1. Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs Yun Kang-hyeon will hold the second meeting of the Republic of Korea-Cambodia Joint Economic Committee with Secretary General of the Council for the Development of Cambodia Sok Chenda Sophea (Minister attached to the Prime Minister) in Phnom Penh, Cambodia, on February 8. The two sides will assess the progress in economic cooperation between the two countries, and discuss ways to increase bilateral trade, investment and development cooperation, as well as regional cooperation.

o Participants from the ROK side will include officials from the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Land, Infrastructure and Transport, and the ROK Embassy in Cambodia.

2. The two sides will review the progress in implementing follow-up measures regarding major issues in economic cooperation between the two countries, discussed in the first meeting of the ROK-Cambodia Joint Economic Committee in June 2016. They will also discuss concrete ways to step up bilateral cooperation in key economic sectors, including trade, investment, industry, infrastructure construction, water resources, agriculture, finance and development.

o The ROK side will ask for the Cambodian government’s support to resolve difficulties facing Korean companies and government-owned financial enterprises in Cambodia.

3. The ROK side will take note that development cooperation between the ROK and Cambodia, the ROK’s key cooperation partner in development cooperation, is continuing to grow through grants and the Economic Development Cooperation Fund (EDCF), and discuss ways to work together with the Cambodian side to successfully carry out development cooperation projects in a range of areas, including transportation, water management, public health and hygiene, education and the development of provinces.

o The upcoming meeting is expected to become a useful opportunity to explore measures to step up cooperation with Cambodia in four key areas of cooperation for connectivity -- transportation, energy, water resources, and smart city -- under the principle of “3 Ps (People, Prosperity and Peace)” for cooperation with ASEAN, announced in the vision to establish an ROK-ASEAN community in the future.

4. Furthermore, the two sides will note bilateral cooperation underway at regional forums, including a cooperation mechanism between the ROK and Mekong countries, and discuss how to strengthen cooperation between the two countries on multilateral and regional issues.

5. The forthcoming Joint Economic Committee meeting is expected to serve as a useful opportunity to take note of the ROK-Cambodia relations, which have made remarkable progress in various areas, including trade, investment and people-to-people exchanges, over the past 20 years since the re-establishment of diplomatic relations; to explore measures to increase sustainable and mutually-beneficial economic cooperation; and to discuss how to make more tangible progress in economic cooperation with Cambodia, which has high growth potential, in line with the ROK government’s efforts to strengthen cooperation with ASEAN.

※ Overview of trade, investment and people-to-people exchanges between the ROK and Cambodia

- (trade, late 2017) US$870 million, (ROK’s investment in Cambodia, accumulated amount from 1992 until September 2017) about US$5.3 billion, (people-to-people exchanges, late 2016) 387,000 people

6. With this year marking the first year of the government’s efforts to put into full gear the New Southern Policy and take concrete steps to implement the vision for an ROK-ASEAN community, announced at the ASEAN summit in November last year (Manila, the Philippines), the ROK will express to Cambodia, the country coordinator for ROK-ASEAN dialogue relations, its determination to strengthen diplomacy towards ASEAN, and ask for the Cambodian side’s cooperation.

* unofficial translation