With the inaugural Korea-Mekong Summit between Korea and the five countries along the Mekong River – Cambodia, Laos, Myanmar, Thailand and Vietnam –  and the Korea-ASEAN (Association of Southeast Asian Nations) special summit coming up in November in Busan, Korea.net explores the results of President Moon Jae-in's visits to all 10 ASEAN member countries since his inauguration, Korea's exchanges with these nations and the potential for economic cooperation.

By Lee Jihae
Photos = Cheong Wa Dae 


Since Korea and Cambodia formed diplomatic ties in 1997, both countries have closely cooperated in politics, economy, investment, culture and people-to-people exchanges.

Cambodia is Korea's second-largest recipient of official development assistance after Vietnam among member states of the Association of Southeast Asian Nations and Korea's second-largest cooperation partner.

In March this year, President Moon Jae-in became the first Korean leader to pay a state visit to Cambodia in ten years. In his summit with Cambodian Prime Minister Hun Sen, the president discussed the future-oriented development of both nations. 

Expanding economic cooperation

President Moon laid out three plans for bilateral economic cooperation when he visited Cambodia. Korea will utilize construction and energy to aid Cambodia's infrastructure development, expand bilateral cooperation in agriculture and industrial technologies such as fintech for sustainable growth, and facilitate investment between the two countries.


Seoul and Phnom Penh also agreed to speed up ratification of an agreement on the prevention of double taxation to facilitate bilateral corporate aid and investment. They also ratified an accord raising Korea's Economic Development Cooperation Fund for Cambodia to a maximum of USD 700 million by 2023.

Renewable energy venture

In a pilot project last year, Korea built a solar power system for a floating village in Cambodia's Siem Reap Province. This venture is considered the cornerstone for Korea's upcoming project dubbed "Carbon-free Island" to be conducted on Koh Rong and two other Cambodian islands.

Korea will also help set up microgrids, or independent power systems that utilize renewable energy, for 21 schools and towns in Cambodia's rural areas.

jihlee08@korea.kr