PHNOM PENH: An expert sees China’s support for industrial modernization as a critical factor in Cambodia achieving international export standards.
Lor Vichet, Vice President of the Cambodia Chinese Commerce Association, points to recent high-level visits from China, including one by Shohrat Zakir, Vice Chairman of China’s National People’s Congress (NPC), who visited Cambodia from May 21 to 24, as a sign of expanding cooperation across various sectors.
He emphasizes the importance of continued collaboration between the Cambodian and Chinese parliaments to strengthen trade, tourism, and other strategic partnerships.
Vichet highlights the potential of China’s involvement in modernizing Cambodia’s industrial infrastructure and technology. He believes this will significantly improve the quality and competitiveness of Cambodian exports by ensuring they meet international standards.
“Fruitful discussions between Cambodia’s National Assembly and the visiting NPC delegation are crucial,” Vichet stresses. “These discussions will pave the way for a robust legal framework that can propel bilateral trade to new heights.”
This sentiment was echoed by Shohrat Zakir during his visit. Zakir pledged China’s support for modernizing Cambodia’s economic corridors and expanding cooperation in trade, tourism, education, and vocational training. This collaboration, as highlighted by the expert, aims to elevate Cambodia’s export sector to meet international standards.
Cambodia earned over US$3.36 billion from exports to members of the Regional Comprehensive Economic Partnership (RCEP) in the first four months this year, up 16.2 percent from US$2.89 billion recorded in the same period in 2023.
Cambodian exports to RCEP countries accounted for 44.57 percent of the Kingdom’s total exports of US$8.82 billion in the four-month period, it pointed out. Cambodia’s two-way trade with RCEP rose by 13.98 percent to US$11.19 billion, or 66.2 percent of the country’s total international trade of US$16.91 billion, stated the report.
