Korea to Loan $200 Mil. to Cambodia [-Are you ready to pay the loan back?]

President Lee Myung-bak, left, is welcomed by Cambodian King Norodom Sihamoni, in Phnom Penh, Cambodia, Thursday. Lee pledged that South Korea will provide a total of $200 million in loans to the nation over the next four years to help its economic development. (Korea Times photo by Sohn Yong-seok)

10-22-2009
By Na Jeong-ju
Staff Reporter
Korea Times

President Lee Myung-bak pledged Thursday that South Korea will provide a total of $200 million in loans to Cambodia over the next four years to help its economic development.

He also said Korea will represent the interests of developing Asian countries at global forums, including the G-20 Summit, which Korea is set to host next November, for balanced global growth.

Lee made the promises during an interview with Cambodia's largest-circulation newspaper, the Rasmei Kampuchea, last week in Seoul.

Lee arrived in the Cambodian capital of Phnom Penh, the second stop on his three-nation, six-day Southeast Asian trip, from Vietnam.

Upon arrival, Lee visited Cambodian King Norodom Sihamoni for talks on bilateral economic cooperation. In the afternoon, he held a summit with Prime Minister Hun Sen on increasing economic and cultural exchanges.

"President Lee and King Sihamoni agreed to expand cooperation on various fields, including the agricultural and cultural sectors," Cheong Wa Dae said.

"Underlying the rapid development of Korea-Cambodia relations since the normalization of their ties in 1997, Lee hoped there will be stronger bilateral cooperation."

During his meeting with Hun Sen, Lee asked for the support of Korean firms seeking to participate in Cambodia's infrastructure development projects.

Lee also asked him to play a role in strengthening ties between Korea and ASEAN - a 10-member economic bloc including Cambodia.

On the sidelines of the summit, the two governments signed an agreement, which will provide South Korean firms with 200,000 hectares of land - almost the same land area as Jeju Island - for forest plantation.

Seoul has increased its Economic Development Cooperation Fund to finance economic development programs in poor countries.

SKorean president visits Cambodia to boost ties

Cambodian Prime Minister Hun Sen (R) talks with South Korean President Lee Myung-bak

Thursday, October 22, 2009
AFP

Lee also promised South Korea would provide 200 million dollars in soft loans to Cambodia between 2009 and 2013

PHNOM PENH — South Korean president Lee Myung-bak arrived in Cambodia Thursday for a two-day official visit to boost ties and develop economic relations between the two countries.

Lee descended from his airplane to a red carpet at Phnom Penh International Airport, and then received an audience with King Norodom Sihamoni at the capital's royal palace and held talks with premier Hun Sen later in the day.

"Cooperation and relations between Cambodia and South Korea have been growing through many projects," Hun Sen said.

During their meeting, Lee and Hun Sen agreed to form a "strategic and cooperative partnership" between their countries, Cambodian Foreign Minister Hor Namhong told reporters.

Lee also promised South Korea would provide 200 million dollars in soft loans to Cambodia between 2009 and 2013, Hor Namhong said.

In the lunchtime speech distributed to reporters, the South Korean president promised to help develop Cambodia's agricultural sector by providing new technology and training.

Over 500 South Korean companies were currently investing in Cambodia, Lee added.

The two countries also signed an extradition agreement and a deal for an initiative in which Cambodia would issue South Korean tourists multiple entry year-long visas, officials said.

"The visit by the South Korean president is very important. It will boost economic relations between the two countries," government spokesman Khieu Kanharith told reporters.

The Yonhap news agency has reported that South Korean investment in Cambodia increased to nearly 2.5 billion dollars last year from 30 million dollars in 1997.

Hun Sen has to meet S.K leader

22/10/2009
Bangkok Post

Cambodian prime minister Hun Sen is not able to attend the opening ceremony of Asean summit because he has to welcome the president of South Korea who is scheduled to pay an official visit to Cambodia on Friday, secretary-general of the Association of Southeast Asian Nations (Asean), Surin Pitsuwan, said on Thursday afternoon.

“But Mr Hun Sen will certainly attend the Asean summit late in the afternoon on Friday as scheduled,” Mr Surin said.

