PM Receives South Korean Guest

AKP Phnom Penh, January 26, 2012 –

Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, met here this morning at the Peace Palace with visiting Ambassador for Mineral Resource and Energy Cooperation of the Republic of Korea H.E. Shin Jae-hyun.

In the meeting, H.E. Shin Jae-hyun Shin told the Cambodian premier of his visit, the purpose of which, he said, is to boost the cooperation between Cambodia and South Korea in mineral resource, oil and energy sectors, H.E. Ieng Sophalet, Assistant to Samdech Techo Hun Sen, told reporters.

South Korean experts have been conducting a study on mineral resource in some provinces including Preah Vihear, Takeo and Kampong Speu, said H.E. Shin Jae-hyun, who sought Samdech Techo Prime Minister’s support to South Korean mining companies to do exploitation once the study finished and to the cooperation between the companies and their Cambodian partners in mineral resource exploration and exploitation in Cambodia. 

The visiting South Korean ambassador for Mineral Resource and Energy Cooperation also showed his interest in investing in the fields of oil and energy. 

For his part, Samdech Techo Hun Sen welcomed the investment plan and the Korean side’s intention to cooperate with Cambodian companies in mineral resource exploration and exploitation. He also recommended H.E. Shin Jae-hyun to continue his discussion with the Cambodian National Petroleum Authority. 

Meanwhile, through H.E. Shin Jae-hyun, the Cambodian prime minister asked the president of the Republic of Korea to consider providing loans to Cambodia to built power distribution network.

Article in Khmer by CHEY Phoum Pul
Article in English by KHAN Sophirom

S Korea Eyes Investment in Cambodia's Oil, Gas Sector

South Korea is willing to invest in oil and gas industry in Cambodia, said a senior Korean official on Thursday.

"Korea is interested in investing in oil and gas and energy sector in Cambodia," Jae Hyun Shin, South Korea's visiting ambassador in charge of energy and mineral resources cooperation, said during a meeting with Cambodia's Prime Minister Hun Sen.

He also asked the premier to support the plan.

Meanwhile, Hun Sen welcomed the plan and advised the South Korea to work with Cambodian National Petroleum Authority (CNPA) for oil and gas cooperation.

Cambodia's offshore areas are believed to be rich in oil and gas deposits. To date, the country awarded exploring licenses to a number of companies to operate in six blocks, according to the CNPA report.

During the meeting, Shin also asked the premier to give support to South Korean mining companies to do exploitation when they have finished their exploration process.

Cambodia and South Korea signed the energy and mining cooperation agreement in October, 2009.

Currently, some 13 South Korean firms, including two of them partnered with Cambodian firms, have been exploring mineral resources in Cambodia, mainly in the provinces of Preah Vihear, Takeo and Kampong Speu, according to the report of the Extractive Industry Social and Environment Impact (EISEI) Network NGO released late last month.

Cambodia is believed to be rich in metallic mineral, gold ore, bauxites, titanium, copper, and offshore oil and gas.

The EISEI said that so far, the government of Cambodia has granted mining concessional licenses to approximately 128 local and foreign entities to conduct mineral exploration in the country.

Challenges of East Asia’s Economic Growth due to Europe Debt Crisis

On 06 December 2011, Asian Development Bank has trimmed its 2012 growth forecast for emerging East Asian economies including China, as the euro zone crisis threatens to further slow an already weakening global economy. The Manila-based ADB cuts its gross domestic product (GDP) forecast to 7.2 % for the 10 ASEAN member countries plus China, Hong Kong, South Korea and Taiwan from 7.5 % in September.  It also mapped out an "extreme scenario" of European and US meltdowns, which could shave 1.2% off growth next year in East Asia including Japan, from a forecast 5.4% to 4.2%. (Rasmei Kam.)

S Korea, Cambodia cooperate in bank securities business

PHNOM PENH, Oct. 26 (Xinhua) -- South Korea's Tong Yang Securities-Cambodia on Wednesday signed a Memorandum of Understanding with Cambodia's largest commercial bank ACLEDA and its subsidiary ACLEDA Securities Plc. on securities business cooperation.

The MoU was signed among You Joon Ryeol, president and CEO of Tong Yang Securities, In Channy, president and CEO of ACLEDA Bank, and Chhay Soeun, board chairman of ACLEDA Securities Plc.

"With this MoU, clients and investors throughout Cambodia will be able to access to a complete range of financial services and expertise," said a press release after the signing ceremony.

Tong Yang Securities-Cambodia is currently preparing IPOs for two state-owned enterprises--Phnom Penh Water Supply Authority and Telecom Cambodia--in order to list in the CSX, which is scheduled to start trading from early next year.
Editor: Xiong Tong

S.Korea to boost investment in Cambodia

PHNOM PENH, (Reuters) – South Korean President Lee Myung-bak pledged on Thursday to boost economic ties with Cambodia after the global economic crisis slashed its investment in the impoverished nation by more than half.

Lee said the purpose of his visit was to improve ties and encourage new South Korean companies to invest in the kingdom’s agriculture and energy sectors.

South Korea is the second-biggest source of foreign direct investment in Cambodia after China, but new investment slowed when the global economic slowdown took its toll.

‘There will be increase in economic cooperation in agriculture and others sectors to boost Cambodia’s economic growth,’ Lee said at a meeting of Cambodian and South Korean businesses.

According to South Korea’s ambassador to Cambodia, South Korea invested $2.7 billion in the country in 2007 but that figure dropped to $1.2 billion in 2008.

Two-way trade was $120 million in the first half of this year, a 58 percent decline from the same period in 2008, Ambassador Lee Kyung-soo said last week.

Investment from South Korea after 2004, mainly in garments, IT, and tourism, helped spur four years of double-digit growth in Cambodia, which is enjoying an unprecedented period of economic and political stability after decades of civil war.

Cambodian Prime Minister Hun Sen urged South Korean companies to invest in agriculture and tourism, and look into oil and gas exploration. Cambodia and neighbouring Thailand have both laid claim to offshore reserves in the Gulf of Thailand.

South Korea has also agreed loans for the country worth $200 million from 2009-2012, Cambodian Foreign Minister Hor Namhong told reporters on Thursday.

Nine agreements were signed during the visit concerning cooperation in commerce, industry, mineral resources, energy and forest plantation.

Source: http://www.finanznachrichten.de/nachrichten-2009-10/15267665-s-korea-to-boost-investment-in-cambodia-020.htm