Cambodia, Philippines ink agreement to boost bilateral trade

December 08, 2011

PHNOM PENH (Xinhua) -- Cambodia and the Philippines on Thursday signed an agreement to boost the bilateral cooperation on trade, investment, tourism and agriculture.

The agreement was signed between Ung Sean, secretary of state of Cambodia's Ministry of Foreign Affairs and International Cooperation, and visiting Erlinda F. Basilio, undersecretary of state of the Philippines' Department of Foreign Affairs after the first Cambodia-the Philippines Joint Commission Meeting.

According to a press release after the signing ceremony, both sides agreed to strengthen bilateral trade and investment cooperation through encouraging respective country's business people and investors to do businesses in one another.

Cambodia urged to be 'rice basket'

27/09/2010
Posted by The Bangkok Post

PHNOM PENH : Indian President Pratibha Devisingh Patil recently encouraged Cambodia to transform itself into a "rice basket" and increase the use of preferential trade tariffs with her country.

"India and Cambodia are at a modest level [of trade], but there exists a much greater scope for expansion," said a transcript of the president's speech.

Highlighting potential for Cambodia's agricultural development, she recommended that the government find ways to improve productivity and developed the kingdom into a "key exporting country in the world" while utilising trade incentives. She added that the agricultural sector had drawn "a lot of interest" among well-regarded Indian companies that she hoped that would eventually bear fruit as business transactions.

Nguon Meng Tech, the director of the Cambodia Chamber of Commerce (CCC), said the meeting was an important step in solidifying business relationships, adding that he hoped India's expertise in the fields of medicine and information technology, as well as agriculture, would benefit the Kingdom.

Kith Meng, the CCC president, said in a speech that Cambodia was an "economic star of Asia" and that Cambodia's competitiveness would improve.

Rivher Prasad, Cambodia country director of the Indian trading company PPS Group, which specialises in pharmaceuticals and water pumps, said before the meeting that he thought the kingdom's potential was growing day by day.

"I can say there is a lot of development, as the situation is very stable and controlled here," he said.

Bilateral trade between Cambodia and India increased more than 23% to reach more than US$22 million in the first six months this year, up from $18 million for the same period last year. The vast majority of trade consisted of Indian exports to Cambodia, according to data from the Ministry of Commerce. They included medicines and medical instruments, textiles, leather, and machinery.

The two countries are preparing to ratify a free-trade agreement on agricultural products as part of a raft of measures that have been undertaken to boost trade between Asean and India.

Patil back from Laos, Cambodia aimed to boost Look East Policy

Rakesh Mohan Chaturvedi

On Board Special Aircraft, Sep 18 (PTI) President Pratibha Patil today completed her two-nation state visit to Laos and Cambodia in a bid to deepen economic and cultural ties with the two key ASEAN countries as part of an effort to boost India''s Look East Policy.

During the President''s successful ten-day visit, lines of credit were extended to Laos and Cambodia and important business pacts inked.

Talking to reporters on board the special aircraft, Patil underlined that the visit aimed at reinforcing the deep historical and cultural ties along with efforts to build a dynamic economic and developmental relationship with the two nations.

"My visit to these countries was undertaken to reinforce the deep historical and cultural ties which India has with these countries dating back to more than 2000 years, and to build a dynamic economic and developmental partnership on these foundations," she said.

During her visit to Laos, which began on September 9, India extended a line of credit worth USD 72.55 million to finance two power projects in the country.

A Cultural Exchange Agreement for the years 2011-13 was also signed between the two nations.

Patil said Laos underlined its deep appreciation for India''s continued assistance and support for its developmental efforts through loans and assistance in the field of human resource development, hydropower and irrigation schemes in particular.

"I was informed that the National Assembly of Laos has already approved the India-ASEAN Agreement on Trade in Goods and only some administrative formalities remain prior to its notification," she said.

Laos, a landlocked country in Southeast Asia, has also indicated that it looked forward to investments from the Indian private sector.

The Aditya Birla Group and Kirloskar already have a big presence in Laos while the Tata group is exploring possibilities of investment in the mining sector.

