Commerce ministry secretary of state Lim Lork Piseth (left) signs the MoU with MUSA chairman Kit Heng Lei. Commerce ministry
Cambodia has signed a memorandum of understanding (MoU) with the Macau Union Suppliers Association (MUSA), a major distribution and supply network in Macau and Hong Kong, to strengthen market connections, promote investment partnerships and expand bilateral trade.
The MoU was signed last week in Macau between Lim Lork Piseth, secretary of state at the Ministry of Commerce, and MUSA chairman Kit Heng Lei, with participation from Gao Kaixian, chairman of the Macau Legislative Council, and Dong Wei, representative of the Economic Department of the Liaison Office of the Central People's Government of Macau Special Administrative Region.
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The commerce ministry stated that the MoU aims to establish connections with potential partner markets in Macau and Hong Kong. It highlighted that MUSA supplies a wide variety of products to over 1,000 locations across Macau and Hong Kong, including supermarkets, restaurants, hotels and resorts.
Currently, the association comprises nearly 300 major suppliers, enterprises and companies, as well as distributors of agricultural products and food.
Lor Vichet, vice-president of the Cambodia Chinese Commerce Association (CCCA), told The Post on November 4 that regardless of origin, attracting investors to Cambodia – whether for direct investment or purchasing goods – is always beneficial.
He added that Macau, with over 90% of its revenue from the gambling industry, presents an opportunity for Cambodia to export its products, particularly agricultural goods and food items.
He stated, “The Cambodian government is continuously striving to expand various channels to promote trade cooperation with countries around the world, to increase the presence of Cambodian products internationally.”
Vichet noted that expanding cooperation with more countries and territories not only strengthens political and economic ties but also helps Cambodia attract foreign investors and acquire new technologies.
He further stated that strengthening cooperation with the Macau city administration could help Cambodia learn from Macau's policy development strategies to enhance its own economic growth. He highlighted that Macau is considered to have the highest economic growth rate globally in 2024.
According to the Seasia Stats website, Macau's economic growth rate is forecasted to reach 27.2% in 2024, the highest in Asia. Cambodia ranks third with a growth rate of 6.1%, following India at 6.3%.
During a seminar on "Updates on the Regional Comprehensive Economic Partnership [RCEP] and the Cambodia-China Free Trade Agreement [CCFTA]," held in Phnom Penh on February 28, commerce ministry secretary of state Kha Leng urged both domestic and international investors, particularly those from China, Hong Kong and Macau, to actively seize new trade and investment opportunities in Cambodia.
She emphasised that Cambodia is a high-potential location within the ASEAN region, with an open market that welcomes all trade and investment partnerships.
She said the country is also well-prepared to adopt new digital technologies in alignment with the government’s Pentagonal Strategy-Phase I, which focuses on five key priorities: people, roads, water, electricity and technology, to foster sustainable development.
