Ministry of Economy and Finance Shares EDCF Achievements with Cambodia: "Need to Enhance Economic Cooperation Level"

South Korea and Cambodia reviewed the outcomes of their bilateral economic cooperation and discussed ways to expand the overseas advancement of Korean companies.

The Ministry of Economy and Finance announced on the 10th (local time) that it held the "Cambodia Economic Development Cooperation Fund (EDCF) Performance Sharing Workshop" at the Hyatt Hotel in Phnom Penh. The EDCF is a government fund introduced in 1987 to support industrial development and economic stability in developing countries and to promote economic cooperation with these countries.

This event was the first large-scale EDCF performance meeting held locally, aimed at reviewing the achievements of EDCF support in Cambodia and discussing mutual development plans. About 100 participants attended, including Kim Kyung-hee, Director General of Development Finance Bureau, development cooperation agencies, EDCF participating companies, and local development cooperation officials from Cambodia’s Ministry of Economy and Finance (MEF) and Ministry of Health (MOH).

(From left) Deputy Minister of Rural Development of Cambodia, Na Sang-deok, Charg? d'Affaires at the Embassy of Cambodia, Kim Kyung-hee, Director General of Development Finance Bureau at the Ministry of Strategy and Finance, Hem Bandi, Deputy Minister of Economy and Finance of Cambodia, and Banaros, Deputy Minister of Public Works and Transport of Cambodia, are taking a commemorative photo on the 10th (local time) at the EDCF Performance Sharing Workshop and EDCF Policy Consultation held in Phnom Penh.

In her opening remarks, Director General Kim Kyung-hee stated, "Cambodia is the second largest EDCF partner country in terms of support scale," adding, "With the recent opportunity to sign a new EDCF Framework Agreement (F/A) worth 1.5 billion USD, we must elevate the level of economic cooperation between the two countries." She also expressed willingness to support large-scale landmark projects under the EDCF.

The Ministry of Economy and Finance held a meeting the previous day with On Pomoniroat, Cambodia’s Deputy Prime Minister for Economy, and conducted the Korea-Cambodia EDCF policy consultation to discuss current EDCF project issues between the two countries. During the meeting with the Deputy Prime Minister, they emphasized the importance of the renewed 1.5 billion USD EDCF F/A for 2022?2026, signed last August, and reaffirmed their commitment to actively cooperate so that the doubled support limit compared to before can lead to the discovery of concrete projects involving Korean companies. Both sides also reviewed project discovery issues such as feasibility study (F/S) support for candidate projects like the second phase of the Ta Khmao sewage treatment construction project and the smart water management system construction project, as well as the timing of main project support and linkage with existing projects.

The Ministry of Economy and Finance explained, "Starting with this event, we will expand workshops annually focusing on EDCF priority support countries," and added, "We plan to actively utilize these workshops in conjunction with EDCF policy consultations to discover landmark projects and enhance economic cooperation with recipient countries."