A 45-member business delegation, comprising of members of CII, FICCI and ASSOCHAM, travelled with the President, and signed MoU with the Indian Chamber of Commerce in Laos.

Patil and President Choummaly Sayasone also participated in a virtual inauguration of the 115 KV Paksong-Jiangxi-Bangyo transmission line project in Champasak province of Laos, where the government of India has provided a line of credit for USD 18 million.

The Indian President and her husband Devisingh Shekhawat were accorded a warm welcome at Phnom Penh when they arrived on September 13 in Cambodia for the second leg of the 10-day tour.

Ties with Laos, Cambodia will expand: President

PTI President Pratibha Patil greets Cambodian officers at Phnom Pehn on Saturday before leaving for India. Photo: PTI/Aman Sharma

NEW DELHI, September 19, 2010
Parvathi Menon
The Hindu

President Pratibha Patil on Saturday said that the engagement between India, Camodia and Laos is set to substantially expand, and will be taken forward bilaterally and through the platform of ASEAN.

Ms. Patil was speaking on her return to India after a 10-day visit to both countries, on which she was accompanied by a 45-member business delegation with representatives from the CII, ASSOCHAM and FICCI.

In addition to agreements in the economic sphere, the highlights of the President's visit to these countries were her stops at famous historical sites. She spent two days each at Luang Prabang in the Laos PDR and Angkor Wat in Cambodia, both sites where the Indian imprint is evident in history, art and architecture, and in the Angkor Park region, in the heritage conservation efforts that India has made.

In Laos, a Cultural Exchange Agreement for 2011-13 was signed during Ms. Patil's visit, as also an agreement for a new Government of India credit line of $72.55 million to finance two power projects.

The National Assembly of Laos has already approved the India-ASEAN Agreement on Trade in Goods.

In Cambodia, the President signed two agreements, the first between the Comptroller and Auditor-General of India and the National Audit Authority of Cambodia, and the second for a $15-million credit line between EXIM Bank and the Cambodian government for Phase II of the Stung Tassal Water Development Project.

Ms. Patil met the staff and students of the Cambodia India Friendship School and announced a financial grant of $246,000 to upgrade it.

King Norodom Sihamoni accepted the President's invitation to visit India.

Cambodia is currently the country coordinator for India on ASEAN and will hold the ASEAN chair in 2012, when India will host the Commemorative India-ASEAN summit in Delhi.

Ms. Patil was accompanied by Union Minister for Tribal Affairs Kantilal Bhuria, and Members of Parliament Mohan Singh, Peethambara Kurup, and Andanrao Adsul.

Huge scope for increasing India-Cambodia trade: [Indian] President

September 18th 2010
By Vikas Mohapatra
India Company News

Indian SMEs can now look forward to greater business opportunities in Cambodia with President Pratibha Devisingh Patil paving the way for cooperation with the latter country to boost economic ties. Speaking at the India-Cambodia Meeting in Phnom Penh recently, the President said that there is huge scope for increasing bilateral trade and investments between the two countries and called for business units in both countries to cash in on the lucrative trade environment.

Significantly, the event, which was attended by Indian industry bodies such as the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM), sought to explore business potential in the two countries.

Two-way trade between India and Cambodia stands approximately at around US$50 million. Incidentally, one of India’s major exports to Cambodia comes from the pharma sector which has significant SME population. In the wake of the recent development, Indian pharma-based SMEs can seek to invest in Cambodia further.

Incidentally, the President identified agriculture and IT/ITeS as sectors that small businesses in both countries can look to explore to enhance bilateral cooperation.

The fact that the President has also urged for more initiatives to increase the bilateral trade basket should encourage Indian SMEs from other sectors to scout for business investment in Cambodia.

[Indian] Prez promises support to Cambodia

India Blooms News Service

Phnom Penh (Cambodia), Sept 16 (IBNS): President Pratibha Patil on Thursday promised support to the Cambodian government in strengthening its economy and also increase bilateral trade between India and the southeast Asian nation which currently sits at a modest USD 50 million.

