In an upcoming business forum to be held in Kuala Lumpur, Malaysia, on Tuesday, Cambodia is poised to strengthen its commercial relationships with Malaysia, focusing on trade, investment, and economic cooperation.
The forum, a collaborative effort between the Cambodia Chamber of Commerce, the Malaysia Business Chamber in Cambodia, and the National Chamber of Commerce and Industry of Malaysia, coincides with the official visit of Cambodian Prime Minister Hun Manet to Malaysia on February 27. This event is seen as a pivotal moment for fostering bilateral business relations.
Prime Minister Hun Manet is scheduled to give a key address and observe the signing of Memorandums of Understanding (MoUs) aimed at enhancing trade collaboration between the two nations’ Chambers of Commerce.
According to Lim Heng, Vice President of the Cambodia Chamber of Commerce, this gathering is crucial for showcasing investment prospects and attracting Malaysian investments into Cambodia. He highlighted that there are significant Malaysian investments in Cambodia, especially in real estate, garment manufacturing, and processing industries. Efforts are underway by both nations to simplify procedures and boost trade activities, thereby promoting mutual investments.
“The forum is expected to open new avenues for dialogue and strengthen cooperation in trade, investment, and other sectors. It is also an opportunity for Cambodia to highlight its investment laws and trade agreements to attract more investors,” Heng elaborated.
The anticipation is high for an increased interest from Malaysian investors and businesses in Cambodia following the forum. Additionally, during this event, the Cambodia Chamber of Commerce plans to sign two MoUs with the Malaysia Business Chamber in Cambodia and the National Chamber of Commerce and Industry of Malaysia.
Prime Minister Hun Manet’s visit to Malaysia is of significant importance, including a scheduled meeting with Malaysian Prime Minister Anwar Ibrahim. The discussions will mainly focus on enhancing cooperation in key areas, particularly in trade and economic sectors.
Accompanying Prime Minister Hun Manet are several high-ranking officials, including Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, Deputy Prime Minister Sok Chenda Sophea, Minister of Foreign Affairs and International Cooperation, along with other senior ministers, government officials, and business leaders from the Cambodia Chamber of Commerce.
A notable event during the visit will be the signing of an MoU between the National Bank of Cambodia and Bank Negara Malaysia, focusing on cooperation in financial innovation and payment systems.
Trade between Cambodia and Malaysia includes Cambodia’s exports of textiles, milled rice, and industrial products, and imports from Malaysia of auto spare parts, food, beverages, and electronic devices. In 2023, bilateral trade between the two nations reached $632 million, marking a slight increase of 1.9 percent from the previous year, despite a 6.1 percent decrease in Cambodian exports to Malaysia, as reported by the General Department of Customs and Excise.
