Korean Industrial Alliance Eyes Major Investments in Cambodia’s Furniture, Engineering, and Automotive Sectors

• 21 May 2024
• Local News
• 1331 Views

Plans to expand investment in Cambodia’s furniture, engineering, and automotive sectors have been confirmed by new companies from the Korea Industrial Alliance Forum. This announcement was made during a discussion between His Majesty the King of Cambodia and Mr. Marn Ki-jeong, President of the Korea Federation of Industries (KIAF) on 17 May 2024, during an official visit to Seoul, Republic of Korea.

Mr. Marn Ki-jeong revealed that the Korea Industrial Alliance Forum, which already has about 40 companies investing in Cambodia’s textile sector, intends to further diversify its investments. “There will be some more companies wishing to expand their business operations as well as invest in furniture, engineering, and vehicles in Cambodia,” he stated. In addition, the President highlighted plans to organise the Korea-Cambodia Business Forum in Phnom Penh in November 2024, which will feature Korean investors from various fields and provide opportunities for expanding investment and collaboration in Cambodia.

The Cambodian delegation expressed strong support for these investment initiatives. The President clarified Cambodia’s supportive policies and legal framework, emphasising vocational training programs aimed at helping young people from 1.5 million poor and vulnerable families to meet market demands.

In preparation for the upcoming business forum, Samdech Thipdey encouraged the Korea Industrial Alliance Forum to maintain close cooperation with the Cambodian Embassy in South Korea and the Ministry of Commerce to ensure the event’s success.

• Cooperation and networking