PM urges to continue to strengthen existing markets and expand to new ones
PM urges to continue to strengthen existing markets and expand to new ones
Cambodian Prime Minister Hun Manet said that strengthening old markets and expanding new markets must continue to ensure that Cambodian products have suitable markets both domestically and internationally.
The premier spoke on Friday at the opening ceremony of Cambodia Trade Expo 2024, which was themed “A New Era of Trade in Phnom Penh.”
He underlined the importance of deepening integration into the global economy and seeking new markets that offer benefits by negotiating bilateral, regional, and multilateral free trade agreements.
In addition, PM underscored, “This is a very important task because it concerns credibility in Cambodia. 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.”
Hun Manet added 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.
Over the past year, Hun Manet mentioned that 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 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.
At the same time, he further added, “We must take care of our existing customers because they are the best promoters, and the market is highly competitive. The top priority is to maintain our old markets. If adjustments are made due to changes in the investor’s country’s laws or regulations, we will work hard to resolve any problems and protect our market. We must ensure quality and reliable transportation services.”
On the occasion, the premier expressed satisfaction with the growth of Cambodia’s exports over the years. He underlined that the number of countries importing Cambodian goods has increased, and new countries are also joining, signalling the continued success of Cambodia’s trade expansion.
