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GMAC, Euro Cham pact set to boost Cambodian garment exports
The Garment Manufacturing Association in Cambodia (GMAC) and Euro Cham have entered into a partnership to cooperate for the mutual benefit of the garment sector, the country’s brightest prospect in exports.
Kong Sang, President of the Garment Manufacturing Association in Cambodia, and Euro Cham Chairman Tassilo Brinzer, attended the signing ceremony on Wednesday.
Siang said that the European Union is one of Cambodia’s main trade and investment partners. The country needs to strengthen its competitiveness further to maximise economic benefits through its export growth potential.
They said the cooperation would enhance the garment sector in Cambodia, mainly boosting the exports to the EU market.
Euro Cham represents a fine mix of major European clothing brands playing a key role in Cambodia’s garment and manufacturing industries, local small and medium enterprises, factories and businesses such as audit firms and shipping companies focused on garment and export industries, said Tassilo.
“The strong combination of our membership will enable us to become a larger market capable of advancing the interests of the industry and its stakeholders in a more sustainable way, with higher production, higher professionalism and more good quality goods. It is beneficial to the Cambodian economy,” Tassilo said.
He said that adopting new initiatives such as supply chains and EU labour laws is also important to increase Cambodia’s export opportunities.
In 2021, the bilateral trade between Cambodia and the EU amounted to $4,500 million, 4.6 percent increase from a year ago.
Exports of clothing amounted to $2,207 million, footwear $383 million, and travel products amounted to $93 million, totalling $2,683 million, accounting for about 60 percent of the total trade volume, Sang said.
“Much of the success and good export growth is due in part to the EU’s preferential treatment for the import of products from Cambodia into the EU market, as Cambodia is still a least developed country,” Sang said.
Source: https://www.khmertimeskh.com/501042572/gmac-euro-cham-pact-set-to-boost-cambodian-garment-exports/