SEOUL: Prime Minister Hun Sen met with the Speaker of the National Assembly of the Republic of Korea, Park Byeong-Seug, on Friday afternoon in Seoul, South Korea, and briefed him on the economic advantages of relations with Cambodia. He also urged the National Assembly Speaker to ratify the Cambodia-Korea Free Trade Agreement (FTA) and encouraged more Korean investors to come to Cambodia.

During the meeting, Prime Minister Hun Sen remarked that Cambodia and South Korea have reached 25 years of bilateral relations, which is a cause for celebration. He added that he wishes to see more cooperation between the two countries, especially in trade, investment and aid.

He urged the Korean side to ratify the FTA between the two countries as soon as possible and increase the number of South Korean investors in Cambodia.

The Minister Delegate Attached to the Prime Minister, Kao Kim Hourn, told reporters after the meeting that "Prime Minister Hun Sen said that he has already proposed to the President of the Republic of Korea the Formula 1+, and hopefully Korean companies that are currently investing in Vietnam and Thailand can also increase their investments in Cambodia."

Prime Minister Hun Sen also expressed his desire to see more cooperation between the Cambodian-Korean National Assemblies and the construction of a Cambodian-Korean friendship bridge.

In response, the South Korean Speaker of the National Assembly told Prime Minister Hun Sen that the Republic of Korea would consider ratifying the Cambodia-Korea FTA in mid-2022, and that he would work on this directly. He added that the achievement of the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-Korea FTA would definitely boost trade and investment between the two countries.

In 2021, the trade volume between Cambodia and Korea was worth around US $1 billion dollars, which both sides have expressed they hope will increase in the future.