In a meeting with H.E. HEM Vanndy, Minister of Industry, Science, Technology & Innovation (MISTI), on October 28, 2024, a business delegation from Gyeongbuk Technopark expressed strong interest in collaborating with the Cambodian government to develop a technology park in the country.

Mr. Minjae Joung, Head of Centers at Gyeongbuk Technopark, said that the organization has expertise in technology research and development and this visit to Cambodia is to inquire about Cambodia's priority sectors for Korean investment.

Minister Vanndy underscored the government's commitment to economic diversification through industrialization, as well as the shift towards a knowledge-based and technology-driven economy.

The Minister encouraged Gyeongbuk Technopark to consider offshoring high-tech manufacturing operations to Cambodia, citing the country's favorable investment climate, which includes improved infrastructure, pro-business policy and a young, tech-savvy demographic.

"As Cambodia is gradually transitioning from a mere technology user to a technology developer, we welcome partnerships that can help establish technology hubs and support SMEs in sectors like agro-industry and export-oriented production," he said.

Mr. Joung confirmed that Gyeongbuk Technopark's activities align with Cambodia's priorities, particularly in smart farming and green technology. He also expressed interest in collaborating with MISTI to establish a center for testing medical equipment to promote health technology in Cambodia, a proposal that Minister Vanndy welcomed.

Minister Vanndy assured the delegation of MISTI's commitment to supporting successful investment ventures. He encouraged Gyeongbuk Technopark to utilize formal investment mechanisms and seek credible local partners with the ministry's support.

“Cambodia may be a relatively small market, but investors should not focus solely on the domestic landscape; we have access to ASEAN, RCEP, and numerous Free Trade Agreements, including one with China, Korea and Middle East,"  Minister Vanndy said. “It’s important to get real, first-hand information from official channels, and we recognize Korea as a key partner in Cambodia's STI development.”

Gyeongbuk Technopark is a leading innovation hub in South Korea that supports the growth of technology-based industries through research, development, and collaboration among businesses, academic institutions, and government agencies.