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NEWS UPDATES 7 June 2009

South Korea to extend $60m infrastructure loan to Cambodia

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South Korea and Cambodia celebrated their fast-expanding ties Saturday and agreed to further cooperation in resources, construction, finance, culture and other diverse fields, reported the Korean Herald newspaper.

Korea also pledged to assist Cambodia in improving its agriculture, medical services and energy development while agreeing to offer $60 million in loans to finance the building of roads and renovation of sewers.

The agreements were made during a summit between Korean President Lee Myung-bak and Cambodian Prime Minister Hun Sen who was in Korea to attend a summit between Korea and the Association of Southeast Asian Nations, which took place on Jeju Island on Monday and Tuesday to mark 20 years of official dialogue between the two sides.

Lee and Hun Sen agreed to support a plan to build an exclusive industrial complex for Korean companies in Sihanoukville, a port city in southern Cambodia, presidential spokeswoman Kim Eun-hye said.

Korea Land Corp proposed the 20-billion won project in 2008 to host the increasing number of Korean manufacturers operating in the Southeast Asian country. The location will be finalised within the year and the first stage of construction will be complete by 2012.

South Korea is the largest foreign investor in Cambodia with an accumulated $830 million poured in as of 2007.


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