Cambodia, RoK target 1 billion USD in trade in 2020 hinh anh 1Leaders from ASEAN and the RoK in a group photo at the 2019 ASEAN-Republic of Korea Commemorative Summit in Busan (Photo: VNA)

Phnom Penh (VNA)
– Cambodia and the Republic of Korea (RoK) aim to boost two-way trade to 1 billion USD in 2020.

Cambodian Minister of Foreign Affairs Prak Sokhonn and newly-appointed Korean Ambassador to Cambodia Park Heung-kyoeng on December 23 discussed ways to accelerate the implementation of agreements to attract more investment signed during a summit in Busan last month.

The two sides agreed to increase trade and investment, especially in tourism. They believed that these agreements will encourage Korean businesses to invest in Cambodia.

On the sidelines of the ASEAN-RoK Commemorative Summit in Busan in November 2019, the Cambodian Foreign Minister and his Korean counterpart Kang Kyung-wha signed five agreements, including a joint study on the possibility of free trade agreement.

They also inked two memoranda of understanding on cooperation in agriculture, technology, telecommunication, and information.

In the first nine months of 2019, two-way trade reached 700 million USD. 

Over the past 23 years, the RoK has invested 4.47 billion USD into Cambodia./.