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Cambodia deepens trade relation with Hungary, Czech Republic

2019-10-17
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Summary:The national chambers of commerce of Cambodia and Hungary on Tuesday signed an agreement to strengthen cooperation and boost the low levels of trade and investment between the countries.

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Tycoon Kith Meng (centre left), president of the Cambodia Chamber of Commerce, poses for a picture with representatives of the Hungarian Chamber of Commerce and Industry after signing the MoU which was witnessed by Minister of Commerce, Mr. Pan Sorassak. Facebook

The national chambers of commerce of Cambodia and Hungary on Tuesday signed an agreement to strengthen cooperation and boost the low levels of trade and investment between the countries.

A similar agreement was signed earlier this week with the Czech Republic, both agreements part of Prime Minister Hun Sen’s state visit to several European countries this week.

Speaking during the agreement signing ceremony on Tuesday, Kith Meng, president of the Cambodia Chamber of Commerce (CCC), said the deal with Hungary marks a milestone in the countries’ trade, investment, and tourism cooperation.

“With this deal, we expect trade between Cambodia and Hungary to increase further as the current level of exchanges is relatively small,” Mr Meng said, noting that, between 2013 and 2018, such exchanges amounted to just $16 million.

On Monday, CCC signed a memorandum of understanding on trade and investment with the Czech Chamber of Commerce.

During the signing ceremony, Mr Meng urged Czech investors to seize the opportunities offered by Cambodia’s untapped technology sector.

“We want to see Czech investors teaming up with local investors to bring technology expertise to the Kingdom, particularly in the field of cybersecurity,” he said.

In the agreement, the Cambodian and Czech chambers agreed to exchange information regarding technology, science, the economy, and the industrial sector, Mr Meng said, pointing out that, “It has been brought to our attention that the Czech Republic is growing fast when it comes to advanced technology.”

The Kingdom’s chamber also urged the Czechs to share their light aircraft manufacturing expertise and called for the creation of a direct flight between Phnom Penh and Prague.

During the same ceremony, Cambodian Commerce Minister Pan Sorasak told Czech officials and investors that Cambodia has been focusing on strengthening its competitiveness by facilitating trade and investment and promoting the development of the private sector. The goal, he said, is to attract greater levels of foreign direct investment.

Karel Havlicek, Czech Republic’s Minister of Industry and Trade, told the Cambodian minister that he will lead a delegation of Czech SMEs to the Kingdom next year.

According to the Cambodian Ministry of Commerce, trade between Cambodia and the Czech Republic reached $91 million in 2018.

Yesterday, Prime Minister Hun Sen landed in Bulgaria, the next stop on his European tour. According to a post from him, trade and investment-related agreements will be signed while he is in Sofia. Source from Khmertimes.

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