Cambodia-Indonesia business and investment Forum held on December 16. COMMERCE MINISTRY
Soy Bopha, undersecretary of state at the Ministry of Commerce, described the Cambodia-Indonesia Business and Investment Forum as an important part of fostering trade growth between the two countries. The trade volume of the two ASEAN member states reached nearly $950 million in 2022.
She addressed the forum on December 16 in Phnom Penh, on the occasion of the 16th Cambodian & Import-Export Goods Exhibition.
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In her speech, she said the forum was an important part of promoting the economic and trade sectors and new investment opportunities between the two countries that align with the fifth priority programme of the seventh-mandate Cambodian government. The government is committed to promoting the Kingdom’s products, finding new markets and keeping main agricultural product prices stable, and at appropriate levels.
“The Cambodia-Indonesia Business and Investment Forum is an important part of promoting the economic, trade and investment sectors between Cambodia and Indonesia. The forum also aims to look for new partners and new opportunities between the two countries,” she added.
She recounted that earlier this year, when Indonesia chaired the 43rd ASEAN Summit and related meetings in Jakarta in September, the Cambodian and Indonesia commerce ministries signed a memorandum of understanding (MoU) on the export of 250,000 tonnes of Cambodian milled rice to Indonesia in the next four years. On November 2, Cambodia sent two shipments, one of 3,500 tonnes and the other of 10,000 tonnes.
Lauti Nia Astri, Minister Counsellor at the Indonesian embassy in Phnom Penh, said the forum was an excellent opportunity for Indonesian and Cambodian investors to hold discussions and look for investment partners to promote investment.
“Investors from the two countries and international investors, please continue to work together to encourage more investment in Cambodia. We encourage all investors to strengthen their cooperation, whether bilaterally, regional or globally,” she urged.
She continued that in the context of free market economies, market and investment flow foster economic growth in all countries. The forum would help promote the economic, trade and investment sectors between the two nations.
According to the General Department of Customs and Excise (GDCE), in the first 11 months of 2023, the trade exchange between Cambodia and Indonesia reached $964 million, up more than 16 per cent compared to the same period last year.
Imports from Indonesia included tobacco, coal, cereals, tractors, medicine, machinery, fabric and refined oil, while Cambodia exported garments, footwear, stitched and woven fabrics, travel goods, paper flowers, glasses, electronics and plastic products to the ASEAN bloc’s second-largest economy.
