Singapore commits to enhance trade ties with Cambodia

Singaporean Ambassador to Cambodia Teo Lay Cheng yesterday affirmed her commitment to strengthening trade and investment cooperation with Cambodia.

The commitment was made during a meeting with Senate President Hun Sen in the capital.

Ambassador Teo said she will endeavour to further promote trade, investment and commerce between the two countries and continue to encourage more Singaporean investors to invest in Cambodia, said Chea Thyrith, Senate spokesman upon the meeting.

During the meeting, both sides discussed and highlighted the significant market potential within RCEP, and prioritized regional trade.

Mr Hun Sen emphasized the steady growth of Cambodia-Singapore relations, citing increased leader exchanges and a current bilateral trade volume exceeding $1 billion. He also commended the increased direct flights between Cambodia and Singapore, calling for further expansion.

Ambassador Teo hoped that on the occasion of the 60th anniversary of relations between the two countries this year, the relationship and trade will continue to improve, the spokesman said.

Cambodia’s trade with Singapore skyrocketed by 101 percent to $103 million last year, according to a report from the General Department of Customs and Excise of Cambodia.

The Kingdom exports to Singapore include agricultural products such as Kampot pepper, Kampong Speu palm sugar, Koh Trong pomelos, mangoes and milled rice, precious stones, metals, rubber items, garments, electrical and electronic equipment and footwear.

Cambodia and Singapore are working on the cross-border electricity trade from Laos. Both countries are establishing a framework to facilitate the development of cross-border electricity trading projects in ASEAN, starting from the project between Lao PDR, Cambodia, and Singapore.

Both countries have also signed deals to expand partnerships in new areas like connectivity, infrastructure development, agri-trade, fintech and digital economy.

Singapore investment firms have preferred investing in Cambodia’s manufacturing units, real estate and construction projects, the services industry, technology and innovation.

Source: Khmer Times