Cambodia, Indonesia trade to exceed $1.1 billion
Cambodia, Indonesia trade to exceed $1.1 billion
Amid the rising economic cooperation between Cambodia and Indonesia, the bilateral trade volume in 2023 has increased by 15 percent while in the first six months of this year, it reached nearly $580 million, making it possible to surpass $1.1 billion by the end of this year.
The projection was revealed by Santo Darmosumarto, Ambassador of Indonesia to Cambodia, during the opening ceremony of the ‘Sousdey Indonesia’ (meaning ‘Hello Indonesia’) in the presence of Cham Nimul, Minister of Commerce (MoC) in Phnom Penh on Friday.
Addressing the opening session, Ambassador Santo expressed commitment to strengthen its relationship with the Kingdom, highlighting the growing bilateral economic cooperation, where Indonesia has become Cambodia’s sixth-largest trading partner.
Ambassador Santo emphasised that bilateral trade in the first half of 2024 has reached $579.4 million, making it possible to surpass last year’s total trade volume of approximately $1.1 billion.
Nimul expressed her gratitude to the relevant stakeholders for organising the two-day exhibition, a long-standing event in Phnom Penh since 2006. “This year’s exhibition marked both the 15th anniversary of the event and the 65th anniversary of diplomatic relations between the two nations,” she said.
She underlined that bilateral trade last year between Cambodia and Indonesia exceeded $1 billion, reflecting a 15 percent increase compared to the same period in 2022.
The Minister expressed confidence in surpassing this year’s progress, citing innovative initiatives like ‘Sousdey Indonesia’ and the continued, solid collaboration between the two governments to promote new trade ventures.
Nimul further encouraged the private sector to actively participate in organising themed events more frequently in both countries to explore potential markets, uncovering untapped opportunities and fostering new partnerships.
The Minister also announced that MoC will host its flagship event, the 17th Cambodian Import-Export Goods Exhibition (CIEGE), from December 13-16 in Phnom Penh.
Based on MoC announcement, this annual exhibition is designed to promote trade, investment and private sector growth, with participation from both local and international exhibitors.
According to press release of the Indonesian Embassy, Sousdey Indonesia is a rebranding of the Indonesian Trade and Tourism Promotion (ITTP), which was previously held 14 times since 2006.
The new branding aligns with the celebration of the 65th anniversary of bilateral diplomatic relations and reflects Indonesia’s desire to further connect with the Cambodian people, the statement added.
This year’s event is the largest-ever Indonesian solo exhibition in the Kingdom, featuring 100 booths, compared to 40 last year.
Around two-thirds of the exhibitors are Indonesian-based companies, including MSMEs, with the remaining being Cambodian importers of Indonesian products, representing industries such as
food and beverage, fashion and handicrafts, automotive, furniture and houseware, pharmaceutical, logistics and education.
