Logo of Phnom Penh Post newspaper Phnom Penh Post - ASEM vows supply chain, digitalisation cooperation

ASEM vows supply chain, digitalisation cooperation

Content image - Phnom Penh Post
Cambodia Chamber of Commerce (CCC) president Kith Meng speaks at the virtual 1st Asia-Europe Economic and Business Forum (AEEBF1) on Thursday. COMMERCE MINISTRY

ASEM vows supply chain, digitalisation cooperation

Eurasian senior officials and private sector representatives on November 25 agreed to work together to prop up global supply and value chains and overcome the challenges posed by the current Covid-19 crisis.

Efforts will involve fleshing out a path towards meaningful digitalisation and adaptation to the obligatory changes, to ensure the reliability and resilience of international trade flows.

The consensus was reached at the virtual 1st Asia-Europe Economic and Business Forum (AEEBF1), which consisted of three presentations and three panel discussions – organised by the Ministry of Commerce – aimed at strengthening multilateralism for inclusive growth.

In Panel Discussion III, participants explored setting up high-priority support frameworks to promote new models on emerging global supply and value chain management trends, the ministry said in a statement.

Topics covered include nearshoring, intra-regional transactions and localisation, contactless delivery and green infrastructure to spur global trade as the world recovers from the crisis, it added.

Asia-Europe Meeting (ASEM) countries “need to provide the necessary incentives and assistances for the business and industrial communities to remodel themselves as green business, and take advantage of supply and value chain modernisation using future technologies”, the ministry said.

Minister of Commerce Pan Sorasak contends that access to and adoption of new technologies could ensure the continued operation of businesses and other private sector entities, which he noted remained integrated into value chains during the pandemic, pushing forward towards a “brighter future”.

“This requires joint effort, along with business facilitation policies and the support of governments and private sectors from Asia and Europe, to make it a reality,” he said.

Cambodia Chamber of Commerce (CCC) president Kith Meng emphasised that the international community attaches great importance to ASEM cooperation and partnerships, which he said would protect and open and integrated system of trade and investment, based on law.

“The full potential and dynamics of the two blocs can manifest into a vibrant market that could become the engine of the global economy and play an important role in sustainable and integrated socio-economic development post-Covid-19,” he said.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, was confident that ASEM countries are clear on how to work well together on the production and supply processes needed to fortify global supply and value chains and meet needs and demands.

“These points are vital to support businesspeople and investors and empower them to see the big picture when it comes to minimising the detrimental effects of modernisation on their businesses,” he told The Post.

ASEM member states account for about 65 per cent of the global economy, and around 55 per cent of global trade, according to the ASEM InfoBoard.

MOST VIEWED

  • 12th Cambodia int’l film festival to see return of Hollywood star

    Phnom Penh is set to come alive with the magic of cinema as the highly anticipated 12th Cambodia International Film Festival (CIFF) takes centre stage. Boasting an impressive line-up of 188 films from 23 countries, including captivating shorts, feature films, documentaries and animation, the festival promises an

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Brawl marrs football final as Indonesian take gold in seven goal thriller

    The Indonesian men's U22 men national football team were crowned champions of the 32nd SEA Games in Cambodia, defeating Thailand 5-2 in extra time on May 16 at Olympic National Stadium in Phnom Penh. The match was marred by an ugly incident that occured in the 91

  • Fresh Covid warnings as Thai hospital fills

    A senior health official reminds the public to remain vigilant, as neighbouring countries experience an increase in Covid-19 cases, with the latest surge appearing to be a result of the Omicron XBB.1.5 sub-variant. Or Vandine, secretary of state and spokeswoman for the Ministry of Health,

  • 1.4 billion dollar Phnom Penh-Bavet expressway due in four years

    The Government, through the Ministry of Public Works and Transport, has officially signed a public-private partnership agreement with a private company for the construction of a Phnom Penh-Bavet Expressway project that will connect the capital to Svay Rieng province. The budget for the project is

  • New Law on Taxation comes into effect

    Cambodia has enacted the eagerly-awaited new Law on Taxation, which aims to improve the national tax regime’s compliance with present and future international standards and economic conditions; encourage accountability, effectiveness and transparency in the collection process; and promote investment in the Kingdom. King Norodom