Cambodia and China to further boost trade and investment

Cambodia and China have applauded the good cooperation between the countries in further promoting trade and investments, despite the Covid-19 crisis. Speaking at the China-Cambodia Trade and Investment Fair 2022 in the hybrid format yesterday, Seang Thay, Secretary of State at the Ministry of Commerce, said that thanks to the Chinese government, investors, businessmen, and people always support the promotion of economic, trade, and investment development in Cambodia. The cooperation between Cambodia and China in promoting trade and investment has been remarkable, Thay said, citing that this has contributed to an increase in bilateral trade. “Cooperation between Cambodia and China has been strengthened and enhanced continuously under the leadership of leaders of the two countries,” Thay said. Under the regional framework, the two sides joined the Regional Cooperation Economic Partnership, and bilaterally, the two countries signed the free trade agreement. “I encourage foreigners in trade, industry, and investments to grab Cambodia’s opportunity to inject investment and businesses in the country for progressing together,” Thay said. Qian Keming, Vice Minister of Commerce of China, said that China remains Cambodia’s largest trading partner and has become Cambodia’s largest export destination for rice and bananas. The investment cooperation between the two parties involves various fields such as agriculture, electric power, textiles and communications, Keming said. The meeting is an important measure for the two sides to promote the development of China-Cambodia economic and trade relations under the pandemic, Keming said. “All friends will take this opportunity to conduct in-depth exchanges, negotiate business opportunities, seek common development, and promote China-Cambodia economic and trade cooperation to achieve greater success,” Keming said. According to Chinese statistics, in the first quarter of this year, the trade volume between China and Cambodia reached $3.75 billion, a year-on-year increase of 39.2 percent, ranking first among Asean countries. China’s non-financial direct investment in Cambodia was $206 million, a year-on-year increase of 35.2 percent. In the first quarter, Cambodia’s investment in China reached $24.86 million, a year-on-year increase of 255 percent. Counselor Wu Guoquan at the China-Cambodia Trade and Investment Fair said that the meeting is one of the key measures to implement the consensus of the leaders of China and Cambodia on pragmatic economic and trade cooperation. “China and Cambodia, as experienced friends and a community with a shared future, must continue to traditional friendship, to create a “new model and new highland” for economic and trade pragmatic cooperation, this meeting can be described as the right time,” Guoquan said. “In 2022, the China-Cambodia Free Trade Agreement and the Regional Comprehensive Economic Partnership came into effect simultaneously. We will take this opportunity to continue to promote China-Cambodia cooperation in areas such as infrastructure, production capacity, digital economy, green and low-carbon, and continuously improve bilateral trade and investment,” Guaquan said. Last year, the two-way trade between Cambodia and China amounted to $11.19 billion, of which Cambodia exported $1.51 billion to China. This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources. Khmer Daily