Cambodia, Thailand target $15 billion trade by 2025

Cambodia, Thailand target $15 billion trade by 2025

Prime Ministers of Cambodia and

Thailand this week will meet in Bangkok and discuss steps for boosting bilateral trade, facilitating goods transport crossing the border, and removing barriers between the two countries.

Thailand is Cambodia’s second-largest trade partner in ASEAN with trade turnover at $3.71 billion in 2023, a year-on-year decrease of 17 percent from $4.47 billion recorded in 2022, according to a General Department of Customs and Excise report.

Prime Minister Hun Manet will pay an official visit to Thailand on Wednesday this week, at the invitation of his Thai counterpart Srettha Thavisin.

In Bangkok, the Prime Minister and his Thai counterpart will hold talks on bilateral and multilateral cooperation in areas of common interest, according to a news release of the Ministry of Foreign Affairs and International Cooperation issued yesterday.

Besides, both dignitaries will preside over the signing of numerous documents on bilateral cooperation, read the statement, citing that Mr Hun Manet will also deliver opening remarks at a Cambodia-Thailand Business Forum scheduled to be held in Bangkok.

“The visit is expected to consolidate the enduring ties and traditional bonds of friendship between the two countries, guided by the spirit of their enhanced partnership for peace and prosperity, bringing mutual benefits for the two people as well as peace, stability, and prosperity for the ASEAN Community and beyond,” said the press release.

In a meeting held last September in Phnom Penh, both sides agreed to increase bilateral trade and upgrade border checkpoints and rail links for cargo trains.

Cambodia’s main exports to Thailand include textiles, agricultural products, gems, raw materials and semi-finished products.

Imports from Thailand include fish, meat, vegetables, automobiles, organic fertilizers, foodstuffs, and construction materials.

Bilateral trade between the two neighbouring Kingdoms increased since 2015, recorded at $1.83 billion.

The Ministry of Commerce is ready to facilitate more investment from the private sector in Thailand and increase the synergy in the commercial sector for improving investment and trade, its minister Cham Nimul said recently.

“We welcome Thai business people and investors who are planning to invest or expand their projects in Cambodia through better understanding of the potential investment opportunities or joint ventures with Cambodian investors,” she said. Credit khmertimeskh

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