Addressing an India-Cambodia Business meeting here, President Patil said India’s trillion dollar economy, ranked as the fourth largest in the world on the basis of purchasing power parity, offered a “much greater scope for expansion” in bilateral trade.

“In order to promote trade with Cambodia, India has extended a duty free tariff preference facility since last year. I encourage the Cambodian business community to avail of this facility in full at an accelerated pace,” she said.

She said that she welcomed the Cambodian government’s initiatives to improve agriculture productivity, as well as to transform Cambodia into a key rice exporting country in the world.

“I can assure that India would cooperate and share its experience with Cambodia in achieving this objective. India would be happy to extend training support and also depute Indian experts to Cambodia under bilateral co-operation arrangements,” she said.

Along with agriculture, Patil said tourism, IT and IT enabled services “could be areas which are worth exploring.”

She said that trade and investment opportunities in the agriculture sector have also generated a lot of interest among Indian enterprises and expressed hope that the current visits would fructify into actual business transactions.

[Indian] President calls upon business community of India and Cambodia to explore and utilise trade opportunities

2010 September 16
Stock Market Today (India)

President Pratibha Devisingh Patil has called upon the business community of India and Cambodia to explore and utilise trade opportunities in both sides. Addressing India-Cambodia Business Meeting on Wednesday evening at Phnom Penh in Cambodia on the third day of her state visit, the President said, there is greater scope for expansion of economic relations. Stating that India seeks to expand its economic engagement with the region and the tourism trade has potential between the two countries in view of Cambodia’s central location in ASEAN region. She said, a direct air-link between both the countries would catalyse the promotion of tourist packages.

She further said the bilateral trade basket can be expanded through creating awareness among the business communities of two countries about trade requirements. Stating that further investment opportunities have been identified in sectors like mining, oil and Gas, hydro power, infrastructure and tourism, she said cooperation would be extended to Cambodia to transform it into a rice basket and a key rice exporting country in the world.

The President will be visiting Siem Reap ( Sim Rip), where the famous Angkor Wat Temples are located

Cambodia SKorea bilateral trade soars

Saturday, February 27, 2010
Australia Network News

Cambodian exports to South Korea surged 391 percent in January compared with the same month last year.

Korea Trade-Investment Promotion Agency says the 4 point 3 million dollar rise comes amid an overall increase in bilateral trade between the two countries.

Korea Chamber of Commerce in Cambodia says rising demand from North America has also help spur the recovery in trade.

South Korea runs garment factories in the Kingdom, and Cambodia in turn imports raw materials for its primary export industry, so trade between the two is highly dependent on demand from the United States and Canada.

Last month rubber was Cambodia's largest export to South Korea indicating the Kingdom's intention to move into other export industries, particularly agricultural products.

Cambodia-Israel Chamber of Commerce was inaugurated in Phnom Penh

Feb 8, 2010
Port2Port (Israel)

The inauguration is part of an Israeli effort announced last year to expand economic and political ties with Cambodia

Cambodia-Israel Chamber of Commerce, a bi-national business association with the mission of increasing economic development by fostering understanding, cooperation, and business relationships between Israel and Cambodia, was inaugurated last week in Phnom Penh.

Tzahi Selzer, the Israeli economic and trade attaché in Bangkok said that the inauguration is part of an Israeli effort announced last year to expand economic and political ties with Cambodia. Selzer added that "There is huge interest in Cambodia in Israel.

Israeli-Cambodian trade and investment is rather small, and only about 30 Israelis live in Cambodia, said the embassy.

In 2008 Israel was ranked the fourth-largest foreign investor in Cambodia in terms of value of projects approved, with 2.75% of total investment, or US$300 million, according to Cambodian Investment Board figures.

Israel's export to Cambodia in 2009 was up 97% from US$631,000 in 2008 to US$1.25 million. Although level of trade is low the potential is high and create a great deal of interest among Israeli business firms.

