During the January-September period this year, Cambodia’s top three export destinations under the RCEP agreement are Vietnam, China, and Japan, the report said.

The Southeast Asian country shipped products worth 2.03 billion dollars to Vietnam, up 30.6 percent; 1.06 billion dollars to China, up 18.2 percent; and 885.7 million dollars to Japan, down 1.3 percent, the report added.

The RCEP free trade deal comprises 15 Asia-Pacific countries including 10 ASEAN member states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam – and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Cambodian Ministry of Commerce’s Secretary of State and Spokesman Penn Sovicheat said RCEP, which came into force in 2022, has been a catalyst for the kingdom’s export growth and has become a magnet to attract more foreign direct investment inflows to the ASEAN nation.

“The export growth indicated that the fellow RCEP countries are a potential market for made-in-Cambodia products,” he told Xinhua.

Sovicheat said that with preferential tariffs provided under the RCEP agreement, there’s no doubt that Cambodia’s exports to other RCEP members will continue to rise throughout this year and next years.

“RCEP, together with other bilateral free trade agreements, will help Cambodia graduate from its least developed country status by 2027 and achieve its goals of becoming an upper-middle income country by 2030 and a high-income nation by 2050,” he said.

The post Cambodia’s RCEP exports surge 23.6% in first 9 months of 2023, reaching $5.81 billion first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

PHNOM PENH: Mr. Kouch Chamroeun, Governor of Preah Sihanouk Province, presented to the United States the progress of development in this coastal province, ranging from large infrastructure to the presence of many high-rise buildings.

On April 20, 2022, HE Kouch Chamroeun, Governor of Preah Sihanouk Province, met with Mr. Paul Grove, Secretary General of the Senate Finance Committee of the United States Senate, to discuss the work and study of Preah Sihanouk Province’s economic and social development.

Mr. Kouch Chamroeun, Governor of Preah Sihanouk Province, welcomed the team and provided information about the province’s geographical features.

He stated that once Cambodia gained independence, the US assisted in the construction of National Road 4 to Phnom Penh, establishing Sihanoukville as a deep-sea international port. The Royal Government of Japan is now supporting the extension of the port of Sihanoukville, which formerly had a sea depth of 9.50 meters.

The Japanese government is assisting in the development of the first phase, which has a depth of 13 meters, as well as the second and third phases, which have a depth of 15 meters and will allow 97 percent of the world’s ships to dock, lowering shipping costs. 70% of freight is handled by the Sihanoukville Autonomous Port.

He stated that the province has 11 special economic zones, five of which are now employing tens of thousands of young Cambodians. The province has an international airport with a 3,400-meter runway and is actively building departure terminals. The province has an expressway connecting Phnom Penh and Sihanoukville, which is set to open in October 2022 and will help the country’s economic growth.

He went on to say that the Ministry of Public Works has worked with the ADB to repair and expand National Road No. 4 in order to attract more convenient transit and traffic. The Royal Government has encouraged foreign investors, notably Chinese businessmen, to invest in Sihanoukville in areas such as hotels, casinos, and other industries that employ a large number of our youth.

Furthermore, the Governor of Sihanoukville asked the delegation to push Seattle to maintain and expand relationships with the city, as well as to attract American investors to visit and invest in Sihanoukville.

The Secretary General of the US Senate Finance Committee, Mr. Paul Grove, thanked the Governor for enabling him and his colleagues to meet and discuss Sihanoukville’s present economic and social growth.

Mr. Paul Grove also lauded the people of Sihanoukville’s progress and infrastructure. He arrived to Sihanoukville in 1994, but now he looks at it, not wanting to know because of the astonishingly quick growth, with hotels and towers, which gives the benefits of developing company. Increase your growth.

The post Governor represents Sihanoukville’s development progress to the United States first appeared on Estatedia | Economy & Real Estate Media in Cambodia.