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S. Korea to help companies win more overseas orders

Economy 08:54 June 15, 2020

SEJONG, June 15 (Yonhap) -- South Korea's finance minister said Monday the government will spare no efforts to help companies win overseas orders this year, as part of its efforts to revive economic growth amid the coronavirus pandemic.

Finance Minister Hong Nam-ki said such efforts would help companies clinch overseas orders worth US$30 billion this year

The government will set up total funds of 3.7 trillion won ($3.07 billion) to aid local firms in winning overseas orders, Hong said.

Hong said South Korea plans to launch negotiations with Cambodia to sign a bilateral free trade agreement (FTA) in July.

Finance Minister Hong Nam-ki speaks at a meeting with economy-related ministers on June 15, 2020. (Yonhap)

The two nations launched a joint feasibility study on their potential FTA in November last year.

South Korea and Cambodia completed the study last month and agreed to start domestic procedures to pave the way for official talks.

South Korea's exports to Cambodia reached $696 million in 2019, up 5.5 percent from a year earlier. Its imports from Cambodia came to $335 million, up 6.8 percent on-year.

South Korea mainly ships textile materials and used freight trucks to Cambodia and imports finished clothing goods.

kdh@yna.co.kr
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