Korean Firm Heungkuk Industry Eyes Investment in Cambodian Cashew Processing Sector

• 20 November 2024
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Heungkuk Industry, a leading South Korean construction materials manufacturer, is set to invest in Cambodia’s burgeoning cashew processing sector. The commitment was unveiled during a meeting on 19 November 2024 between HE Vongsey Visoth, Deputy PM overseeing the Office of the Council of Ministers, Mr. Lee Kee Yun, Director of Heungkuk Industry, and Professor Lee Changkeun from Chung-Ang University.

During the discussion, Mr. Lee outlined Heungkuk Industry’s plans to diversify its business portfolio by entering Cambodia’s lucrative cashew processing market. He cited Cambodia’s favorable political stability and economic environment as pivotal factors influencing the decision. The company views the country’s cashew sector as a high-growth area with the potential to yield significant returns.

HE Vongsey Visoth welcomed the proposed investment, highlighting the vast economic potential of cashew products, which extend beyond food to include oil, cosmetics, and biomass applications, offering high-added value. He encouraged Heungkuk Industry to develop a comprehensive investment strategy while forming partnerships with experienced cashew sector stakeholders. Kampong Thom and surrounding areas, known for their optimal cashew-growing conditions, were suggested as ideal investment locations.

The deputy PM reaffirmed the Royal Government’s commitment to facilitating new investments at national and sub-national levels, ensuring a supportive framework for international investors. He assured Heungkuk Industry of the Office of the Council of Ministers’ readiness to assist in the project’s execution, further strengthening Cambodia-South Korea bilateral ties.

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