Cambodian Ambassador to Korea Chring Botumrangsay shared candid insights on the burgeoning bilateral relations, highlighting the economic synergy between the two nations at a business investment event on Thursday.
In a bid to bolster the competitiveness of the country's exports, which form the foundation of Korea's economy, the government has introduced an additional 23 trillion won ($17.18 billion) financial support plan, building upon a prior 16.7 trillion won initiative in funds for export enterprises. The "Comprehensive Export Finance Support Plan" comes after the fourth meeting on export strategy conve.
In a bid to bolster the competitiveness of the country's exports, which form the foundation of Korea's economy, the government has introduced an additional 23 trillion won ($17.18 billion) financial support plan, building upon a prior 16.7 trillion won initiative in funds for export enterprises. The "Comprehensive Export Finance Support Plan" comes after the fourth meeting on export strategy conve.
Recently, Korea s trade deficits hit an all-time high as its exports continue to struggle. In February this year, Korea s exports had fallen 12.1 percent year-on-year to $96.4 billion while imports grew by 0.2 percent year-on-year to $114.3 billion, resulting in a trade deficit of $18 billion. In response, the Korean government has employed various measures to boost its exports. Nevertheless, the path to recovery seems uncertain as the sluggish exports are due to several factors: global recession prompted by quantitative tightening with higher interest rates, Korea s export structure reliant on intermediate goods including memory semiconductor and a weakening industrial base in recent years.