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Cambodia: Kingdom lures Japanese investment
The Minister of Commerce has sought more Japanese investments in the Kingdom as Cambodia and Japan are keen to work on negotiations to possibly establish a bilateral free trade agreement.
Pen Sorasak, Minister of Commerce asked the Japan-Cambodia Association to promote the potential of Cambodia to Japanese investors and businessmen to Cambodia. The calls were made in a meeting between Sorasak and the president of Japan-Cambodia Association Fumiaki Takashashi.
He called on Japanese companies and investors, as well as officials from the Ministry of Commerce and relevant ministries and institutions, to continue to coordinate well in promoting more Japanese business, trade and investment activities, while Cambodia has many other potential sectors.
Sorask briefed the delegation about the government’s efforts to facilitate and improve the business-investment environment in Cambodia. He also highlighted the support of the Ministry of Commerce to businesses in Cambodia by facilitating trademark registration for businesses, and potential products in Cambodia, particularly potential agricultural products.
Fumiaki Takashashi highly valued the Cambodian government’s efforts, particularly the Ministry of Commerce on coordinating between relevant ministries and Japanese businesses and investors to increase investment and trade in goods and other potential sectors of Cambodia.
The two sides also discussed the management of special economic zones, long-term carbon reduction policies, and bilateral cooperation in other potential areas – energy sector.
Trade between Cambodia and Japan amounted to $480 million in the first three months this year, a 3.5 percent increase compared to the same period last year, according to a report from the General Department of Customs and Excise.
Cambodia exported $305 million worth of goods to Japan, a 3.5 percent increase year-on-year, while imports from Japan were valued at $174 million.
The ministry’s spokesman Penn Sovicheat said that the ministry has set up a working group to study and collect input from stakeholders and the private sector to develop strategies to maximise the benefits of implementing the free trade agreement to which Cambodia is a signatory.
“A working group has been formed tasked to collect inputs and to work with Japan’s working group on the possible negotiation on the FTA establishment,” Sovicheat said.
Last year, the two-way trade volume reached $2,332 million, according to the Japan External Trade Organization. Cambodia exported $1,752 million worth of goods to Japan last year, a year-on-year increase of 8.4 percent.
Source: https://www.khmertimeskh.com/501065840/kingdom-lures-japanese-investment/