Hun Sen's ,failure to atend the opening session of the Asean summit does not mean there was conflict between Thailand and Cambodia.

Lee Myung Bak's visit to Cambodia

South Korea's President Lee Myung-bak steps down from the plane with his wife Kim Yoon-ok (R) upon their arrival at Phnom Penh international airport on October 22, 2009. REUTERS/Chor Sokunthea

South Korea's President Lee Myung-bak (2nd R) inspects a honour guard with his wife Kim Yoon-ok upon their arrival at Phnom Penh international airport on October 22, 2009. REUTERS/Chor Sokunthea [KI-Media Note: An honor guard made out of golden star generals?]
Students hold portraits of South Korea's President Lee Myung-bak, his wife, Kim Yoon -Ok and Cambodia King Sihamoni during the arrival of President Lee at the royal palace to meet Cambodia King Sihamoni in Phnom Penh October 22, 2009. REUTERS/Chor Sokunthea
A student smiles while waiting to welcome South Korea's President Lee Myung-bak before his meeting with King Sihamoni, at the royal palace in Phnom Penh October 22, 2009. REUTERS/Chor Sokunthea

S. Korean president begins visit to Cambodia

By Byun Duk-kun

"An agreement will also be signed later Thursday on Cambodia's provision of 200,000 hectares of land, over 10 times the size of Washington D.C., for forest plantation by South Korea."

KI-Media Note: Such land agreement is against the Cambodian constitution as it exceeds the 10,000 hectares maximum

PHNOM PENH, Oct. 22 (Yonhap) -- South Korean President Lee Myung-bak began a two-day trip to Cambodia with a visit to Cambodian King Norodom Sihamoni shortly after his arrival here Thursday.

Lee was set for a bilateral summit with Cambodia's Prime Minister Hun Sen later in the day.

"President Lee and King Sihamoni discussed ways to expand cooperation between their countries in various areas, including the agricultural and cultural sectors, while the president noted the development of their relationship since the normalization of their ties in 1997," Lee's presidential office Cheong Wa Dae said in a press release.

Lee's trip here comes as part of a three-nation tour that earlier took him to Vietnam. He will head to Thailand on Friday for a regional summit hosted by the Association of Southeast Asian Nations (ASEAN) that will also involve the leaders of Japan and China.

The trip was expected to help significantly improve Seoul's relations with Phnom Penh as the sides were set to sign an extradition treaty and a revision to the basic agreement on South Korea's Economic Development Cooperation Fund (EDCF).

Seoul agreed in June to provide US$60 million in loans from its development fund in a summit between Lee and the Cambodian prime minister held in Seoul.

The revision to the EDCF agreement, to be signed on the sidelines of the Lee-Hun Sen summit, will lead to the provision of an additional $140 million by 2012, according to Cheong Wa Dae spokeswoman Kim Eun-hye.

"As we face a great opportunity to further improve our countries' relationship this year through an exchange of visits with Prime Minister Hun Sen, I hope the countries will hold discussions on various measures for their joint development during my visit this time," Lee said in an interview with Cambodia's largest-circulation daily Rasmei Campuchea published Thursday.

South Korean investment in Cambodia increased 75 times to nearly $2.5 billion last year since their diplomatic normalization in 1997. Seoul had severed its ties with Cambodia in 1975 when the communist Khmer Rouge government took control.

Seoul has agreed to launch a joint development project for Phnom Penh, through which it will help set up "master plans" for the development of Cambodia while sharing its own development experience with the country, according to the Cheong Wa Dae spokeswoman.

An agreement will also be signed later Thursday on Cambodia's provision of 200,000 hectares of land, over 10 times the size of Washington D.C., for forest plantation by South Korea.

"Considering the complementary nature of their economies and the enactment of a free trade agreement between South Korea and ASEAN, as well as Cambodia's rapid economic growth, the cooperation between the countries will continue to show remarkable growth," Lee said in the interview with Rasmei Campuchea, held in Seoul before starting his trip.

The signing of the extradition treaty, to apply to those suspected of crimes punishable by two or more years of imprisonment, will help improve South Korea's image here, spokeswoman Kim said.

"It will also help protect the citizens and South Korean residents in Cambodia by making sure that Southeast Asia will no longer be the safe haven of criminals," she said.

