In a bid to foster greater economic cooperation between Indonesia and Cambodia, the Indonesian Ministry of Trade, in collaboration with the Indonesian Embassy in Phnom Penh, hosted a business matching event on Friday aimed at connecting young entrepreneurs from both countries.
The event, held at the Indonesian Ministry of Trade’s Permanent Trade Exhibition, saw the participation of twenty-three entrepreneurs from Cambodia, members of the Cambodia Youth Entrepreneurs Association for Development (CYEAD).
During the introduction of the delegation, the Indonesian Ambassador to Cambodia, Santo Darmosumarto, underscored the importance of strengthening business ties between the two nations.
“Entrepreneurs from both countries have yet to fully leverage the untapped potential for business cooperation,” he said. “The Indonesian Embassy considers young Cambodian entrepreneurs to be one of the main drivers in efforts to strengthen this cooperation.”
The business matching session, a part of CYEAD’s visit to Jakarta from February 29 to March 1, aimed to explore opportunities for trade and investment cooperation between the two countries.
Five Indonesian companies specialising in commodities, household equipment, and food trading also participated in the event.
Arief Wibisono, the Director of Market Development and Export Information at the Indonesian Ministry of Trade, expressed gratitude for CYEAD’s visit and highlighted its potential to introduce the Cambodian business ecosystem to Indonesian entrepreneurs.
“The expectation is that this visit will enable CYEAD to introduce the business ecosystem in Cambodia to Indonesian entrepreneurs,” he said.
According to data from the Indonesian Ministry of Trade, bilateral trade between Cambodia and Indonesia witnessed a significant increase in 2023, reaching a total value of $961.2 million, marking a 21.9% growth from the previous year. Indonesian exports to Cambodia accounted for $856 million, reflecting a notable growth of 10.16%.
In light of these promising figures, the Indonesian Embassy in Phnom Penh aims to diversify Indonesian export products through business matching events, seeking to move beyond the current dominance of coal exports.
As Indonesia and Cambodia celebrate their 65th anniversary of diplomatic relations this year, the Indonesian Embassy in Phnom Penh, in collaboration with partners from both countries, plans to undertake various initiatives to enhance and broaden economic cooperation in the coming year. The Business Matching event serves as a testament to the commitment of both nations in fostering mutually beneficial partnerships and exploring new avenues for growth and development.
Speaking to Khmer Times in an exclusive interview, Ambassador Darmosumarto said he has pinpointed multiple areas that have potential for trade and investment, including agriculture, manufacturing, energy and tourism.
“In 2024, we have arranged a number of activities to further strengthen cooperation between the two nations, particularly in trade and investment,” he said. “We are happy that Indonesia became the number six trading partner with Cambodia.”
However, the Ambassador also identified challenges that the two countries have to overcome for a smoother path towards a stronger diplomatic relationship, including the two people’s limited understanding and knowledge of one another and the differences in market sizes. khmertimeskh
