PHNOM PENH: The Cambodia Chamber of Commerce (CCC) and the Hainan Provincial Council for the Promotion of International Trade signed a Memorandum of Understanding (MoU) to accelerate economic cooperation and expand the scope of trade exchanges between Cambodia and China’s Hainan Province.

Neak Oknha Kith Meng, Chairman and CEO of Royal Group, recently paid a courtesy call to Chen Hongliang, Vice President of the Hainan Provincial Council for the Promotion of International Trade. Around 80 businessmen from China and Cambodia took part in the event, which aimed to increase business and investment.

Neak Oknha Kith Meng emphasizes the new cooperation framework, as well as existing cooperation such as the Cambodia-China Free Trade Agreement (CCFTA), the Regional Comprehensive Economic Partnership (RCEP), the Belt Road Initiative, and Mekong-Lancang Cooperation. These collaborations increase business opportunities for the private sector.

Neak Oknha also mentioned that he plans to lead Cambodian business delegations to Hainan in May 2023 and that he is excited about the potential of the Hainan Free Trade Port as a gateway for overseas investment, which will further strengthen export-import volume and tourism.

Cambodian Prime Minister Hun Sen’s official visit to China on February 9-11, 2023, the two leaders agreed to establish The Diamond Cooperation, which will focus on six priority areas such as politics, production, agriculture, energy, security, and people-to-people exchanges.

Cambodia-China trade volume has steadily increased in recent years, exceeding the two governments’ target plan. China has made direct investments in key sectors such as garments, construction, mining, energy, agriculture, and tourism.