Cambodia, China to sign 6 more MoUs to enhance investment cooperation

Both sides had signed an MoU earlier to set up a mechanism to strengthen investment and economic cooperation.

Economic and trade adviser with the Chinese embassy in Phnom Penh Zhong Jie recently told Chea Vuthy, secretary general of the CDC’s Cambodian Investment Board that she would help raise bilateral trade by encouraging Chinese investors to invest in all sectors in the country.

In the first seven months this year, bilateral trade volume rose by 1.8 per cent year on year to around $7 billion, the Cambodian general department of customs and excise said.

China is Cambodia’s largest international trading partner, accounting for 25.6 per cent of Cambodia’s international trade volume in the first seven months of 2023, amounting to $27 billion.

Meanwhile, London-based Economist Intelligence Unit (EIU) has ranked Cambodia as the world’s sixth most attractive investment destination for market expansion by Chinese companies.

In a recent report on China’s Belt and Road Initiative, it also ranked Cambodia as the tenth best destination for Chinese investment in supply-chain development.

Expansion is likely in consumer electronics, information technology services, telecommunications, renewable energy and automotive products.

Fibre2Fashion News Desk (DS)