Cambodia and Hong Kong strengthen trade ties, discuss customs cooperation

PHNOM PENH: Cambodian and Hong Kong officials met on March 22nd, 2024, to solidify partnerships in trade and customs operations.

, Cambodia's Secretary of State of Commerce, held discussions with , Deputy Commissioner of Hong Kong's Customs and Excise Department. The meeting focused on progress made in customs procedures and explored avenues for further collaboration.

Both sides committed to working together on modernizing customs practices, streamlining trade processes, and attending regional customs conferences hosted by Hong Kong. This cooperation aims to build stronger networks with other customs agencies.

Following the customs discussion, Mr. Sopheak met with Fletch Chan, Director of Hong Kong's Information Services Department. Their conversation centered on promoting better understanding between Cambodia and Hong Kong, with the goal of stimulating further trade, investment, and tourism growth in both countries.

Data from the Observatory of Economic Complexity (OEC) paints a picture of a thriving trade relationship between Cambodia and Hong Kong. In 2022, Cambodia exported $227 million worth of goods to Hong Kong, with major exports including trunks and cases, electrical transformers, and knit sweaters. Cambodia's exports to Hong Kong have seen steady growth over the past decades, averaging an increase of 11.8% per year since 1995.

Hong Kong's exports to Cambodia have also flourished. In 2022, Hong Kong exported $877 million worth of goods to Cambodia. Key exports included gold, light rubberized knitted fabric, and refined petroleum. Similar to Cambodia, Hong Kong's exports to Cambodia have grown significantly, averaging an annual increase of 12.2% since 1995.

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