Cambodia, UK look to boost investment, trade ties

PHNOM PENH: Deputy Prime Minister of Cambodia, H.E. Dr. Aun Pornmoniroth, met with UK Minister for the Indo-Pacific, Rt Hon. Anne-Marie Trevelyan, on Monday. The meeting focused on strengthening bilateral cooperation in investment, trade, and the development of a Green in Cambodia.

Dr. Pornmoniroth expressed his appreciation for the UK's support: “I expressed my deep gratitude for the cooperation between the two countries in the past, especially the UK's support for Cambodia's exports and the initiative of the Green SEZ project in Cambodia, contributing to the socio-economic development of Cambodia.”

He also briefed the Minister on Cambodia's economic progress, including continued macroeconomic stability and the launch of the Pentagonal Strategy. Dr. Pornmoniroth outlined Cambodia's reform plans aimed at achieving high-income status by 2050.

The UK Minister affirmed their commitment to deeper cooperation: “Rt Hon. Anne-Marie Trevelyan highly valued the significant progress of the Cambodia-UK cooperation and expressed the UK's commitment to further strengthen and expand existing cooperation and promote , particularly the development of the Green SEZ and the efforts to attract new British investors to Cambodia.”

Both parties discussed potential reforms to attract more foreign investment, focusing on areas like business registration, financial support, and debt management.

Trade figures show a slight decrease however, the bilateral trade between Cambodia and the UK reached US$872 million in 2023, a 10.7% decrease compared to the previous year. Cambodia's exports to the UK declined by 10.2%, while imports from the UK fell by 15.9%.

 

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