Economic pacts to be signed on Korean leader's visit to Cambodia

Oct 22, 2009
DPA

Phnom Penh - South Korean President Lee Myung Bak arrived in Phnom Penh Thursday on an official two-day visit focused on economic matters.

'His visit will strengthen relations and cooperation between the countries,' Cambodia's Foreign Ministry spokesman Koy Kuong said Thursday. '[A number of] documents will be signed today, especially on economics and investment.'

Lee was first due to meet King Norodom Sihamoni and later Thursday was to hold talks with Prime Minister Hun Sen, during which the two nations plan to sign several agreements.

Among those deals is one mapping out further loans to Cambodia from South Korea's Economic Development Cooperation Fund over the next three years.

The leaders were also scheduled to sign memoranda on mineral exploration in Cambodia as well as an extradition agreement.

South Korea is a key investor in Cambodia. In recent years, its firms have been involved in a number of infrastructure development projects, including power transmission lines, a sewerage system and a hydroelectric plant.

South Korean companies have also invested in the property sector, particularly in the capital, Phnom Penh, although a number of those projects have been put on ice since the global economic crisis hit last year.

Figures released to local media by the South Korean embassy in Phnom Penh showed bilateral trade between the two nations over the four years to 2008 totalled 750 million US dollars with the bulk of that comprising South Korean exports to Cambodia.

South Korea is also important as a source of tourists to the kingdom although the number of its nationals visiting dropped one-third in the first eight months of the year from the same period last year to 123,000.

Cambodia is hoping that arrivals from South Korea would pick up as it heads into its peak tourism period in the coming weeks.

On Friday, Lee was due to visit Siem Reap to see the Angkor Wat temple complex before flying to Thailand for the Association of South-East Asian Nations (ASEAN) summit in Hua Hin. The regional body has scheduled talks with a number of non-ASEAN nations, including South Korea.

SKorean president visits Cambodia to boost ties

PHNOM PENH, Oct 22 (AFP) - South Korean president Lee Myung-bak arrived in Cambodia Thursday for a two-day official visit to boost ties and develop economic relations between the two countries.

Lee descended from his airplane to a red carpet at Phnom Penh International Airport, and then received an audience with King Norodom Sihamoni at the capital's royal palace before talks with premier Hun Sen later in the day.

Lee and Hun Sen will witness the signing of an extradition agreement and a loan package from Seoul, Cambodia's foreign ministry said in a statement.

"The visit by the South Korean president is very important. It will boost economic relations between the two countries to a high level," government spokesman Khieu Kanharith told reporters.

South Korea is one of the largest foreign investors in Cambodia, mainly in real estate and construction, he said.

The Yonhap news agency has reported that South Korean investment in Cambodia increased to nearly 2.5 billion dollars last year from 30 million dollars in 1997.

Lee and Hun Sen are also scheduled to visit Cambodia's famed Angkor Wat temples in the country's northwest on Friday before leaving for the Association of Southeast Asian Nations summit in Thailand.

S Korean president visits Cambodia to strengthen bilateral ties

PHNOM PENH, Oct. 22 (Xinhua) -- South Korean President Lee Myung-bak arrived here on Thursday to start his two-day visit to Cambodia at the invitation of Cambodian Prime Minister Hun Sen.

The official welcoming ceremony will be held at the Royal Palace by King Norodom Sihamoni.

During his stay, Lee Myung-bak will receive a royal audience by Cambodian King Norodom Sihamoni, hold the bilateral summit meeting with Prime Minister Hun Sen, and both of them will also witness the signing of a host of bilateral agreements. At the same time, Lee will also visit a South Korea's company here and the world famous tourism site Angkor Wat in Siem Reap.

It is Lee's first visit to the Kingdom since he became president in February last year.

The relationship between Cambodia and South Korea has developed steadily. South Korea now becomes the second largest foreign investor in Cambodia. According to local media reports, South Korea's investment in Cambodia increased more than 70 fold from 33million U.S. dollars in 1997 to 2,480 million U.S. dollars in 2008, and the bilateral trade volume rose to 310 million U.S. dollars in2008 from 50 million U.S. dollars in 1997. Moreover, South Korean tourists were on top of foreign arrivals to Cambodia from 2004 through 2008.

