Cambodia, Qatar commit to trade and investment boost
Cambodia, Qatar commit to trade and investment boost
Cambodia and Qatar pledged to boost trade and investment, particularly in the agricultural sector, coinciding with the recent resumption of direct flights between the two nations.
The commitment was made during a February 17 meeting between Cambodian Senior Minister in charge of Special Missions Othsman Hassan and Qatar Chamber first vice-chair Mohamed bin Ahmed bin Twar Al Kuwari in Doha, Qatar, to discuss economic and commercial cooperation and review investment opportunities in various sectors in Cambodia, as reported by the Qatar News Agency (QNA).
Hassan stated that the visit aimed to promote Cambodia’s economy and investment potential to Qatari investors, emphasising a significant interest in fostering cooperative relations with Qatar.
“Cambodia has developed legislation and laws to improve the investment climate for foreign financers, highlighting numerous opportunities across various sectors,” Hassan was quoted as saying.
He also highlighted that Cambodia’s rice production exceeds seven million tonnes annually and its cashew production surpasses one million tonnes. He also noted important developments in the halal industry.
“Cambodia is eager to attract Qatari [backing]. I urge Qatari financers … to benefit from its attractive investment environment,” he said.
Al Kuwari stated that Qatar and Cambodia enjoy strong relations and stressed the importance of increasing Qatari investment in promising sectors.
“The Qatari market welcomes Cambodian products of high quality and appropriate prices. The chamber will promote opportunities available in Cambodia among the Qatari business community to stimulate investments there,” Al Kuwari was quoted as saying.
He asserted the importance of organising a business visit for Qatari entrepreneurs to Cambodia, to explore the abundant prospects in sectors such as agriculture, tourism, infrastructure, food processing and others.
Qatar Airways landed at Phnom Penh International Airport (PNH) on October 29, 2023, after suspending operations due to the Covid-19 pandemic, with the aim of tapping into Cambodia’s resurgent tourism sector.
According to the Ministry of Commerce, trade between the two nations in 2023 amounted to just over $86 million, which marked a 17% decrease from 2022.
In mid-December, the Council for the Development of Cambodia (CDC) and the Cambodia Chamber of Commerce (CCC) scheduled a private sector forum between Cambodia and the United Arab Emirates (UAE) for the first quarter of 2024. The forum is set to bring together investors and representatives for discussions about investment and trade affairs.
Cambodia and the UAE signed a comprehensive economic partnership agreement (Cambodia-UAE CEPA) in June 2023, making it the Kingdom’s third free trade agreement (FTA), following the Cambodia-China FTA (CCFTA), which came into force on January 1, 2022, and the Cambodia-Korea FTA (CKFTA), which became effective on December 1, 2022, as per the CDC.
