S Korea's Hyundai Group to build vehicle assembling factory in Cambodia

Xinhua

Hyundai Company of South Korea will build a vehicle assembling factory in Cambodia, South Korean ambassador to Cambodia said on Wednesday.

"The vehicle assembling factory will be opened in coastal Koh Kong Province," Lee Kyung Soo, South Korean ambassador here told reporters in a news conference on the state visit of South Korea president Lee Myung Bak to Cambodian on Oct. 22-23.

The press conference is organized by the club of Cambodian Journalists.

But Lee Kyung Soo did not give the details about the amount invested by Hyundai in Cambodia. Deputy Director General of Hyundai Group already paid a visit to Cambodia a few days ago, LeeKyung Soo said.

The press release from South Korean Embassy in Phnom Penh said that Camko Motor Company is building a Hyundai car assembly factory in Koh Koh province, about 370 km southwest of capital Phnom Penh. It covered land area of 165,000 square meters with two facilities for maintenance and dormitory. It can assemble 3,000 cars per year and the type of car including SUV, Van and other cars.

According to Lee Kyung Soo, South Korea's investment in Cambodia last year was worth about 1,238 million U.S. dollars, but for the first six months of this year, the investment decreased about 58 percent compared with the same period of last year because of the global financial crisis. South Korea's investment in Cambodia focuses on the rubber plantation, mines, energy, oil and gas, real estate, tourism, construction, agri-industry, Lee Kyung Soo said.

For the bilateral trade between the two countries in 2008, Cambodia imported about 309 million U.S. dollars worth of products from South Korea and Cambodia's export to South Korea about 294 million U.S. dollars. So far this year the two-way trade volume is worth about 120 million U.S. dollars. Both sides will try to foster more trade volume, Lee Kyung Soo said.