S. Korea, Cambodia hope to further develop their relationship
Updated: 2019-11-27 07:49:03 KST
Known for the world's largest religious structure, Angkor Wat, Cambodia has gone through a significant transition over the past two decades, bringing its poverty rate down from 47 percent in 2007 to 13 percent in 2014.
Sharing borders with Thailand to the west, Laos to the north and Vietnam to the east, Cambodia is located in the heart of the ASEAN region.
Most of the country's 16 million people are Buddhists.
Cambodia's most renowned landmark, the Angkor Wat temple, attracts about 2.6 million tourists every year.
As one of the fastest-growing economies in the world, Cambodia has sustained an average growth rate since 2011 of 7 percent.
Although Cambodia's GDP has not cracked the top 100 list,… the International Monetary Fund reported in October that its growth rate should be the highest in the ASEAN region.
So Cambodia is certainly considered one of the key players in President Moon Jae-in's New Southern Policy.
"Last year, bilateral trade reached nearly 1 billion U.S. dollars, and more than 400,000 people traveled back and forth between our two countries. Currently, Cambodia is Korea's second largest development partner and Korea is Cambodia's second largest inbound investor."
The trade volume between Korea and Cambodia has grown steadily since the reestablishment of diplomatic ties in 1997.
In 2012, the total value of two-way trade rose 48 percent on year.
Cambodia's main export goods to Korea include garments, footwear and electronics, while Korea sends Cambodia cargo vehicles, beverages and fabrics.
As the economic cooperation between the two countries continues to grow ,…people-to-people exchanges are also expected to increase.
Some 50-thousand Cambodians are living and working in Korea while close to 400-thousand Koreans visit Cambodia each year.
Kan Hyeong-woo, Arirang News.