After Cambodia, Lee will also attend the annual East Asia Summit to be held in Hua Hin, Thailand, back-to-back sessions of the 15th ASEAN Summit set on October 23-25, that involves the ASEAN Plus Three and India, Australia and New Zealand.

S. Korean president says Cambodia a 'valuable' partner for growth

By Byun Duk-kun

PHNOM PENH, Oct. 22 (Yonhap) -- South Korean President Lee Myung-bak expressed hope to significantly improve his country's relations with Cambodia Thursday, saying cooperation between the two will provide new opportunities for growth for both of them.

"Cooperation between the two countries is being actively made in various fields and considering the complementary nature of their economies and the enactment of a free trade agreement between South Korea and the Association of Southeast Asian Nations (ASEAN), as well as Cambodia's rapid economic growth, the cooperation will continue to show remarkable growth," Lee said in an interview with Cambodia's largest daily Rasmei Campuchea, published Thursday.

The transcript of the interview, held in Seoul before Lee's departure on his ongoing three-nation Southeast Asian tour, was released by his presidential office Cheong Wa Dae as Lee was en route to the Cambodian capital from Vietnam.

Both Vietnam and Cambodia are members of the 10-nation ASEAN, which will meet in Thailand on Saturday.

Lee said the countries' relations improved at an unprecedented pace since they normalized diplomatic ties in 1997, during which direct investment by South Korean firms in Cambodia jumped 75 times to nearly US$2.5 billion.

"As we face a great opportunity to further improve our countries' relationship this year through exchange of visits with Prime Minister Hun Sen, I hope the countries will hold discussions on various measures for their joint development during my visit this time," he said.

Lee and Hun Sen had held a bilateral summit in June when the Cambodian prime minister visited South Korea for a special Korea-ASEAN summit, at which South Korea agreed to provide $60 million to Cambodia in loans from its Economic Development Cooperation Fund (EDCF).

Lee and the Cambodian prime minister were set to hold a bilateral summit here later in the day, at which the sides will sign a revision to their basic agreement on the EDCF that will lead to Seoul's provision of $200 million from 2009-2012, he said.

The South Korean leader also called for efforts to build a regional community in East Asia as his trip largely aims to improve Korea's relations with ASEAN countries under its "New Asia Initiative."

"The efforts to strengthen regional cooperation and integration in the East Asian region must first focus on areas where cooperation is readily possible. And during that process, we must seek to build an open and inclusive community, rather than a closed and exclusive group of countries," he said.

Lee also sought to win Cambodia's support for his country's efforts to denuclearize North Korea, explaining in detail his recent proposal for a "grand bargain" denuclearization of the communist North.

"This (proposal) seeks to fundamentally resolve the North Korean nuclear issue by completely removing the key elements of the North's nuclear programs from the very start," he said.

The president said his country will also work to promote Cambodia and other ASEAN nations' interests in the international community.

South Korea is set to host a G-20 summit in November 2010 while it is also set to take the chair of the economic conference for the year.

S. Korean president heads to Cambodia for summit

By Byun Duk-kun

HANOI, Oct. 22 (Yonhap) -- South Korean President Lee Myung-bak headed to Cambodia on Thursday, where he will hold summit talks with Prime Minister Hun Sen during his two-day trip.

Lee is on a three-nation tour of Southeast Asia that started with a stop in Vietnam and will end in Thailand, where he will attend a regional forum hosted by the Association of Southeast Asian Nations (ASEAN).

The South Korean president was set to pay a visit to Cambodia's King Norodom Sihamoni shortly after his arrival in Phnom Penh, according to Seoul's presidential office Cheong Wa Dae.

Lee and the Cambodian prime minister will discuss ways to deepen cooperation between their countries, especially in the agricultural sector and in the development of Cambodia's natural minerals, Cheong Wa Dae said earlier.

"President Lee and Prime Minister Hun Sen are expected to specifically discuss Cambodia's national development plan to find areas of cooperation," Cheong Wa Dae spokeswoman Kim Eun-hye told reporters.

The countries will sign an extradition treaty on the sidelines of the summit, and a revision to a basic agreement on the provision of Seoul's Economic Development Cooperation Fund.

