Cambodia, Malaysia agree to further bolster economic ties

Cambodia, Malaysia agree to further bolster economic ties

Prime Minister Hun Manet and his Malaysian counterpart Datuk Seri Anwar Ibrahim have agreed to further bolster economic cooperation, considering the possibility of establishing a joint trade committee to inject new energies into economic and trade relations.

The commitment was made on Tuesday during Prime Minister Hun Manet’s visit at the invitation of Prime Minister Datuk Seri Anwar Ibrahim.

Both leaders discussed a wide range of cooperation between the two countries aimed to enhance bilateral ties and cooperation in various fields, especially trade and economy, said a joint communique upon the meeting held in Kuala Lumpur, Malaysia.

Marking the 67th anniversary of a relationship this year, Cambodia and Malaysia’s bond have touched new heights in terms of economic, high-level interaction, people-to-people exchange and strengthened defence ties, Mr Hun Manet said.

“On the economic fronts, our bilateral trade shows promising upward trends and there are still untapped potentials to further bolster economic partnership, we underline a more active role of our private sectors in fostering economic collaborations and development initiatives,” said the Prime Minister.

On the energy front, the premier appreciated Malaysia’s principles of portfolio facilitating the Laos-Cambodia-Singapore undersea power transmission cable project across the coastal region and invited Malaysia to consider participation in the above sea, undersea power transmission cable project between Cambodia, Malaysia and Singapore for regional energy security.

Cambodia invited Malaysia to consider the possibility of establishing a joint trade committee.

The Malaysian premier expressed his support for his Cambodian counterpart’s proposal, citing that the two countries have a huge potential in terms of boosting trade volume and collaboration on research, investment, Halal industry, renewable energy, high-tech industries, including EVs, said the Malaysian premier.

“Trade ministries of both countries would join the trade committee platform and would address challenges and find solutions for both trade and tourism. Investment has been there but we should expect more investments into Cambodia and from Cambodia into Malaysia,” he said.

The two prime ministers witnessed the signing ceremony of a memorandum on corporations in the area of Financial Innovation and Payment Services by the central banks of both countries.

To support a bilateral economic partnership, both agreed to expand air routes between the two countries.

Prime Minister Hun Manet also attended the Cambodia-Malaysia Business Forum, calling Malaysian investors to consider investment opportunities in Cambodia.

Bilateral trade between the two countries amounted to $632 million in 2023, a year-on-year increase of 1.9 percent, a General Department of Customs and Excise report showed.

The main products the Kingdom exported to Malaysia are cloths, milled rice and industrial products, while the main products imported from Malaysia are auto spare parts, food and beverage and electronic devices.

Of that, Cambodia exported just $105 million worth of goods to Malaysia, a year-on-year decrease of 6.1 percent. Khmertimeskh

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