Cambodia: Both leaders will discuss ways to deepen trade ties

Cambodia and Japan will hold a bilateral summit meeting today to strengthen cooperation between the two countries in trade and investment.

Talks are being co-chaired by Prime Minister of Cambodia Hun Manet and Japanese Prime Minister Kishida Fumio on the sidelines of the Commemorative Summit for the 50th Year of ASEAN-Japan Friendship and Cooperation and its related programmes in Tokyo.

During today’s meeting both leaders will discuss strengthening and deepening of the Comprehensive Strategic Partnership between Cambodia and Japan for more tangible benefits for the two peoples. They will also exchange views on regional and international issues of common interest and concern.

In addition, the two Prime Ministers will preside over the signing of exchanges of notes on Japanese grant aid for three projects related to hydrography, water supply, and e-government as well as other cooperation documents in the fields of digital, banking and energy.

The enhanced relations between Cambodia and Japan will benefit investors and businesses in Cambodia, building strong political relations with Japan, said Lim Heng, vice president of the Cambodia Chamber of Commerce.

Speaking to Khmer Times, Heng said, “Cambodia will receive more direct investment from the Japanese private sector, and the country will continue to rely on and open a wider market for products to access to Japan.”

The two-way trade is expected to be further boosted through the trip of Mr Hun Manet to Japan.

Bilateral trade volume between Cambodia and Japan reached $1.63 billion in the first 11 months of 2023, down about 7.9 percent compared to the same period last year.

From January to November 2023, Cambodia exported $1.06 billion worth of goods to Japan, down 0.3 percent year on year, a General Department of Customs and Excise report showed.

At the same time, Cambodia’s imports from Japan dropped by 19.3 percent to about $573 million, the report pointed out.

The Kingdom’s main exports to Japan include garments, bags, footwear, furniture, paper, and leather products, while its imports consist of machinery, automobiles, electronics, furniture, fabrics and plastics.

A delegation from the Cambodia Chamber of Commerce led by its president Kith Meng attended the ASEAN-Japan Commemorative Summit and the Cambodian Investment Seminar 2023 which was jointly organised by CCC, JETRO, Council for Development of Cambodia and Mizuho Bank.

More than 300 delegates from Cambodia and Japan are expected to take part in this business seminar, which will be presided over by Prime Minister Hun Manet.

The CCC delegates will also attend an Economic Co-Creation Forum and business meetings to build business connectivity as well as site visits.

Japan is Cambodia’s fifth largest trading partner after China, the United States of America, Vietnam and Thailand.

Last year, the bilateral trade between Cambodia and Japan was valued at $2.45 billion, according to the JETRO report. Cambodia exported $1.93 billion worth of products to Japan last year, a year-on-year increase of 10.5 percent. The imports from Japan were valued at $515 million, a decrease of 11.2 percent compared to a year before.

Source:The Khmer Times