Lee will depart Cambodia on Friday for Thailand's royal beach resort of Hua Hin, where he will attend the ASEAN Plus Three summit that also involves the leaders of Japan and China.

South Korean President’s Visit To Strengthen Trade

By Heng Reaksmey, VOA Khmer
Original report from Phnom Penh
16 October 2009

South Korean President Lee Myung-bak will make a two-day visit to Cambodia next week, aiming to strengthen bilateral cooperation and boost economic investment.

South Korean businesses have played a major role in recent economic development in Cambodia, but the global downturn has curtailed their investments.

Lee is scheduled to arrive Oct. 22, at the invitation of Prime Minister Hun Sen, and will have a royal audience with King Norodom Sihamoni, a spokesman for the Ministry of Foreign Affairs said. He will also pay courtesy calls on Senate President Chea Sim and National Assembly President Heng Samrin, and have official talks with the premier.

"Lee’s visit to Cambodia is crucial for the economy and for the people of the two countries,” the spokesman, Koy Koung, said.

The two countries will sign an agreement on extradition and will approve a framework for loans and economic development through 2012, he said.

Other agreements to be signed include those on cooperation between both chambers of commerce, co-production of broadcast programming, mineral exploration, plantation investment and climate change.

S Korean President to visit Cambodia next week

PHNOM PENH, Oct. 14 (Xinhua) -- South Korean President Lee Myung-bak will pay a two-day state visit to Cambodia next week at the invitation of Cambodian Prime Minister Hun Sen, according to a statement released Wednesday by Cambodia's Foreign Ministry.

The statement said Lee will arrive in Cambodia on Oct. 22-23 and will be received in the Royal Audience by His Majesty King Norodom Sihamoni and will also receive courtesy calls by Chea Sim, president of the Senate and Heng Samrin, president of the National Assembly.

Lee Myung-bak is scheduled to hold bilateral talk with Hun Sen and will witness the signing of two agreements by Cambodia's Deputy Prime Minister and Minister of Foreign Affairs Hor Namhong and his counterpart Yu Myung-hwan, minister of foreign affairs and trade of the Republic of Korea.

The two agreements are on extradition and framework arrangement concerning loans from the Economic Development Cooperation Fund (EDCF) for 2009-2012.

Also, during the visit, five other documents are expected to be singed: agreement on cooperation between the Korean Chamber of Commerce and Industry and the Cambodian Chamber of Commerce; agreement on co-production of broadcasting programs; MOU on cooperation for the field of mineral sector; MOU on cooperation for joint mineral exploration and MOU concerning the cooperation on investment in forest plantation and climate change.

At a round-table discussion organized Wednesday by Club of Cambodian Journalists, Lee Kyung-soo, South Korean ambassador to Cambodia told reporters that Republic of Korea has considered Cambodia as one of the main dialogue partners and one of the recipient countries of South Korean grants and loans in the form of ODA.

He said since Cambodia has tied diplomatic relation with South Korea in 1997, many forms of bilateral cooperation have been achieved including the investment, culture, economic and tourism.

Lee Myung-bak is expected to depart Tuesday for Vietnam, where he will meet with the country's President Nguyen Minh Triet and Prime Minister Nguyen Tan Dung.

And after Cambodia, Lee will also attend the annual East Asia Summit to be held in Hua Hin, Thailand, back-to-back sessions of the 15th ASEAN Summit set on Oct. 23-25.

Lee Myung Bak to arrive in Cambodia next Thursday

S. Korean president to seek improved ties with ASEAN during three-nation trip

By Byun Duk-kun

SEOUL, Oct. 14 (Yonhap) -- South Korean President Lee Myung-bak will leave for Southeast Asia next week to visit Vietnam, Cambodia and Thailand for bilateral and regional summits, Lee's presidential office Cheong Wa Dae said Wednesday.

Lee will depart Tuesday for Vietnam, where he will meet with the country's President Nguyen Minh Triet and Prime Minister Nguyen Tan Dung.

"President Lee and President Triet will review the progress in their countries' bilateral relations since their diplomatic normalization (in 1992) and consult on ways to strengthen cooperation in economic, trade, social and cultural sectors," Cheong Wa Dae said in a press release.

