Hong Kong encourages investment in industry, tech, food processing

Hong Kong encourages investment in industry, tech, food processing

A senior official from the Hong Kong Trade Development Council (HKTDC) has committed to encouraging investors and businesspeople to consider investing in Cambodia’s technology and food-processing industries.

The pledge was made during a meeting between Ministry of Commerce secretary of state Sok Sopheak and Patrick Lau, deputy executive director of the HKTDC, in Hong Kong on March 19. 

The meeting focused on discussing ways to promote trade and investment relations between Cambodia and the Hong Kong Special Administrative Region, as stated in a ministry press release.

Sopheak highlighted Cambodia’s recent initiatives, including the implementation of the new investment law and related regulations, the signing of bilateral and multilateral free trade agreements (FTAs), various promotional policies and the recent launch of the “Special Programme for Promoting Investment in Preah Sihanouk Province in 2024”. 

He expressed optimism that these developments would present lucrative opportunities for investors and businesspeople from Hong Kong.

Lau acknowledged his commitment to relaying comprehensive information to attract them. 

He emphasised the investment possibilities in Cambodia’s technology and food-processing sectors, particularly in areas where the country is yet to fully develop capabilities for producing export-ready goods.

Lau promised to invite Cambodian investors and producers to participate in trade fairs, forums and conferences hosted in Hong Kong, both at regional and international levels. 

This, he said, would allow them to present their products and policies to a broader audience more effectively.

On August 19, 2023, a Cambodia-Hong Kong exhibition was held in Phnom Penh, showcasing over 40 companies. 

At the exhibition’s opening, ministry secretary of state Reach Ra remarked on the evolving cooperation between the two governments, describing it as “diamond-level”.

He expressed satisfaction with the ministry’s role in facilitating various trade exhibition proposals in Cambodia, which are expected to significantly enhance bilateral trade.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post on August 21 that robust diplomatic ties and the Cambodia-China Free Trade Agreement (CCFTA) have been instrumental in the consistent growth of two-way trade, particularly with regard to Cambodian exports to the world’s second-largest economy.

Vanak observed that the increase in exports to mainland China and Hong Kong has contributed to a considerable reduction of Cambodia’s trade deficit.

“Based on the favourable relations between both governments and private sectors, I anticipate that bilateral trade will continue to grow, with a particular increase in Cambodia’s exports. Additionally, there has been a rise in the number of Chinese investors in Cambodia,” he added.

The General Department of Customs and Excise (GDCE) reported that trade volume between Cambodia and Hong Kong reached $432 million in 2023, marking a 17% decrease compared to $521.5 million in 2022.

Exports to Hong Kong amounted to $163 million in 2023, a drop of 10.4% from $182 million the previous year, while imports were recorded at $269 million, down from $339.5 million, a 20.7% decrease. phnompenhpost

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