PHNOM PENH, September 11, 2024 — On the afternoon of September 10, 2024, in Seoul, South Korea, Hun Sen, President of the Senate of the Kingdom of Cambodia, met with Mr. Oh Chang-seok, President of Mugungwha Trust Co., Ltd., a company specializing in city building maintenance and various construction projects, to discuss potential investment opportunities in Cambodia.

Hun Sen warmly welcomed the delegation, expressing his hope that Mugungwha Trust would explore and identify promising areas for investment in Cambodia.

During the meeting, Mr. Oh Chang-seok expressed his gratitude to Hun Sen for the opportunity to meet and highlighted the company's interest in contributing to Cambodia's economic growth. He recalled that his company visited Cambodia a decade ago to study governance and potential investment avenues. Although a formal banking system was not established in Cambodia at that time, Mr. Oh noted that his company saw potential in the insurance sector and intends to invest in Cambodia in the future.

Mr. Oh shared Korea’s experience in developing its banking sector, explaining that Korea adopted a European-inspired civil service system in the 1990s. He emphasized that Korea's banking sector has since grown to become even more developed than its European counterparts, helping to transform Korea from a struggling nation to a developed one. Mugungwha Trust is currently one of the top 14 insurance companies in Korea, and Mr. Oh expressed his desire to share Korea's experiences with Cambodia.

He further requested that Hun Sen and the Royal Government, under the leadership of Prime Minister Hun Manet, allow Mugungwha Trust to participate in Cambodia's public administration sector, contributing to the development of new urban areas and the broader economy.

Mr. Oh affirmed his company's respect for Hun Sen's recommendations in the field of public administration, believing that Mugungwha Trust could serve as a strong partner in Cambodia's development. The company is ready to study Cambodia's financial and legal systems and cooperate with local firms to expand the banking market. Mr. Oh also highlighted that eight companies are currently involved in Cambodia’s administrative sector, and Mugungwha Trust aims to help elevate these efforts to the next level.

In response, Hun Sen expressed his gratitude for the company's interest in investing in Cambodia. He acknowledged the challenges within Cambodia’s administrative system, noting that while the system was established a few years ago, it still faces operational difficulties, similar to the stock market. He further mentioned that following the 1997 Asian Financial Crisis, some banks in Phnom Penh collapsed, prompting the government to restructure and strengthen the banking system.

Hun Sen encouraged the company to carefully study Cambodia’s existing legal framework and collaborate with local businesses already operating within the country's banking and financial sectors. He stressed that confidence in the economy, particularly in the banking and securities markets, is crucial for attracting investment.

He likened Mugungwha Trust’s potential entry into Cambodia to joining a journey that is already in progress, emphasizing that the country needs stronger financial systems to attract more investment. Additionally, Hun Sen urged the company to consider expanding its investment focus beyond the administrative sector.

Mr. Oh thanked Hun Sen for his recommendations and assured him that Mugungwha Trust would conduct thorough studies and consultations with Cambodian partners to assess further investment opportunities in other sectors.

Mr. Oh concluded by stating that Cambodia offers a favorable investment environment, noting the country’s peace, stability, and security, as well as the strong relations and cooperation between Cambodia and Korea.