During his three-day visit to Hanoi, the South Korean president will also meet with Nong Duc Manh, secretary-general of the Communist Party of Vietnam.

Lee will also seek ways to improve energy cooperation between the two countries, along with the increased participation of South Korean businesses in Vietnam's plant and infrastructure projects, according to Cheong Wa Dae.

Lee will arrive in Phnom Penh next Thursday for a bilateral summit with Cambodian Prime Minister Hun Sen on ways to further develop economic relations between the countries.

Bilateral trade between South Korea and Cambodia increased more than six-fold to over US$300 million in 2008 from $50 million in 1997, while investments rose from $30 million to nearly $2.5 billion during the same period, according to Seoul's presidential office.

"President Lee and Prime Minister Hun Sen are set to discuss ways to promote substantial cooperation between the countries in the agricultural sector and joint development of Cambodia's natural minerals," it said.

The leaders are expected to sign an extradition treaty and a revision to an agreement on the provision of Seoul's Economic Development Cooperation Fund during Lee's two-day trip. He will also meet with Cambodia's King Norodom Sihamoni.

Lee's trip will end in Thailand's Hua Hin where he will attend the annual regional summit of the 10-member Association of Southeast Asian Nations (ASEAN). South Korea is a dialogue partner to ASEAN along with Japan and China.

"At the ASEAN Plus Three summit to be held Oct. 24, President Lee will discuss ways to increase the countries' cooperation in dealing with various regional and global issues, including the global financial crisis and food and energy security," Cheong Wa Dae said.

Lee will also attend the annual East Asia Summit that involves the ASEAN Plus Three and India, Australia and New Zealand, it said.

Cambodia, South Korea to sign oil, energy agreement

PHNOM PENH, Oct. 5 (Xinhua) -- Cambodia and South Korean governments will sign an agreement of oil and energy cooperation during the two-day official visiting by South Korean President Lee Myung-bak later this month, an official said here on Monday.

"Both sides will sign the agreement on seeking mines, oil, gas, and energy cooperation to push the economic development in the country," Eang Sophalleth, spokesman for Cambodian Prime Minister Hun Sen told reporters after the meeting between Cambodian Prime Minister Hun Sen and visiting Shin Jae Hyun, ambassador in charge of cooperation, natural resources and energy affairs to the South Korean President.

Shin's visit is to pave the way for President Lee Myung-bak's visit in Cambodia on October 22-23.

The bilateral cooperation will serve the mutual benefits, Eang said, adding that Prime Minister Hun Sen expressed his hope that it will help speed up the country's economic development.

Shin also expressed his sympathy and condolences to Cambodian victims who suffered from Ketsana storm last week and hoped the Ketsana-hit regions would be restored soon under the Cambodian government's leadership.

South Korea has contributed to building rural infrastructure, irrigation systems, and road restorations in Cambodia and has helped e-government, information technology in Cambodia. Moreover, South Korea also joined to invest in a stock exchange which plans to open next year in Cambodia.

Hun Xen returning from begging trip in South Korea

Cambodian PM returns home from S Korea after visiting

June 06, 2009
Xinhua

Cambodian Prime Minister Hun Sen returned home Friday after attending the Commemorative Summit for the 20th Anniversary of ASEAN-Republic of Korea Dialogue Relation at the invitation of South Korean President Lee Myung-bak.

The summit was held from June 1 to 2, after the meeting, Hun Sen also paid an official visit to South Korea. During the visit, Hun Sen held talks with President Lee Myung-bak. Lee told Hun Sen that South Korea would help Cambodia in areas including infrastructure, agriculture, medical service and education.

At the same time, Hun Sen asked Lee for South Korea assistance in setting up a stock exchange to develop Cambodia's financial market.

Cambodia and South Korea signed a series of cooperation agreements including 60 million U.S. dollars in loans to help Cambodia building roads and sewers, Foreign Minister Hor Namhong said at the airport.

Cambodia and South Korea re-established their diplomatic relations in 1997. South Korea became the largest foreign investing country in Cambodia in 2007, according to official statistics.

