Followed by the recent MoU with Kazakhstan, FSC signed another MoU with the National Bank of Cambodia last week. This time, FSC’s Vice-Chairman Choo Kyungho went on a business trip to Cambodia and Vietnam from Tuesday February 5 to Sunday February 10.
Why these two countries, Cambodia and Vietnam, were chosen as the destination for Mr.Choo’s business trip? First of all, it is closely related to FSC’s effort to build ‘Financial Cooperation’ within Southeast Asia region. As previously mentioned in the post about the MoU with Kazakhstan, FSC has been working to enhance financial diplomacy to maintain closer relationship with other economies.
In this regards, Cambodia and Vietnam, both of countries, are significant financial partners. Vietnam is Korea’s 4th biggest foreign direct investment country. 41 Korean financial businesses are running in Vietnam, showing that Vietnam is the most active financial partner within Southeast Asian emerging economies. As FSC already signed MoU with Vietnam in March, last year, Mr.Choo discussed KSP (Knowledge Sharing Program) during this time.
Cambodia, despite being less active partner country compared to Vietnam, is still a significant partner expanding mutual influences each other. Recently, there have been increasing contacts between Cambodia and Korea, with Korea Exchange (KRX)’s supporting measures to establish ‘Cambodia Exchange’.
To further extend this relationship and to enhance financial cooperation, Mr.Choo signed MoU with the National Bank of Cambodia. By singing the MoU, both countries are seeking to enter into each country’s economy in more active and mutually beneficial manner.
As well as financial diplomacy, Mr.Choo held meetings to hear difficulties and challenges experienced by Korean financial businesses running branches in both countries. The previous difficulties are expected to downsize, as FSC’s cooperation with both countries are getting enhanced and advanced.
FSC will keep making an effort to build financial cooperation with MoU-signed countries and other emerging economies as well. Keep your eyes on how FSC further develops its relationship with other economies