[BUSINESS GHANA]
South Korea was the No. 1 foreign investor in Cambodia in 2010 as its companies moved to build factories to take advantage of the country's low labor costs, a report by a state-run trade promotion agency said Tuesday.
The report by the Korea Trade-Investment Promotion Agency (KOTRA) showed South Korean investments reached US$1.02 billion last year, larger than China's $694 million.
Last year's tally reflected the stabilization of the political and social climate in the Southeast Asian country over the past 10 years, and the sharp rises in labor costs in China and Vietnam that have hurt price competitiveness of products made in those countries, it said.
KOTRA also said that South Korean companies have started to expand the scope of their investments in recent years. Companies that first entered the Southeast Asian country in 1992 generally focused on light manufacturing plants, but businesses have started entering the mining, construction and real estate sectors.
The agency, meanwhile, said that it is offering support to companies wanting to do business in the country so they will not make serious mistakes.
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