PHNOM PENH: The UK Prime Minister’s Trade Envoy H.E Heather Wheeler MP is visiting Cambodia this week from Sept. 24 to 26 aiming to strengthen the bilateral trade and investment relationship with Cambodia, according to a press release from the British Embassy in Cambodia issued on Monday.
During her stay in Cambodia, she will meet with Cambodian ministers and British and Cambodian businesses to explore opportunities to strengthen the commercial relationship and support Cambodia’s sustainable development and transition from Least Developed Countries (LDC) status, stated the press release.
The UK sees huge potential to deploy green investment and encourage Cambodian exports, under the UK’s “Developing Country Trading Scheme”, to increase Cambodia’s competitiveness and increase incomes for Cambodians, the source pointed out.
“It is fantastic to return to my new role as Prime Minister’s Trade Envoy, to strengthen the bilateral trade and investment relationship with Cambodia,” UK Prime Minister’s Trade Envoy MP Heather Wheeler spoke ahead of the visit.
This year is an exciting year for UK-Cambodia trade and investment as the two countries celebrate 70 years of diplomatic relations, she added.
“We have launched our inaugural Joint Trade and Investment Forum, prioritized Cambodia as part of our international British Investment Partnerships work, and encouraged even more fantastic Cambodian producers to use the Developing Countries Trading Scheme to export to the UK,” she said.
She will join the Deputy Prime Minister, Minister of Education, Youth and Sports in presiding over the launching ceremony of the first-ever UK university branch campus in Cambodia, a truly historic moment and a sign of the UK’s ongoing commitment to Cambodia, underlined the statement.
“We will continue to work closely with our Cambodian partners to promote trade opportunities between our two countries,” it said.
UK-Cambodia trade in 2022 had recovered to its pre-pandemic levels of over US$1 billion. Cambodian exports to the UK are predominantly made up of garments, footwear, and bicycles.
Cambodia qualifies for Comprehensive Preferences under the UK’s recently launched Developing Countries Trading Scheme – this gives Cambodia duty-free, quota-free access to the UK market for 99 percent of product lines.