South Korean President’s Visit To Strengthen Trade

By Heng Reaksmey, VOA Khmer
Original report from Phnom Penh
16 October 2009

South Korean President Lee Myung-bak will make a two-day visit to Cambodia next week, aiming to strengthen bilateral cooperation and boost economic investment.

South Korean businesses have played a major role in recent economic development in Cambodia, but the global downturn has curtailed their investments.

Lee is scheduled to arrive Oct. 22, at the invitation of Prime Minister Hun Sen, and will have a royal audience with King Norodom Sihamoni, a spokesman for the Ministry of Foreign Affairs said. He will also pay courtesy calls on Senate President Chea Sim and National Assembly President Heng Samrin, and have official talks with the premier.

"Lee’s visit to Cambodia is crucial for the economy and for the people of the two countries,” the spokesman, Koy Koung, said.

The two countries will sign an agreement on extradition and will approve a framework for loans and economic development through 2012, he said.

Other agreements to be signed include those on cooperation between both chambers of commerce, co-production of broadcast programming, mineral exploration, plantation investment and climate change.

Hong Kong Investors Take Cambodia Tour

By Ros Sothea, VOA Khmer
Original report from Phnom Penh
12 October 2009

Hong Kong trade officials recently spent three days in Cambodia looking at ways the two might boost bilateral trade, though Cambodian officials remain skeptical trade could grow substantially any time soon.

The delegation of the Hong Kong Trade Development Council, a special trade agency of Hong Kong’s government, was seeking to broaden its markets in the wake of the global financial downturn.

Trade between Cambodian and Hong Kong was $618 million in 2008, with only $10 million of that coming from Cambodian exports. Cambodia is ranked as Hong Kong’s No. 42 trade partner, according to figures from the Hong Kong trade council.

Tina Phan, who is in charge of mainland Southeast Asia for the council, said the relatively small trade between Hong Kong and Cambodia meant a lot of room to improve business ties, especially as US and European markets have narrowed.

“Because of the financial crisis, we have to go out more and find more new things, new markets,” Phan told VOA Khmer. “And the Cambodian market is one of the markets that we are looking into now. We want to promote trade between Cambodia and Hong Kong.”

Hong Kong, an island territory of 7 million people, exports more than 30 types of goods to Cambodia, mainly garment products and telecom equipment, while importing some footwear and children’s clothing from Cambodia.

Phan said she had invited some of Cambodia’s private enterprises to an exhibition in Hong Kong in October and November.

The Hong Kong trade delegation met with officials from the Council for the Development of Cambodia, Chamber of Commerce, banks and craft associations.

However, officials remained dubious over increased trade.

“Hong Kong has not much interest in our market,” said Keo Nimet, international relations manager for the Chamber of Commerce. “Before, we showed our market’s potential and handed out business books for Hong Kong visitors. But we have never seen anyone come to our market since.”

Disparities between the two markets were the “main challenges” for increasing trade, he said. For example, Cambodia can export garments, but Hong Kong already claims top standards as a clothing exporter.

Hong Kong has shown interest in importing rice from Cambodia, but there has been no agreement, said Cheav Pha, head of market development and management at the Ministry of Commerce.

Hong Kong only wants to import unique products they are unable to produce, “such as products made from silk,” said Men Sineoun, president of the Artisan Association of Cambodia, which exports some $10,000 in silk products to Hong Kong annually.

Hong Kong has very few projects in Cambodia, investing only $4 million in garment factories from January to August this year, compared to $332 million by China as a whole. In that same period, investment from Thailand, Singapore, Vietnam and South Korea ranged between $100 million and $200 million.

Meanwhile, Hong Kong is the seventh-largest investor in Vietnam, with annual trade between the two in 2008 estimated at $4 billion, according to Hong Kong government figures.

Vietnam is better industrialized, Keo Nimet said, creating a better base where investors can find resources at hand without importing from another country. Still, he said, Cambodian trade could be increased with Hong Kong in the next five or six years if such cooperation were pushed by China’s national government.

Cambodia's trade with Hong Kong down 24 pct to end July

PHNOM PENH, Oct. 7 (Xinhua) -- Bilateral trade between Cambodia and China's Hong Kong dropped 24.39 percent in the first seven months year-on-year, local media reported Wednesday.

