A worker stacks sacks of rice for export. China remains a key importer of Cambodian rice each year. - Photo supplied
PHNOM PENH: Financiers from China’s Guangdong province are exploring opportunities for trade and investment in Cambodia across various sectors, as bilateral trade between the two nations nears US$14 billion this year.
The interest was expressed by Liang Songshou, chairman of the Guangdong-Hong Kong-Macao Greater Bay Area Economic Industry Research Federation, during a meeting with Lim Lork Piseth, secretary of state at the Ministry of Commerce, on Tuesday (Dec 17).
Lim highlighted Cambodia’s potential, underscoring the incentives available to foreign investors in local and international markets.
He assured the Chinese delegation that the ministry, as the government’s coordinating body, stands ready to assist investors looking to enter Cambodia’s market.
He further noted that Chinese investments would benefit from the strong diplomatic relations between the two countries, bolstered by the China-Cambodia Free Trade Agreement (CCFTA) and other bilateral cooperation agreements.
Liang described Cambodia as a country with considerable potential for trade and investment, particularly highlighting opportunities in bioenergy and education.
He also expressed interest in collaborating with the Cambodian government on environmental protection initiatives.
Hong Vanak, an economist at the Royal Academy of Cambodia, told The Post on December 17 that the government’s efforts to enhance the legal framework for investment are attracting both domestic and foreign investors.
He added that market incentives, such as tax exemptions, have made Cambodia an increasingly attractive destination for foreign direct investment (FDI).
“Foreign investment contributes significantly to the national economy by creating job opportunities, generating income and increasing the use of local resources,” he noted.
Vanak noted that foreign investment, regardless of origin or sector, consistently benefits Cambodia’s economy.
He highlighted the growing interest among financing groups in exploring opportunities within the country, describing these developments as a positive step toward helping the country achieve its economic goals.
He also emphasised that Cambodia’s trade agreements with numerous countries worldwide will further enhance its ability to attract international investors.
According to data from the General Department of Customs and Excise (GDCE), Cambodia-China trade totalled $13.76 billion from January to November, marking a 24.2% increase compared to the same period in 2023.
China remains Cambodia’s largest trading partner, accounting for 27.59% of the country’s total international trade, which reached $49.87 billion in the first 11 months of 2024.
Imports from China were valued at $12.15 billion, a 24.5% increase year-on-year, while exports to China rose to $1.61 billion, reflecting a 22.3% rise.
Chinese goods accounted for approximately 88.3% of the total bilateral trade value. - The Phnom Penh Post/ANN
