The attendees of the 2nd UK-Cambodia Joint Trade and Investment Forum pose for a commemorative photograph. - Photo: Commerce ministry
PHNOM PENH: Minister of Commerce Cham Nimul said the trade and investment forum on Tuesday (Nov 12) aimed to increase UK-Cambodia trade by boosting exports and attracting British direct investment.
The “2nd UK-Cambodia Joint Trade and Investment Forum (JTIF)”, held with the theme “The Road to 2030”, was organised in Phnom Penh by the commerce ministry, in collaboration with the British embassy.
In attendance were the commerce minister and UK ambassador Dominic Williams, in addition to several key investors and business representatives.
During the forum, both parties discussed the progress of work under the Joint Trade and Investment Forum framework and set future directions to promote trade and investment cooperation in a sustainable and environmentally friendly manner.
This will include strengthening the existing partnership between the two countries to an even higher level.
Nimul explained that the forum is crucial for enhancing bilateral cooperation with greater effectiveness and resilience.
“It also creates opportunities for open and honest discussions to further solidify collaboration,” she added.
Williams said he believed the UK-Cambodia trade and investment relationship brings huge benefits to both sides and plays a significant role in supporting Cambodia’s development goals.
“The UK is a top ten export market for Cambodian goods, and we are keen to help even more Cambodian producers to sell their amazing products to UK consumers. This will support key sectors of Cambodia’s economy to grow, and support jobs for hard-working Cambodians,” he said.
“I am also keen to help UK businesses expand their presence in Cambodia, especially in education, infrastructure and financial services. The UK has firms with exceptional experience in these sectors, which they can deploy both to generate revenue for the UK and to enhance Cambodia’s global competitiveness,” he added.
According to the embassy, the 2nd JTIF attracted key UK businesses and investors to Cambodia from the region, including Singapore and Vietnam.
“The forum served as a platform to showcase a joint commitment to boost trade between the two countries and highlight a number of initiatives designed for that purpose,” said an embassy statement.
“These include UK development programmes supporting Cambodia’s economic diversification and green transition, driving growth in both countries; partnering with Cambodian exporters get their goods to the UK market, and to take advantage of the Developing Countries Trading Scheme; promoting Cambodia as a investment destination; and both sides’ intention to establish a double taxation agreement and other necessary trade-related agreements,” it detailed.
The General Department of Customs and Excise (GDCE) reported that from January to October this year, trade between Cambodia and the UK totalled $850.74 million, marking a 15.7% increase on the same period in 2023.
Exports to the UK reached approximately $807 million, a 21.1% increase, while imports from the UK were $43.38 million, a decrease of 36.7%.
Hong Vanak, an economist at the Royal Academy of Cambodia, told The Post on November 13 that enhancing cooperation with the UK is beneficial, as the UK is a significant market that consistently imports a large volume of Cambodian goods, particularly textile products, every year.
He noted that, being in Europe, the UK may also serve as a gateway for Cambodian goods to enter other countries in the region.
Vanak explained that despite the UK’s exit from the UK, it continues to provide certain duty-free import preferences to Cambodia.
“All improvements in cooperation will help boost the flow of goods and tourists between the two countries,” he said.
According to Vanak, exports to the UK primarily include clothing, footwear, bags, bicycles and agricultural products, while UK imports are predominantly vehicles, machinery, electrical equipment and electronics. - The Phnom Penh Post/ANN
