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Cambodia and Hungary Progress Toward Strengthening Economic Ties

by Surya Narayan
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Cambodia and Hungary have taken significant strides toward enhancing their economic cooperation as they conclude a successful second round of discussions aimed at boosting bilateral trade and investment between the two nations.

The second meeting of the Cambodia-Hungary Joint Committee on Economic Cooperation took place on January 9 in Budapest, Hungary, led by Cambodian Secretary of State of the Ministry of Commerce, Tekreth Kamrang, and her Hungarian counterpart, Tristan Azbej. A press release issued on Wednesday highlighted the positive outcomes of this meeting.

Both parties commended the progress made in their cooperation thus far, noting steady advancements in bilateral trade and economic collaboration. The statement emphasized their commitment to further strengthening their economic ties, with a focus on elevating bilateral trade to its full potential and encouraging businesses and investors to explore opportunities in key sectors.

The major sectors earmarked for cooperation include agricultural production and technology, manufacturing, environmental initiatives, healthcare, and information and communication technology (ICT). Both nations recognize the immense potential for growth and collaboration in these areas.

Additionally, the two parties discussed Cambodia’s transition from its current status as a Least Developed Country (LDC) in the coming years, signaling their commitment to support Cambodia’s economic development and growth.

In line with their commitment to deepening economic ties, both nations have agreed to convene the third round of talks for the Joint Committee on Economic Cooperation in the near future, ensuring a continuation of productive discussions and collaboration.

Trade between Cambodia and Hungary saw positive growth in the first eleven months of 2023, with a year-on-year increase of 9.53 percent, amounting to $7.7 million. Cambodia’s exports to Hungary during this period included garments, footwear, milled rice, grains, vegetables, tobacco, and pharmaceutical products, as reported by the Ministry of Commerce.

On the other hand, potential imports from Hungary to Cambodia encompass everyday metal objects, organic chemicals, dairy products, artificial thread, processed products from meat, fish, grain, and more, indicating the diverse range of goods that could contribute to bilateral trade.

This recent progress in economic cooperation builds on the foundation laid in early 2021 when Cambodia and Hungary established the Joint Commission on Economic Cooperation for the first time. Both nations are committed to deepening their ties, particularly in the areas of economic and trade cooperation, and this latest round of discussions is a testament to their shared determination to strengthen their partnership for mutual benefit.

Source: KhmerTimes

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