Cambodia ready to ramp up trade ties with Malaysia

Cambodia ready to ramp up trade ties with Malaysia

A business forum scheduled to be held on Tuesday in Kuala Lumpur, Malaysia, is expected to pave the way

to enhance bilateral cooperation on trade, investment and economy between Cambodia and Malaysia.

Co-organized by the Cambodia Chamber of Commerce, the Malaysia Business Chamber in Cambodia and the National Chamber of Commerce and Industry of Malaysia, the business forum will be held on the occasion of the official visit of Prime Minister Hun Manet to Malaysia on February 27.

Mr Hun Manet will deliver a keynote address and witness the signing of MoUs covering trade cooperation between the Chambers of Commerce of the two countries.

The business forum is an important event to promote investment opportunities and attract investment from Malaysia to Cambodia, said Lim Heng, Vice President of the Cambodia Chamber of Commerce.

There are many Malaysian investments in Cambodia as the two countries are implementing to facilitate procedures to enhance trade activities and attract mutual investment, Heng said, citing that Malaysia is among the main foreign investments in Cambodia in the sectors of real estate, garment factories and processing plants.

“The forum will provide more opportunities to both sides to discuss and talk to strengthen cooperation on trade and investment and other sectors, particularly Cambodia takes this opportunity to promote law on investment and trade agreements to lure investors,” Heng added.

High hopes of attracting more Malaysian investors and businesses to Cambodia are pinned after the forum, he said.

On the sidelines of the forum, the Cambodia Chamber of Commerce will sign two memorandums of understanding between the Malaysia Business Chamber in Cambodia and the National Chamber of Commerce and Industry of Malaysia.

Prime Minister Hun Manet is paying a one-day high-profile visit to Malaysia, where he will meet his Malaysian counterpart Anwar Ibrahim, and discuss enhancing the cooperation in the prioritized sector, particularly trade and economic ties.

Among those who are accompanying the Prime Minister include Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, Deputy Prime Minister Sok Chenda Sophea, Minister of Foreign Affairs and International Cooperation along with senior ministers, ministers, key government officials and business leaders from the Cambodia Chamber of Commerce.

The two Prime Ministers shall witness the signing ceremony of the MoU between the National Bank of Cambodia and Bank Negara Malaysia on Cooperation in the Area of Financial Innovation and Payment Systems.

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.

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

Leave a Reply

Your email address will not be published. Required fields are marked *