Cambodia and Japan to Hold Summit Meeting to Strengthen Trade Ties
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In an effort to deepen cooperation in trade and investment, Cambodia and Japan will hold a bilateral summit meeting. The talks will be co-chaired by Prime Minister of Cambodia, Hun Manet, and Japanese Prime Minister, Kishida Fumio. The meeting is taking place on the sidelines of the Commemorative Summit for the 50th Year of ASEAN-Japan Friendship and Cooperation in Tokyo.
During the summit, the leaders will discuss ways to strengthen and deepen their Comprehensive Strategic Partnership. The aim is to bring more tangible benefits to the people of both countries. They will also discuss regional and international issues of mutual interest and concern.
In addition to discussions, the two Prime Ministers will oversee the signing of exchanges of notes on Japanese grant aid for three projects related to hydrography, water supply, and e-government. They will also sign other cooperation documents in the fields of digital, banking, and energy.
The enhanced relations between Cambodia and Japan are expected to benefit investors and businesses in Cambodia. This will pave the way for stronger political ties with Japan. Lim Heng, Vice President of the Cambodia Chamber of Commerce, emphasized that Cambodia will receive more direct investment from the Japanese private sector. Furthermore, the country will continue to expand its market access for products in Japan.
The bilateral trade volume between Cambodia and Japan reached $1.63 billion in the first 11 months of 2023. This represents a 7.9 percent decrease compared to the same period last year. Cambodia’s exports to Japan were valued at $1.06 billion during this timeframe, experiencing a slight decline of 0.3 percent. On the other hand, Cambodia’s imports from Japan saw a drop of 19.3 percent, amounting to approximately $573 million.
Cambodia’s key exports to Japan include garments, bags, footwear, furniture, paper, and leather products. In return, Cambodia imports machinery, automobiles, electronics, furniture, fabrics, and plastics from Japan.
A delegation from the Cambodia Chamber of Commerce, led by its president Kith Meng, attended the ASEAN-Japan Commemorative Summit and the Cambodian Investment Seminar 2023. The event was jointly organized by the Cambodia Chamber of Commerce, JETRO, Council for Development of Cambodia, and Mizuho Bank. The seminar aimed to strengthen business connectivity between the two countries.
Japan is Cambodia’s fifth largest trading partner, following China, the United States of America, Vietnam, and Thailand. In 2022, the bilateral trade between Cambodia and Japan reached a value of $2.45 billion. Cambodia’s exports to Japan experienced a year-on-year increase of 10.5 percent, amounting to $1.93 billion. However, imports from Japan decreased by 11.2 percent, totaling $515 million compared to the previous year.
Source: Khmer Times
