday, January 14, 2010

South Korea to Increase Aid, Investment for Cambodia

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Source: DAP News

Thursday, 14 January 2010 10:45 By Ek Madra

[caption id="attachment_880" align="aligncenter" width="400" caption="H.E. Lee Kyung-soo, Ambassador of the Republic of Korea and H.E. Sok An, Photo from DAP News"][/caption]

PHNOM PENH – South Korean Ambassador told Cambodia’s Deputy Prime Minister Sok An that Korea is to increase aid and investment given the good relations of the two nations.

“Korea will increase overseas development assistance (ODA) for Cambodia to restore this war-torn nation,” Korean ambassador Lee Kyung-soo assured Deputy Prime Minister Sok An in the meeting on Thursday.

Lee said South Korea has allocated US $100 million assistance for the poor nations this year including Cambodia.

“Cambodia is the top priority country for that ODA.”

“From this year onward we can invest more here,” said Lee.

Investment from Korea, which is one of the top ten, has been heavily invested in construction, tourism and garment sector.

Korean investment was recorded US $1.210 billion for 2007- 2008, said a government report seen by DAP.

Korea has injected US$389 million including aid and loans since 2007 to 2011, according to Cambodia’s government showed.

The ambassador, however, conveyed Korean investors’ concerns about the unavailable information of the government on foreign investment.

“In course of investment, it is very important for your government to provide correct information for investors,” Lee told Sok An in the meeting.

In response, Sok An said investors should contact the country’s investment agency of the Council for the Development of Cambodia (CDC).

He also said the government has approved last month the anti-corruption bill. In response, Korean ambassador said “as foreign investors it is very important to have that law passed.”

Sok An also said Cambodia soon is going to set up the national arbitration centre, whose independently function, aims at attracting investment to the kingdom.

South Korea through Korean International Cooperation Agency (KOICA) and Korea Exchange help Cambodia to establish stock market which planned in 2010.

Korea to invest $1.8 million of the grant aid to train Cambodia’s officials under three-year-plan including the 15 training courses and nine consultation services on how handle their unprecedented work of stock market.

“In its securities market development goals, Cambodia has selected a strategic partner, Korea Exchange, one of the leading stock exchanges in the world, to help us to establish security market in Cambodia,” Hun Sen has said.


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