Prime Minister Hun Sen has stated that he will request South Korea to increase its imports of Cambodian agricultural products, as part of an effort to diversify export markets and avoid reliance on just a few economic partners.
The appeal will be made during the Cambodia-Korea Business Forum, an event Mr Hun Sen presides over together with Korean President Moon Jae-in, who is currently visiting the Kingdom.
“During the Cambodia-Korea Investment Forum, I will suggest South Korea that they should buy more agricultural products from Cambodia,” Mr Hun Sen told officials at the annual meeting of the Ministry of Agriculture. “We should not rely on just one market as this can cause problems. We must diversify our export markets,” he said.
President Moon Jae-in had been invited to a three-day visit to the Kingdom, as part of a regional trip that has taken him also to Malaysia and Brunei in an effort to strengthen diplomatic ties with Southeast Asian nations in line with Korea’s ‘New Southern Policy’.
Bilateral trade between South Korea and Cambodia reached $746 million last year compared to around $660 million in 2017, an increase of more than 13 percent.
Cambodia’s exports in 2018 to the East Asian nation equalled $202 million, up 20 percent from the previous year, while imports from Korea amounted to $543 million, an 11 percent increase, according to the Ministry of Commerce.
According to The Khmer Times, last year, the country exported a combined 4.2 million tonnes of bananas, cassava, cashew nuts, corn, sugar, coconuts, and palm oil.