In a testament to their strong economic ties, Cambodia and France achieved a bilateral trade volume of $515.21 million in the past year, contributing significantly to Europe’s total trade volume of $4.6 billion in 2023. Prime Minister Hun Manet emphasized the pivotal role of France as a development partner that has made substantial contributions to Cambodia’s economic success.
Presiding over the ‘French-Cambodian Business Forum,’ Prime Minister Hun Manet highlighted the historical interconnectedness between the two countries in various aspects, including architecture, culture, cuisine, language, administrative systems, and legal regulations within Cambodian society. This rich history has fostered a close relationship between Cambodia and France, leading to mutual support and cooperation.
Prime Minister Hun Manet underscored the significant role of France in providing financial support aligned with Cambodia’s needs and sustainable development principles. This collaboration is founded on shared values and aims to pave the way for a brighter future for both nations.
Furthermore, the Prime Minister noted that French businesses possess substantial potential to initiate and expand their operations in Cambodia, particularly in sectors already regarded as attractive. These sectors include agriculture, processing factories, electricity, renewable energy, healthcare, education, and information technology. Additionally, Cambodia offers opportunities for pioneering investments in sectors such as automotive and innovation, granting first-mover advantages to interested businesses.
In terms of trade statistics, the bilateral trade volume between Cambodia and France reached $515.21 million in 2023. France continues to be one of Cambodia’s most prominent investment and trade partners in Europe, with a total trade volume of $4.6 billion over the course of the year.
The Prime Minister emphasized Cambodia’s commitment to providing numerous benefits to investors, including competitive advantages and special opportunities. The nation’s dedication to preserving peace and stability is a fundamental principle, creating a secure environment for sustainable long-term business operations.
Prime Minister Hun Manet highlighted Cambodia’s strategic location in Southeast Asia, offering access to sustainable regional markets. The nation boasts an open economy that has rapidly integrated into regional and global markets through bilateral and multilateral free trade agreements (FTAs). These agreements provide investors with access to diversified markets, facilitating the growth of businesses to new heights.
Notably, investors in Cambodia can tap into the markets of the Mekong sub-region with a population exceeding 300 million, the ASEAN market with over 660 million people, and the Regional Comprehensive Economic Partnership (RCEP) market with approximately 2.3 billion inhabitants, boasting a total GDP of $25.8 trillion. Cambodia has also established bilateral FTAs with China and South Korea, along with the Comprehensive Economic Partnership Agreement with the United Arab Emirates (UAE).
In conclusion, Cambodia’s robust economic ties with France not only reflect their shared history and values but also demonstrate the nation’s commitment to fostering a favorable environment for international investors, ensuring stability, and seizing opportunities within the rapidly evolving global economy.
Source: Khmer Times