Mekong-Lancang cooperation set to boost trade, investment

Enhancing services related to Investment and Trade Facilitation Project, supported by the Mekong Lancang Special Fund 2021, has officially been launched at a workshop in Phnom Penh.

In his opening remarks at the event last week, Khoun Virak, Deputy Director General of International Trade at the Ministry of Commerce, underlined the importance of the Mekong-Lancang cooperation in developing connectivity for the benefit of neighbouring states.

Speaking on the occasion, Lin Ruihua, Counsellor of the Embassy of China to Cambodia, appreciated the Kingdom of Cambodia for consistently supporting the Mekong Lancang initiatives and hoped that the endeavours would lead to fruitful

On behalf of the Ministry of Foreign Affairs and International Cooperation of Cambodia, Prak David declared the official launch of the project. By the completion of the project, enough information could be collated on the streamlined investment and trade services along the Mekong-Lancang Cooperation countries’ borders, Prak David said and added, that would enhance technical and policy exchange among MLC states.

It will also help create awareness among investors about the cross-border economic zones where they can set up projects and benefit from supportive infrastructure, logistics and services, personnel and capital. It will lead to seamless investment and trade facilitation.

According to the Council Development of Cambodia (CDC) press release, the main purpose of the project is to improve investment and trade facilitation services among MLC countries and promote cross-border economic cooperation.

The project aims at enhancing the national development strategies’ links and leveraging the preferential policies for cross-border economic activities by streamlining services and procedures for investment and trade. It will also facilitate consultations and policies exchange among member states.

Mekong-Lancang countries hope to promote cross-border trade under the five-year cross-border economic collaboration plan.

The three key objectives of the project are to sustainably link and develop innovative economic ties between partner countries, to improve digital infrastructure in the region, and to promote collaboration in trade, such as processed agricultural goods, clean energy, tourism, electronic manufacturing, and cross-border logistics.