PHNOM PENH: Australian ambassador to Cambodia Derek Yip expressed interest in Cambodia’s infrastructure development plans, as trade between the two countries exceeded $220 million in the first three quarters of 2024.
Yip made the remarks during a meeting with Deputy Prime Minister Sun Chanthol, first vice-president of the Council for the Development of Cambodia (CDC) at the CDC on Thursday (Oct 17).
At the outset, Yip expressed optimism and committed to enhancing cooperation in trade and investment while continuing efforts to improve Cambodia’s investment climate.
He highlighted Australia’s pride in actively participating in both government and private sector forums with the country through the Cambodia-Australia Partnership for Resilient Economic Development (CAPRED).
"I am particularly interested in Cambodia’s infrastructure development plans and projects, and I hope that Australian companies can take part in some of these projects in the near future," he said.
In response, Sun Chanthol briefed his counterpart on the country’s investment potential, highlighting its young workforce. He pointed out that investment in Cambodia not only serves its 17-million population but also the Greater Mekong Subregion (GMS), with a market of 330 million people.
"To enhance Cambodia’s investment climate and in alignment with the fifth priority of the Rectangular Strategy Phase 1, Cambodia recently launched a trial of the Cambodia Investment Project Management System [cdcIPM], which will simplify the process for investors to submit investment applications," he explained.
Additionally, Chanthol outlined several government development plans, including the comprehensive “Master Plan on Cambodia Intermodal Transport and Logistics Systems 2023-2033”.
From January to September, bilateral trade between Cambodia and Australia reached a total of $223.75 million, an increase of 2.87% compared to the same period in 2023, which was $217.5 million. Exports to Australia amounted to $157.86 million, a rise of 38.7%, while imports from Australia were valued at $65.89 million, a decrease of 36.5%, according to the General Department of Customs and Excise (GDCE).
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), told The Post on October 18 that the exchange of goods between Cambodia and Australia is favourable, particularly with the increase in Cambodian exports to Australia.
He said that in addition to textile products, Cambodia also exports various agricultural products to Australia.
Heng noted that beyond the Regional Comprehensive Economic Partnership (RCEP), trade between the two countries is expected to increase further once the ongoing global economic crisis subsides.
He also mentioned that the CCC opened its representative offices in Melbourne and Sydney in early May 2023 to promote Cambodian products and to attract more Australian investors.
"From the private sector's perspective, we certainly want more Australian investors to invest [here]. Cambodia must strive to expand and strengthen its promotional efforts, while also working to diversify and improve the quality of its goods to meet customer demand," he stated.
Cambodian products exported to Australia include textiles, tyres and agricultural goods, while imports from Australia include electronics, pharmaceuticals and vehicles, he added. - The Phnom Penh Post/ANN
