Japan External Trade Organization (JETRO) will strengthen cooperation with Cambodia’s Ministry of Commerce to help the Kingdom fully tap its export potential.
The assurance was given to Samheng Bora, Secretary of State of the Ministry of Commerce, when a Cambodian delegation headed by him met with Sho Hideki, Director General of JETRO in Osaka, Japan, on Wednesday.
The meeting between the Cambodian delegation and the JETRO team took place at the JETRO Headquarters in Osaka, an official statement said.
During the meeting, the Secretary of State thanked JETRO teams in both Phnom Penh and Osaka for their support and good cooperation in the past and also highlighted some of the Ministry of Commerce’s priority actions in promoting Cambodia’s exports, especially cashew nuts and mangoes.
Hideki, on his part, praised the efforts of the Royal Government of Cambodia, especially the Ministry of Commerce to promote the export of Cambodian products.
The Director General also expressed his support and intention to strengthen the cooperation between the Ministry of Commerce and JETRO to help Cambodia fully tap its export potential through the establishment of communication networks and matching opportunities between the private sectors in both countries.
The Kingdom’s main exports to Japan are garments, bags, footwear, furniture, cosmetics, paper and office supplies and leather goods. The main imports are machinery, automobiles, electronic items, furniture, fabrics and plastics.
According to the trade data of Cambodia’s General Department of Customs and Excise (GDCE) for the January to August period of 2024, Japan is the fourth biggest export destination of Cambodia accounting for $924 million and 5.1 percent of the market share.
The exports to Japan rose by 20 percent in the first eight months this year, compared to the same period last year.
The growing trade between the two countries has also helped in strengthening the bilateral relations, which is seen in the increased assistance by the Japan International Cooperation Agency (JICA) for various infrastructure development initiatives of the Royal Government.
Among the major infrastructure projects supported by Japan in the Kingdom include the expansion of Sihanoukville Autonomous Port (PAS), three main bridges (Chroy Changvar Bridge, Kizuna Bridge in Kampong Cham and Tsubasa Bridge linking Kandal Province with Neak Loeung in Prey Veng Province), 26 schools, Cambodia Japan Cooperation Centre and Institute of Technology of Cambodia buildings, six roads (568 kms) and eight hospitals.
Last month, during a visit to Cambodia, the JETRO delegation comprising representatives from 19 Japanese private companies led by its Executive Vice President Mio Kawada held discussions with Prime Minister Hun Manet.
During the meeting, the delegation emphasized the potential of introducing new and modern Japanese technology to drive sustainable development in Cambodia.
Cambodia and the Japanese side are also keen on the possibility of establishing a bilateral free trade agreement, which is expected to push cooperation in trade and investment between the two countries.
In a bid to attract more direct investments from Japan, the Cambodian government has been preparing a policy on establishing Cambodia-Japan special economic zones that can attract more Japanese investors to Cambodia as the Kingdom has huge markets under free trade agreements and RCEP.
There are 149 Japanese investment projects with a total capital of about $2.9 billion operating in Cambodia, mainly in garments, footwear, travel goods, auto parts, electronics, car tyre, automotive parts, solar panels and bicycle assembly industries.
(Source: Khmertimeskh)