Commerce chamber suggest Hungary open commercial office

Commerce chamber suggest Hungary open commercial office

The Cambodia Chamber of Commerce (CCC) has requested that the Hungarian government examine the possibility of establishing a commercial office in the Kingdom to expand Cambodia-Hungary trade and investment cooperation. It noted that the volume of bilateral trade and investment between the two countries remains limited.

The suggestion was made during a May 30 Phnom Penh meeting between CCC president Kith Meng and Tibor Baloghdi, Hungary’s Vietnam-resident ambassador to Cambodia.

During their talks, Meng, who also serves as chairman of the ASEAN Business Advisory Council Cambodia, noted that the business communities of the two countries have close relations, and have co-organised several joint business forums to promote mutual business opportunities.

“However, the volume of bilateral trade and investment between our two nations is still limited,” he said, according to a May 30 CCC press release.

“Meng requested that Baloghdi suggest that the government of Hungary look into the possibility of establishing a Hungarian commercial office in Cambodia in order to enlarge Cambodia-Hungary trade and investment cooperation,” it said. 

Meng encouraged Hungarian businessmen to explore the possibility of cooperating in the agriculture, industry, manufacturing, agriculture, information technology, environment and water sectors.

In 2019, Senate president Hun Sen, then-prime minister, paid an official visit to Hungary and attended the Water Summit in Budapest. On that occasion, the CCC signed a memorandum of understanding with the Hungarian Chamber of Commerce and Industry.

Socio-economic analyst Chey Tech noted that although Hungary is a member of the EU, trade relations between the two countries remain limited. He explained that Cambodia exports several agricultural products to Hungary, including rice and tobacco, while importing technological equipment and agricultural machinery from Hungary.

“The establishment of mutual trade offices between the two countries is essential for boosting bilateral trade as well as opening up trade and investment entrances,” he told The Post on May 31.

“Through this, Cambodia will be able to grow its trade and industrial presence in Europe, as Hungary is an EU member. Through the Kingdom, Hungary will be able to increase its presence in ASEAN,” he added.

Tech suggested that the two nations should examine possible laws and agreements such as overlapping tax agreements and trade facilitation agreements to further expand exports and imports, mutual investment in tourism and other potential economic cooperation.

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