PM tasks MoC to pursue expanding new markets
PM tasks MoC to pursue expanding new markets
Prime Minister Hun Manet Friday asked the Ministry of Commerce (MoC) to pursue cooperating with international companies to expand markets for Cambodian products.
Speaking at the ‘Cambodia Trade Fair 2024,’ an international trade event held under the theme ‘New Era of Trade’, Mr Hun Manet said, “The Ministry of Commerce needs to work more actively to export our potential products to new markets.”
Appreciating the efforts of the MoC and other ministries including the private sector that have played a critical role in fostering strong cooperation in attracting investors and promoting trade growth in both local and global markets, the Premier told the stakeholders to continue to implement the approach of ‘strengthening the old market, expanding new markets’ to ensure that Cambodian products have a suitable market both domestically and internationally by continuing to integrate deeply into the regional and global economy.
Mr Hun Manet also highlighted that Cambodia’s trade volume touched $50.46 billion in the first 11 months of 2024, marking an increase of approximately 15.95 percent compared to the same period in 2023.
Additionally, he urged pursuing new markets with tariff preferences through negotiations of bilateral, regional, and multilateral free trade agreements.
On the importance of maintaining the old market, the Premier said, “This is a very important task because it concerns Cambodia’s credibility. If we lose our old markets and customers, finding new ones will be very difficult. However, if our existing customers are satisfied, they will continue to spread positive feedback. When considering a sector to invest in, investors will always consult with those who have already invested in Cambodia. Therefore, ensuring quality, stability, and satisfaction among current investors is crucial for maintaining the existing market.”
Mr Hun Manet went on to add that investors seeking to invest in Cambodia will inevitably ask those already invested whether the environment is conducive and improving. If the feedback is positive – mentioning that it’s easy to do business and that issues are resolved promptly – this will play a key role in attracting new investments.
Cambodia has made significant strides, including with the Council for the Development of Cambodia (CDC). Previously, Cambodia only held bi-annual forums with the Japanese private sector.
Similar forums have been expanded to include South Korea, the United States, and Europe, allowing direct communication to address concerns, he added.
The Premier also noted that tax reform principles have been prepared to facilitate business arrangements. The Ministry of Economy and Finance has adjusted and removed certain procedures to ease the process for investors, and the Ministry of Commerce has taken similar actions.
He also called for increased foreign direct investment in the processing industry to support Cambodia’s industrial resilience, especially as the country prepares to graduate from the Least Developed Countries category by 2029.
Cham Nimul, Minister of Commerce, said that the MoC is working tirelessly to foster a favourable business environment for investors through key initiatives, including trade facilitation, market diversification, promoting partnerships and dialogue, and ensuring compliance with international laws and regulations.
She said, “MoC, as the Secretariat for trade of the Royal Government of Cambodia, is effectively implementing its roles and responsibilities, particularly under the ‘Pentagonal Strategy – Phase I’ for Growth, Employment, Equity, Efficiency, and Sustainability. This strategy is the foundation for realizing Cambodia Vision 2050 under the Seventh Legislature of the National Assembly.”
The minister noted that the MOC had organized a 108-square-meter pavilion designed to showcase Cambodia’s top-quality products. The ‘Common House’ features geographical indication products, potential goods, and items representing the capital and provinces of Cambodia.
“Products on display were brought by the 25 provincial commercial departments across the country. Additionally, Cambodiatrade.com – the first e-commerce platform managed by the MoC – is featured in the Common House. This platform promotes Cambodian goods through online payment systems in collaboration with partner banks and facilitates shipping domestically and abroad,” Nimul added.
