Cambodia and Canada have pledged to support each other with the establishment of various cooperation frameworks
Cambodia and Canada have pledged to support each other with the establishment of various cooperation frameworks to promote greater private investment growth between the two countries. The announcement came as trade volume between the two nations increased by nearly 30% during the first eight months of 2024.
The commitment was made during a meeting between a Cambodian delegation led by Sun Chanthol, first vice-chairman of the Cambodian Development Council (CDC), and a Canadian delegation led by Allan DeSousa, mayor of Saint Laurent in Montreal.
The Kingdom’s delegation included Cambodia’s honorary consul in Montreal and several representatives from relevant ministries and institutions, as well as representatives from the Cambodian Chamber of Commerce and the Oknha Association, while the Canadian delegation included numerous representatives of the business community.
The meeting was organised by the Cambodian Chamber of Commerce in Montreal and Investissement Québec International in Montreal.
During the meeting, Chanthol highlighted five priority sectors for investment: agriculture and agri-industry, pharmaceuticals, renewable energy, tourism and technology. He noted that Cambodia offers strong investment potential and that the government provides numerous incentives for investors.
Both parties pledged to continue bilateral discussions to further enhance private investment between the two countries.
According to the CDC, many Canadian companies that have invested billions of dollars in the country also shared their successful experiences.
Lim Heng, vice-president of the Cambodian Chamber of Commerce, explained that Canada is a promising market for Cambodian goods, with trade volume between the two countries increasing almost every year. In light of Cambodia’s significant export volume, the chamber has already opened a representative office in Canada.
He explained that the office aims to promote Cambodian products to Canadian consumers and provide information to attract Canadian investors to Cambodia.
Heng expressed his optimism, saying, "We hope that through the efforts of both the government and the private sector, Cambodian exports to Canada will continue to grow.”
According to Heng, the majority of the Kingdom’s exports to Canada consist of garments, travel products, footwear, tires, and electronic and electrical components. Meanwhile, Canada's exports to Cambodia include electronics and vehicles.
In 2023, Cambodia-Canada bilateral trade totalled $940.48 million, a decrease of 18.5% compared to 2022, when the figure stood at $1.15 billion. Cambodia exported $869.54 million worth of goods to Canada, down 22.4%, while Canada exported $70.95 million worth of goods to Cambodia, marking an increase of over 100%.
