Senior commerce officials from Cambodia and Turkey are looking at the prospects of conducting a feasibility study to finalize an economic partnership agreement between both countries.
The bilateral trade volume increased sharply after the Covid-19 pandemic, according to a report from the Ministry of Commerce (MoC).
The initiative for enhancing the economic cooperation to the next level was expressed during a meeting between Cambodian and Turkish delegation.
MoC officials led by the Secretary of State Tekreth Kamrang held the meeting with the Turkish delegation led by Hüsnü Dilemre, Director General of International Agreements and European Union Affairs of Turkey’s Ministry of Trade and Ülkü Kocaefe, Turkish Ambassador to Cambodia at Cambodia’s commerce ministry.
The bilateral trade rose 70 percent to $152 million in 2022 compared to 2021. Cambodia exported clothes, bicycles, mangoes, longan, rubber, cassava, corns, pepper, rice, organic chemicals, tobacco and other products to Turkey.
On the other hand, Turkey imported textiles, machinery, electrical tools, automobiles, spare parts etc.
“Both parties observed that the relations and cooperation have been enhanced further between the two countries, especially in economic, trade and investment sectors. They discussed the prospects of a feasibility study to analyze the economic gains and possibility of entering into an economic partnership agreement or any other forms of agreement shortly based on the study’s outcome,” the release said.
The Cambodia-Turkey Joint Economic Commission held its third meeting on January 10 and 11, 2023, in Phnom Penh. “The officials also urged for greater cooperation between private sectors, in particular chambers of commerce to further enhance the promotion of investment and increase the bilateral trade volume,” the release pointed out.
Cambodian Chamber of Commerce (CCC) Vice-President Lim Heng told Khmer Times that the bilateral relations between the Southeast Asian nation and Turkey have “strengthened and expanded” in recent times.
The two countries established formal diplomatic relations in 1959 with Ankara opening its embassy in Phnom Penh in 2013. Cambodia opened its diplomatic mission in Ankara last year.
The bilateral trade between Cambodia and Turkey reached $462.63 million in five years from 2017 to 2021. However, the trade volume between the two countries increased remarkably after an agreement was signed between Prime Minister Hun Sen and Turkish President Recep Tayyip Erdogan.
“The two countries have laid foundations for the expansion of bilateral economic ties … we can look further to boost economic cooperation. Turkish investors have great potential to invest more in Cambodia. They have urged the Cambodian Chamber of Commerce to help further the trade ties,” Heng said.
To boost bilateral trade to around $1 billion, Cambodia sought investments from Turkey in agriculture, storage and processing facilities for exports to the European Union and other nations. During a meeting in Phnom Penh in early January this year, Prime Minister Hun Sen and Turkish Minister for Agriculture and Forestry Vahid Kirişci discussed bilateral relations and ways to boost investment between the two countries.
Ieng Sophalleth, Prime Minister Hun Sen’s Assistant, said the potential areas for Cambodia-Turkey cooperation include agriculture, agricultural processing for export, aquaculture, agricultural machinery, construction, information technology, food processing, halal food, education, direct flight and beyond. The Premier said the two sides should consider the double taxation agreement to encourage more investors.
“We will continue to work in the same spirit of brotherhood with Cambodia, a friendly and brotherly country, to increase and develop the cooperation between the two countries,” said Kirişçi said after he met Mr Hun Sen.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
