Cambodia-Indonesia trade rise to record high in 2019
Cambodia-Indonesia trade rise to record high in 2019
Bilateral trade between Cambodia and Indonesia jumped 46 per cent to a record high of more than $792 million last year, from $543 million in 2018, the Ministry of Commerce said.It said data showed that Cambodia exported four per cent more last year or $22.3 million worth of goods, while imports rose to $770 million, an increase of 47 per cent.
Trade activity has been on the rise between the two countries since September 2017.
Cambodian Ambassador to Indonesia Hor Nambora told Eurasia Review on Sunday that Indonesian investors are excited about Cambodia’s fast-growing economy and potential.
“We have around $350 million in Indonesian investments in Cambodia. I want to invite more Indonesian investors to Cambodia,” Nambora said.
The biggest breakthrough came last year when Indonesia’s low-cost carrier Citilink launched a direct flight between Jakarta and Phnom Penh.
“It was the greatest gift to mark the 60 years of friendly relations between Indonesia and Cambodia. Air connectivity is vital to boost economic ties and people-to-people contacts,” said Nambora.
Cambodia Rice Federation secretary-general Lon Yeng told The Post that although the two countries signed a Memorandum of Understanding (MoU) on exporting Cambodian rice last year, so far, the Kingdom has not exported any as Indonesia has not placed orders.
“Since the MoU was signed, we haven’t received any orders because price negotiations are still ongoing,” he said.