Korea, Cambodia to Strengthen Ties

Cambodia's Prime Minister Hun Sen (2nd L) shakes hands with South Korean President Lee Myung-bak (2nd R) as Hun Sen's wife Bun Rany Hun Sen (R) and Lee's wife Kim Yoon-ok pose for the photographers before their meeting at Presidential Blue House in Seoul June 4, 2009. REUTERS/Lee Jin-man/Pool
Cambodia's Prime Minister Hun Sen (L) talks with South Korean President Lee Myung-bak (R) during their meeting at Presidential Blue House in Seoul June 4, 2009. REUTERS/Lee Jin-man/Pool

June 5, 2009
The Chosun Ilbo (S. Korea)

President Lee Myung-bak sat down with visiting Cambodian Prime Minister Hun Sen for a bilateral summit Thursday. The two leaders discussed the prospect of building an industrial complex for Korean companies in Cambodia.

The Cambodian leader requested Korea's help in establishing a stock exchange in his country, with President Lee promising his support along with a pledge to send additional development aid to improve medical services and education in the Southeast Asian country.

The summit with the Cambodian leader marked the completion of President Lee's bilateral talks with all ten ASEAN member countries on the sidelines of the ASEAN-Korea Commemorative Summit held earlier this week on Jeju Island.

Korea, Cambodia expand cooperation

Thursday, June 4, 2009
The Korea Herald

Korea and Cambodia yesterday celebrated their fast-expanding ties and agreed to further cooperation in resources, construction, finance and other diverse fields.

Seoul also pledged to assist Cambodia in improving agriculture, medical service 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 President Lee Myung-bak and Prime Minister Hun Sen at Cheong Wa Dae.

Hun Sen arrived here Saturday to attend a summit between Korea and the Association of Southeast Asian Nations, which took place on Monday and Tuesday on Jeju Island 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.

Korea Land Corp. proposed the 20 billion won-project in 2008 to host the increasing number of Korean businesses in the nation.

The location will be finalized within the year and the first stage of construction will be complete by 2012, according to Seoul officials.

The industrial estate would help firms save costs and spur Korea's investment, they said.

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

The two leaders also agreed to cooperate on the establishment of a bourse for equities and bonds in Cambodia.

In March, Korea Exchange signed an agreement with the Cambodian government to set up the exchange this year, each owning 45 percent and 55 percent, respectively.

The Korean bourse operator will offer information technology systems and Phnom Penh will provide the facility and site.

After the summit, they observed the signing of six memorandums of understanding, involving cooperation for the development of residential and industrial towns, the exploration of energy and mineral resources in Cambodia, among other things.

Korea will offer its know-how in transport management and set up a research center for agricultural technology in the nation.

The state-run Export-Import Bank of Korea also agreed to extend loans worth $30 million for the development of the Siem Reap River and the renovation of wastewater treatment system around the river.

Another $30 million credit will be offered for construction and maintenance for roads in Cambodia.

The premier is making his fifth visit to Korea, with which he has maintained close relations.

Korea is Cambodia's closest partner in investment, tourism, cultural exchanges, job training, information technology, construction, finance and aviation industries.

Two-way trade was $310 million in 2008 with Korea's exports and imports standing at $290 million and 14 million.

The two nations reestablished diplomatic ties in 1997, which Hun Sen regards as one of his proudest foreign policy achievements.

The leaders are also known to be close. Lee served as an economic adviser to Hun Sen for eight years from 2000, 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.

He recently told the Korean media that kimchi, Korea's signature side dish, is one of his favorite foods and that he can make it.

By Hwang Jang-jin
(jjhwang@heraldm.com)

Sacrava's Political Cartoon: The Pig-h-D Crashers

Cartoon by Sacrava (on the web at http://sacrava.blogspot.com)

[S.Korea] Lee uses event to push ‘New Asia Initiative’

Korean President Lee Myung-bak had bilateral meetings yesterday with Thai Prime Minister Abhisit Vejjajiva, left, Philippine President Gloria Macapagal-Arroyo, center, and Vietnamese Prime Minister Nguyen Tan Dung on Saturday and yesterday ahead of the Asean-Korea Commemorative Summit, which starts today in Jeju. [YONHAP]

President hopes to increase political, economic ties with Asean members in bid to enhance Korea’s role in region

June 01, 2009
JoongAng Daily (S. Korea)

SEOGWIPO, Jeju - On the eve of a special summit of leaders from Korea and Southeast Asia, President Lee Myung-bak promoted his “New Asia Initiative” through a series of bilateral summits.

