Cambodia made a strong pitch at the ‘2024 China (Chongqing)-ASEAN Electric Power Equipment Manufacturing Industry Conference on Innovation and Cooperation’ held in Fuling District, Chongqing on June 18 by inviting investors from various countries to seize the opportunity to do business and invest in the Kingdom and work together to build and achieve better regional prosperity.
The event attracted more than 40 guests from ten ASEAN countries to attend the meeting, aiming to strengthen cooperation between Chengdu-Chongqing region and ASEAN countries in the field of power equipment manufacturing industry.
During the meeting, the Fuling District Government and the RCEP Industrial Cooperation Committee jointly signed a strategic cooperation framework agreement. The agreement states that the RCEP Industrial Cooperation Committee will help Fuling expand its trade scale with RCEP member countries and assist Fuling in conducting business negotiations, exchanges and other economic and trade activities at home and abroad.
Xu Ningning, chairman of the RCEP Industrial Cooperation Committee, said that the focus of economic cooperation is industrial cooperation. In addition to the power equipment manufacturing industry, Chongqing and the member countries of the Regional Comprehensive Economic Partnership Agreement (RCEP) have great cooperation needs in the food industry, traditional Chinese medicine industry and logistics industry.
Kha Leng, Secretary of State of the Cambodian Ministry of Commerce, said that despite the uncertainty of the current global crisis, the Cambodian economy has shown remarkable resilience.
According to Cambodia’s trade statistics from January to May 2024, Cambodia’s total trade with the global market exceeded US$21.612 billion, an increase of 12 percent compared with the same period last year.
In addition, Cambodia’s total trade with RCEP member countries also reached US$14.171 billion, an increase of 14.20 percent over the same period in 2023.
These positive data show that the continued increase in trade activities between Cambodia and its partners, especially RCEP, has brought great benefits to Cambodia’s economic development.
Kha Leng introduced to representatives of various countries the strong advantages of Cambodia’s commercial investment and production in terms of geographical advantages, infrastructure, preferential policies, human resources, etc. She called on investors from various countries to seize the opportunity to do business and invest in Cambodia and work together to build and achieve better regional prosperity.
Data show that in 2023, Fuling and ASEAN countries achieved import and export volume of RMB 4.2 billion, of which the export value of mechanical and electrical products reached RMB 420 million, a year-on-year increase of 140 percent. At present, Fuling is promoting cooperation with ASEAN countries around industries such as new chemical materials, metal materials, new energy vehicles, biomedical, food and agricultural product processing.
