In the near future, Phnom Penh is gearing up to host a pivotal business forum that aims to foster enhanced trade and investment cooperation between Cambodia and Mexico. This development emerged from a recent meeting held on Monday between Kith Meng, President of the Cambodia Chamber of Commerce, and Liliana Ferrer, Ambassador of Mexico to Cambodia. They convened to discuss avenues for strengthening the business relationship and augmenting trade and investment between their respective nations.
During the engagement, Meng pointed out that while the two countries have enjoyed longstanding diplomatic relations, there remains a substantial untapped potential in bilateral trade and economic partnerships. Energizing these ties could lead to significant gains for both nations.
In pursuit of strengthened economic connections, Meng appealed to Ambassador Ferrer for assistance in coordinating business events that could attract Mexican investors to Cambodia. Meng emphasized the promising economic landscape of Cambodia, which boasts diverse markets ripe for investment. These sectors include establishing manufacturing facilities that could cater to the expansive ASEAN markets and the larger RCEP (Regional Comprehensive Economic Partnership) nation groups.
Meng also proposed the establishment of a dedicated Mexican trade office in Cambodia. Having such a facility would enable direct engagement with Cambodian business entities, thereby easing the promotion of trade and investment initiatives.
Ambassador Ferrer expressed her endorsement of these suggestions. She recognized that upcoming business forums in Cambodia would offer a platform to showcase Mexico’s offerings and potential. Highlighting sectors such as agriculture, automotive, electronics, and tourism, she noted that these events would underline investment opportunities in these diverse fields.
Last year’s data illustrates a promising growth trajectory for Mexico-Cambodia trade relations, with bilateral trade surging to $355 million—an increase of 9.07 percent from the $322 million recorded in 2022.
According to Luis Enrique Vertiz, the Chargé d’Affaires of the Embassy of Mexico in Malaysia, the trade volume is anticipated to ascend to $400 million by year’s end. This confidence stems from Cambodia’s continued efforts at scaling up its trade and the export of products to Mexico.
Currently, Cambodia’s exports to Mexico mainly include items such as luggage, non-knit women’s suits, and knit sweaters. On the other hand, Mexico’s exports to Cambodia are concentrated on automotive products like delivery trucks and cars, which underscore the complementary nature of the trade relationship between the two countries.
Source: Khmer Times