Lee arrived on this southern resort island yesterday morning for the commemorative summit to celebrate the 20th anniversary of the dialogue relationship between Korea and the Association of Southeast Asian Nations. Leaders of the organization’s 10 member nations - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - will attend the two-day summit, which starts today.

Most of the summit will focus on discussing climate change, energy security and cooperative measures to counter the global financial crisis. Leaders also are expected to express concerns about the escalated threats posed by North Korea, including its recent nuclear test.

The summit is seen as a key opportunity for the Lee administration to further progress its New Asia Initiative.

Announced in March this year following successful visits to Australia, New Zealand and Indonesia, the diplomatic campaign seeks to upgrade Korea’s role as a power player in Asia by engaging the region and attempting to create stronger ties. The initiative also represents a shift in Korea’s foreign policy focus from the global superpowers of the United States, Japan and China to regional neighbors.

Lee met with Prime Minister Abhisit Vejjajiva of Thailand yesterday afternoon, expressing his hope that Korean companies will participate in government-led infrastructure projects in the country. Additionally, Lee and Vejjajiva welcomed the upcoming signing of an investment accord between Korea and Asean. The accord, to be signed at a ceremony tomorrow, will remove the investment barriers between the two sides and is part of a larger bilateral free trade agreement.

The two leaders expressed concerns about North Korea’s latest nuclear test, calling it a step backward for global nuclear disarmament and non-proliferation efforts. The Thai leader said he will discuss the issue at the upcoming Asean Regional Forum.

During the evening, Lee and Asean leaders attended a performance by the Korea-Asean Traditional Orchestra.

Lee’s presidential diplomacy to engage South Asian leaders began before he even left for Jeju. The president held bilateral meetings in Seoul on Saturday with leaders of the Philippines and Vietnam.

Lee and Philippine President Gloria Macapagal-Arroyo agreed to expand economic and trade cooperation, according to the Blue House. At the same time, the two leaders agreed to look collaborate on finding and nurturing engines of sustainable growth in the 21st century.

Lee requested that Arroyo improve the foreign investment climate to allow Korean companies’ continuous investment in the Philippines, and the foreign leader replied positively, the Blue House said.

Arroyo also expressed appreciation for Korea’s support to develop the Philippines’ agricultural industry. A series of agreements on agriculture, labor and power generation were signed following the summit.

On Saturday, Lee met with Vietnamese Prime Minister Nguyen Tan Dung and discussed pending issues between the two nations.

The leaders pledged to use diplomatic efforts to urge the North’s return to the stalled six-nation nuclear disarmament talks, criticizing Pyongyang for harming the peace and stability in the region and the world with the recent nuclear test.

Lee also expressed his wish that Korean companies had more opportunities to participate in construction projects in Vietnam, and Dung promised active cooperation. The Vietnamese leader thanked Korea’s economic development cooperation and Lee promised continuous supports, the Blue House said.

By Ser Myo-ja [myoja@joongang.co.kr]

S Korean President to visit Cambodia this year

PHNOM PENH, March 12 (Xinhua) -- South Korean President Lee Myung-bak is planning to visit Cambodia this year, said official news agency the Agence Kampuchea Presse (AKP) on Thursday.

South Korean Ambassador Shin Hyun-suk told this to Cambodian Senate President Chea Sim during their recent meeting.

The South Korean diplomat did not mention the exact date of the visit, Pheng Kunthea Borey, protocol chief of the Cambodian Senate, was quoted by AKP as saying.

The ambassador said that his country always intended to help develop Cambodia by encouraging its investors to invest in the fields of tourism, banking and commerce of the kingdom, she said.

He also highly valued the Cambodian leaders' efforts to develop the country and bring about peace and social stability to its people, according to Pheng Kunthea Borey.

He further affirmed that South Korea will continue to support Cambodia in all fields, she added.

South Korea has played a leading role in some major development projects of the country, such as road rehabilitation, dam construction, skyscraper building and human resource training.