(Posted by CAAI News Media)
PHNOM PENH -- Korea yesterday agreed to increase its development assistance to Cambodia and promote a range of cooperation projects in industrialization, agriculture, resources and forest plantation.
The agreements were made during a summit between President Lee Myung-bak and Prime Minister Hun Sen in Phnom Penh.
Lee arrived here early yesterday for a two-day visit as part of a weeklong Southeast Asia tour.
"President Lee promised to expand Korea's support for Cambodia's development as part of his New Asia Initiative," Kim Eun-hye, presidential spokeswoman said.
The two leaders celebrated the remarkable progress in bilateral ties since the two countries normalized diplomatic ties in 1997 and agreed to further cooperation, she added.
Korea, one of biggest donors and investors in the kingdom, agreed to offer $200 million in development loans from 2009-12, revising a 2008 plan to provide $120 million from 2008-11, the presidential office said.
The revised Economic Development Cooperation Fund agreement was signed by foreign ministers at the close of the summit.
Seoul will also launch a comprehensive consultation for Phnom Penh's national development next year, as part of efforts to share its industrialization experience with developing countries.
"Korea will take part in formulating Cambodia's master plan for development," the spokeswoman said.
Seoul plans to establish an agricultural technology development center next year. It also supports the establishment of a bourse for equities and bonds which will open at the end of next year, she added.
After the summit, they observed the signing of memorandums of understanding for cooperation in mineral resources, forestation, climate change and broadcasting. The two nations also signed an extradition treaty.
Korea agreed to develop 200,000 hectares of forest in Cambodia for the production of bio-energy.
Before the summit, Lee paid a visit to King Norodom Sihamoni and attended a forum of business executives from the two countries.
In his speech to the forum, Lee praised the fast development of Cambodia, which recorded 10 percent annual growth in recent years.
He also called for business cooperation between the two countries in agriculture, forestry, service industry and infrastructure.
Korea is Cambodia's closest partner in investment, tourism, cultural exchanges, job training, information technology, construction, finance and aviation industries.
Two-way trade was $308 million in 2008, six times as much as $50 million recorded in 1997.
Korea is the second largest investor in Cambodia after China. Its investment in the nation increased 75-fold from $33 million to $2.48 billion.
Hun Sen visited Seoul in June to attend a summit between Korea and the Association of Southeast Asian Nations.
The leaders have a close relationship. Lee once served as an economic adviser to Hun Sen and the Cambodian leader attended Lee's inauguration in February 2008.
Hun Sen also deeply impressed citizens here when he personally headed rescue efforts after a passenger flight carrying many Koreans crashed in his country in 2007.
By Hwang Jang-jin/Korea Herald correspondent
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