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Cambodia, Malaysia to enhance trade and economic ties
Cambodia and Malaysia are looking forward to enhancing the cooperation in trade and economic ties. Prime Minister of Malaysia Datuk Seri Ismail Sabri Yaakob, who is in capital on a two-day official visit, is scheduled to have a royal audience with Cambodian King Norodom Sihamoni as well as meet Prime Minister Hun Sen.
The high-profile visit is seen as a way to augmenting trade ties between two nations and building confidence in Malaysian investment associations in Cambodia, said officials and key insiders of private sectors to Khmer Times.
Penn Sovicheat, under-secretary of state of the Ministry of Commerce, said that the visit of the Prime Minister of Malaysia to the Kingdom of Cambodia will further strengthen diplomatic ties, especially the expansion and strengthening of economic, trade and trade facilitation between the two countries.
Trade relations between Cambodia and Malaysia have significantly improved with the volume of imports increasing significantly, he said. The partnership between the two countries will have long-term economic cooperation and assist each other in ASEAN framework and on behalf of bilateral partners – RCEP.
“The visit of His Excellency the Prime Minister of Malaysia is another testament to the strengthening of not only diplomatic ties, economic and trade ties, and further encourages Malaysian businessmen and investors to come to Cambodia,” Sovicheat said.
Figures from the ministry showed that the bilateral trade between Cambodia and Malaysia was valued at $500 million last year, a year-on-year increase of 13.14 percent. Of which, Cambodia exported $101 million worth of goods to Malaysia, while imported $399 million from Malaysia.
The main products the Kingdom exported to Malaysia are cloths, milled rice, industrial products, while the main products imported from Malaysia are auto spare parts, food and beverage, electronic devices.
Lim Heng, vice president of the Cambodia Chamber of Commerce, said that Malaysia is among the main foreign investments in Cambodia in the sectors of real estate, garment factories and processing plants.
The two countries are now boosting cooperation on tourism ties, Heng said. “There are many Malaysian investments in Cambodia as the two countries are implementing to facilitate procedures to enhance the trade activities and attract mutual investment,” Heng said.
In Phnom Penh, leaders of the two countries will discuss initiatives to further strengthen Malaysia and Cambodia’s long-standing relations, including post-Covid-19 cooperation, Asean cooperation, as well as regional and international issues of mutual interest.
In a separate session, Datuk Seri Ismail Sabri Yaakob will also meet with members of the ‘Malaysian Family’ in Cambodia.
Source: https://www.khmertimeskh.com/501030560/cambodia-malaysia-to-enhance-trade-and-economic-ties/