Asia-Pacific

S. Korea to increases aid, investment for Cambodia

(Xinhua)
Updated: 2010-01-14 21:24

PHNOM PENH: South Korean is to increase aid and investment in Cambodia given the good relations of the two nations.

"South Korea will increase overseas development assistance (ODA) for Cambodia," South Korea's Ambassador Lee Kyung-soo assured Cambodia's Deputy Prime Minister Sok An in the meeting on Thursday.

Lee said South Korea has allocated US$100 million in assistance for poor nations this year including Cambodia.

"Cambodia is the top priority country for that ODA," he said, adding that "From this year onward we can invest more here."

Investments from South Korea, which is one of the top 10, has heavily gone to construction, tourism and garment sectors.

South Korean investments were recorded US$1.21 billion for 2007-2008, said a government report.

Meanwhile, South Korea has offered about US$265 million in aid and loans since 2001 to 2009, according to Cambodian government data.

The ambassador, however, conveyed South Korean investors' concerns about the unavailable information of the government on foreign investment.

"In course of investment it is very important for your government to provide correct information for investors," Lee said.

Sok An said investors should contact the country's investment agency of the Council for the Development of Cambodia (CDC) to get the data.

He also said the government has approved last month the anti- corruption bill, which was welcomed by the ambassador who said " as foreign investors it is very important to have that law passed."