New road at Poipet to boost trade ties
New road at Poipet to boost trade ties
Prime Minister Hun Sen said yesterday that customs revenue from Poipet International Port on the Cambodia-Thai border was over $120 million a year, on account of heavy movement of goods across the border.
Speaking at a ground breaking ceremony for National Road 58, Hun Sen said the development of the new road will faciliate trade in the provinces along the border, thereby strenghtening business cooperation and developement between the two countries.
“If we talk about all check points, Poipet check points is one of the biggest for exchange of goods. Just at the Poipet check point, revenue collection is more than $10 million per month,” he said.
Bilateral trade between Cambodia and Thailand is currently more than $4 billion a year, Hun Sen said, with Thai exports to Cambodia accounting for more than $3 billion.
Son Chhay, deputy chairman of the National Assembly’s banking and finance commission, said that with 75 per cent of goods coming across the Poipet check point, revenues should be higher than are currently being collected.
He said a study conducted in 2012 revealed that the government should be collecting $16 million per month, from the Poipet check point, adding that there are reports about goods being stored at a private dry terminal to avoid paying customs taxes.
“Now, two to three years later it should be higher than this,” he said. “Poipet border check point must receive at least $200 million per year in custom revenues.”
