Business leader urges Cambodians to attend Hainan Expo in April
Business leader urges Cambodians to attend Hainan Expo in April
Cambodia Chamber of Commerce (CCC) vice-president Lim Heng has called on the local business community to take part in the 3rd China International Consumer Products Expo – or Hainan Expo – to be held in Haikou city, Hainan province, China from April 11-15, to study the market and seek partners to expand commerce on the back of a bilateral free trade agreement (FTA) between the two countries.
In a statement, the Ministry of Commerce described the Hainan Expo as one of China’s biggest trade fairs, which it said has – in previous years – gathered “high-quality” consumer products by more than 2,800 businesses from more than 60 countries.
Sideline events including the Global Consumption Forum, Business and Investment Forum, Promotional Conference, along with trade and cultural exchanges, also aim to create opportunities for international business and market expansions, it said.
To step up trade, investment and other economic cooperation between Cambodia and China, as well as with other international partners, “the Organising Committee would like to invite the Cambodian companies [that are] currently doing business, in all sectors, to participate in the above-mentioned expo”, the ministry said.
The CCC’s Heng described the expo as a platform for local businesspeople to learn more about market demand, seek Chinese partners, and leverage the Kingdom’s strengths to attract more investments and expand agricultural exports to the Chinese market, supported by the Cambodia-China FTA (CCFTA) – which took effect on January 1, 2022.
“It is a good opportunity for our business community to participate in the expo, and better understand market demand and export procedures as well as to seek business partners,” he said, arguing that more engagement is needed to maximise the benefits of the FTA.
An FTA is an international treaty between two or more economies designed to reduce or eliminate certain barriers to imports and exports among them, generally while safeguarding safety, security, health and other legitimate regulatory objectives. Such a pact can also serve to facilitate and promote greater economic ties among signatories in areas such as investment and intellectual property protection.
At the Cambodia-China Business, Investment and Tourism Forum in Beijing on February 10, commerce minister Pan Sorasak said that the CCFTA, coupled with the ACFTA (ASEAN-China FTA) and RCEP (Regional Comprehensive Economic Partnership), develops the tools to pave the way for the implementation of strategic partnerships and fostering stronger economic, trade and investment cooperation between the two countries.
“Cambodia continues to promote and diversify its exports, and strives to capitalise on existing opportunities and the need to prepare for new market opportunities and further strengthen competitiveness, especially for exports to regional countries, which hold potential for local and foreign businessmen and investors, especially Chinese [ones],” he said.
According to Customs (GDCE), the bilateral merchandise trade volume between Cambodia and mainland China totalled $11.686 billion in 2022, up 4.39 per cent over 2021 – of which Chinese exports to the Kingdom accounted for a staggering 89.38 per cent share, up 2.87 percentage points on a yearly basis.
Cambodia’s exports to and imports from mainland China clocked in at $1.241 billion and $10.446 billion, respectively, down 17.85 per cent and up 7.86 per cent on-year, expanding the Kingdom’s trade deficit with the East Asian region by 12.61 per cent to $9.205 billion in 2022.
