The Council for the Development of Cambodia (CDC) announced its intention to enhance investment ties with Australia, focusing on attracting Australian investors and increasing exports of semi-finished and processed products to the region. During a statement released on Wednesday, the CDC highlighted the participation of Soun Sophal, Deputy Secretary-General of the Cambodia Investment Committee (CIC), in the Economic Matching Program (EMP) held in Melbourne, which aimed to foster economic relationships between Cambodian and Australian businesses.
The EMP, organized by the Association of Investors, Innovation, and Development (IDI) alongside the Victoria Chamber of Commerce and Industry, served as a platform for strengthening economic ties and expanding business networks between the two nations. Australia stands as a significant trading partner for Cambodia, with bilateral trade reaching $502 million in 2023, of which Cambodia’s exports to Australia accounted for $370 million. These exports include a variety of goods such as gold, clothing, and footwear, while Australia’s exports to Cambodia primarily consist of educational services, food products, and coal.
Over the past five years, trade statistics from the General Department of Customs and Excise reveal a 29 percent increase in Cambodian exports to Australia, alongside a 20 percent rise in imports from Australia. The CDC emphasized the EMP’s role in improving the investment landscape and fostering partnerships between Australian investors and their international counterparts residing in Cambodia.
In his address at the EMP, Sophal expressed gratitude towards the IDI and the Victoria Chamber of Commerce and Industry for their efforts in organizing the event and highlighted the importance of promoting Cambodia’s investment potential, sustainability, and trade prospects. He underscored the attractiveness of Cambodia’s investment environment, noting its openness and favorable conditions for business operations. Sophal also discussed the enhancements made to the domestic investment framework, including investor incentives and the promise of reliable investment returns.
The presentation by the CIC also touched upon Cambodia’s existing collaborations with the Turkish community and emphasized the support provided to investors by the Cambodian Investment Committee. This outreach coincides with Prime Minister Hun Manet’s visit to Australia for the ASEAN-Australia Special Summit, marking 50 years of Australia’s dialogue partnership with ASEAN and Manet’s first visit to Australia as a national leader.
Beyond trade, the bilateral and regional partnerships between Australia and Cambodia extend to sectors such as health, agriculture, infrastructure, and education. Australia’s involvement in the United Nations Transitional Authority in Cambodia (UNTAC) and participation in the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP) highlight the depth of the relationship between the two countries.
