The Minister of Commerce has encouraged Australian businesses to invest more in Cambodia and expand market ties with the country in a bid to bolster Cambodian-Australia business relations.
Cham Nimul, Minister of Commerce, made the remarks during a meeting with Senator Tim Ayres, Australia’s Assistant Minister for Trade and Manufacturing at the sidelines of the ASEAN-Australia Special Summit in Melbourne.
During the meeting, the minister outlined the prioritized sectors for investors including agriculture and agri-processing, logistics, e-commerce and digital technology.
Nimul underscored the important role of the private sector of both countries for Cambodia’s economic development, especially in creating employment opportunities and diversification of trade and industry in the Kingdom.
During the meeting, both sides discussed steps for strengthening friendship and bilateral economic and trade relations. They also noted the remarkable achievement in bilateral trade made so far.
In this regard, both parties discussed and exchanged views and best practices towards further strengthening and promoting business activities and bilateral trade between the two countries, in particular by emphasizing the importance of the agreement establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) and the RCEP agreement to further strengthen trade relation and economic cooperation.
Lim Heng, Vice President of the Cambodia Chamber of Commerce, said that Australia is one of the largest importers of Cambodian goods in the world and also one of the biggest investors in Cambodia.
“As Cambodia and Australia are members of the RCEP agreement, it would be better if the two countries can deepen relations for mutual economic and investment benefits,” Heng told Khmer Times.
Figures from the General Department of Customs and Excise (GDCE) showed that the bilateral trade between Cambodia and Australia amounted to $502 million in 2023, up 1.05 percent compared to 2022.
Cambodia exported $370 million worth of goods to Australia in 2023, a year-on-year increase of 1.57 percent. khmertimeskh
