Cambodia Aims to Enhance Investments and Trade with Australia
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In anticipation of Prime Minister Hun Manet’s forthcoming trip to Australia, Cambodia is actively engaging its private sector, along with various ministries and institutions, to forge stronger investment ties and increase exports of semi-finished and processed products to the Australian market.
An orientation for the Cambodia Business Delegates was organized by the Innovation and Development Investors Association (IDI) last Friday, focusing on the “Agribusiness, Trade, and Investment Mission to Australia.” This initiative aims to prepare and provide strategic insights to the Cambodian delegation scheduled to participate in events in Melbourne from March 5-7, 2024.
During the orientation, Suon Sophal, Deputy Secretary General of the Cambodian Investment Board at the Council for the Development of Cambodia (CDC), praised the efforts of IDI, local entrepreneurs, and investors for orchestrating this business mission, which aligns with the preparations for the ASEAN-Australia Special Summit. Sophal emphasized that the mission seeks to draw Australian investment into Cambodia and to promote Cambodian agro-food products in the Australian market.
The event saw participation from approximately 30 representatives spanning the CDC, the Ministry of Commerce, IDI, and the private sector, all collaborating to ensure the success of this international endeavor.
The ASEAN-Australia Special Summit, set to be held in Melbourne in March, presents an opportunity for the Australian government to bolster its relations with Southeast Asian nations. Prime Minister Hun Manet’s visit to Australia, his first as the country’s leader, will coincide with the Australia-ASEAN Special Summit from March 4-6, 2024.
The Cambodia Chamber of Commerce is also preparing to engage in the Prime Minister’s visit to Australia. According to Lim Heng, the Chamber’s vice president, a business forum is scheduled during Prime Minister Hun Manet’s visit in March to showcase Cambodian business and investment prospects to Australian investors, aiming to attract further investment into Cambodia.
Australia is recognized as a significant market for Cambodian exports and a potential source of investment. Trade figures from the General Department of Customs and Excise reveal that the trade volume between Cambodia and Australia reached $502 million in 2023, with a slight increase of 1.05 percent from the previous year. Cambodian exports to Australia accounted for about $370 million, marking a 1.57 percent increase from the year before, highlighting the growing trade relations between the two nations.