Citing the data released by the Hong Kong Trade Development Council, the reports said trade between the two sides fell to 288 million U.S. dollars from 380.94 million dollars last year.

Hong Kong's total exports to Cambodia fell to 279 million dollars from 375.5 million dollars, while Cambodia's shipments in return increased to 9 million dollars from 5.44 million dollars during the year up to the end of July.

The figures were released Tuesday at a press conference to attract Cambodian companies to hold trade exhibitions in Hong Kong.

"The drop was because of the global financial crisis. However, now trade between Cambodia and Hong Kong is becoming stable because the economy is not so bad; it may not drop further," Johnny Wan, senior exhibitions manager at the Hong Kong Trade Development Council, was quoted by the Phnom Penh Post as saying.

Cambodia's main exports to Hong Kong were food items, garments and footwear, and gemstones, he said. "Cambodia has so many good products, but foreigners may not know much about them, so Cambodia should promote more ... through trade shows and marketing," Wan said.

China-ASEAN trade speeds up

Saturday, October 20 2007
Business.Balita.ph (Philippines)
Business

China and the Association of Southeast Asian Nations (ASEAN) have seen fast growth in bilateral trade with the volume being expected to reach US$ 190 billion this year.

"The figure is expected to top US$ 200 billion in 2008, two years earlier than our expectation," said Zhang Xiaoqin, secretary general of China-ASEAN Expo Secretariat.

China and ASEAN are now each other's fourth largest trading partners. Zhang said, the China-ASEAN trade volume was US$ 160.8 billion last year, while in the first eight months this year, the bilateral trade hit US$ 127.95 billion.

Meanwhile, China and the 10 ASEAN members are speeding up the tariff reduction to facilitate the establishment of China-ASEAN free trade zone.

China's average tariff on ASEAN countries' goods was slashed from 9.9 percent to 5.8 percent now and will continue to drop to 2.4 percent in 2009, and finally in 2010, which is the scheduled time for the establishment of the free trade zone, 93 percent of products from ASEAN countries will be tariff-free.

By 2010, China will establish free trade zone with Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, while Vietnam, Laos, Cambodia and Myanmar can enjoy five more years of transition.

Besides pushing the development of good trade, China and ASEAN countries have also speed up cooperation and investment on service trade since the two sides signed the negotiation on service trade in January this year.

"China and ASEAN have entered a new stage in terms of economic cooperation and trade ties," said Zhang.

To boost bilateral economic and trade cooperation, China and ASEAN countries have held the annual China-ASEAN Expo (CAEXPO) in Nanning, capital of the southern Guangxi Zhuang Autonomous Region since 2004. The fourth CAEXPO is planned to open on Oct. 28 this year.

Vietnam and Cambodia target US $1 billion in trade [-Extradition treaty is planned]

August 21, 2007
VNA

Both Vietnam and Cambodia are of the opinion that two-way trade between the neighbours could breach the US $1 billion barrier this year.

The consensus was reached during the 9th meeting of the Vietnam-Cambodia Joint Committee in Phnom Penh on August 20-21, which saw the attendance of Deputy Prime Minister-cum-Foreign Minister Pham Gia Khiem, Chairman of the Vietnamese sub-committee, and his Cambodian counterpart, Hor Namhong.

Both sides decided to focus their efforts on education and training, infrastructure construction, trade, investment, energy, transport, health care, mining, oil and gas, agriculture and seafood processing.

The speeding up of border marker work for completion by the self imposed 2008 deadline was also a prominent discussion point at the meeting, along with trans-national crime, the conducting of joint naval patrols and preliminary negotiations on an extradition treaty.

The officials urged localities, especially provinces on both sides of the borderline, to increase co-operation and businesses to build more power plants along Se San river.

At the meeting, the officials also reviewed the implementation of agreements signed at the last event that was held in Vietnam’s central Thua Thien-Hue province in October 2006.

The 10th meeting of the joint committee has been tentatively proposed to be held in Vietnam next year.