PHNOM PENH: Cambodia is inviting Australian businesses and investors to increase their involvement in the country’s high-value-added sectors. These sectors, which include agriculture and agro-processing, logistics, e-commerce, and digital technology, are considered crucial for Cambodia’s economic development by the Royal Government.
Minister of Commerce H.E. Ms. Cham Nimul made the invitation during a meeting with Senator the Hon Tim Ayres, Assistant Minister for Trade and Assistant Minister for Manufacturing of Australia, in Melbourne on March 5th. The meeting took place while Ms. Cham Nimul was accompanying Prime Minister Samdech Moha Borvor Thipadei Hun Sen to the ASEAN-Australia Special Summit celebrating the 50th anniversary of ASEAN-Australia Dialogue Relations.
The discussions between the two sides focused on strengthening economic ties and cooperation between Cambodia and Australia. Ms. Cham Nimul emphasized the significant role private sectors can play in Cambodia’s economic growth, particularly in job creation and diversifying the Kingdom’s trade and industry.
Both parties committed to further strengthening and promoting existing business activities and bilateral trade. They also highlighted the importance of implementing agreements like the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP).
Bilateral trade between Cambodia and Australia amounted to $502 million in 2023, a slight decrease of 4.12% compared to 2022. The Kingdom’s exports stood at $371 million, down by 2.1%, while imports from Australia were valued at $131 million, a decrease of 9.4%, as per the GDCE.