Business expo in Long Beach set to bolster trade, investment
Business expo in Long Beach set to bolster trade, investment
The inaugural Cambodia Business Expo and Trade Event is set to commence on November 9 in Long Beach, in the US state of California. The event aims to spotlight Cambodian-made products and establish a forum for business matching, enhancing the Kingdom’s trade and investment prospects with their US counterparts.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), announced the collaboration with the Cambodian Consulate General in Long Beach, where members of the Cambodian diaspora are concentrated, to feature a variety of domestic products, particularly from the agricultural sector.
He said the expo targets not only the Cambodian diaspora, but also the wider Asian and American populace.
“In anticipation of the trade show, we’re inaugurating a representative office of the CCC in Long Beach on November 8. Following that, we’re organising a business matching forum on November 10 and arranging a visit to a local port,” he stated.
He said the event underscores the country’s push to enhance its presence in the US market, especially for agricultural goods.
“We anticipate that post-expo, Asian [wholesale] buyers [in the US], who traditionally source from countries like Thailand and Vietnam, will consider importing from Cambodia,” he added.
He acknowledged the current low level of US investment and expressed optimism that the business forum would provide valuable information and investment opportunities to US investors.
Consul general Hout Kim Chha previously said the forum is open to the public at no cost and marks the first business event of its kind in Long Beach.
He said the fair offers a critical platform for introducing Cambodian goods to the US market and establishing direct investor relationships between the two nations.
“This event is a unique showcase of Cambodia’s diverse products, including specialty food items like rice, pepper and cashew nuts,” he added.
He also noted that Cambodian delegation members are likely to express interest in discussing potential investment opportunities within the US market.
Trade figures between Cambodia and the US witnessed a downturn in the first half of 2023, showing a 14.8% year-on-year decrease, totaling $3.3 billion, according to the General Department of Customs and Excise (GDCE).
Cambodian imports from and exports to the US stood at $94.4 million and $3.2 billion, respectively, marking declines from the same interval in 2022.
The country’s trade surplus with the US contracted by 15.83% to $3.103 billion during the period, as per the GDCE.
