Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia to US firms: Let’s co-op

Cambodia to US firms: Let’s co-op

Content image - Phnom Penh Post
High-rise buildings under construction in Boeung Tompun commune of Phnom Penh’s Meanchey district. Cambodia Chamber of Commerce has urged US investors to look into collaborations with Cambodians in construction and real estate, agriculture, services and trade. Heng Chivoan

Cambodia to US firms: Let’s co-op

Cambodia Chamber of Commerce (CCC) has urged US investors to look into collaborations with Cambodians in construction and real estate, agriculture, services and trade.

Seeing that Cambodia is the ASEAN chair for 2022, the time is right for the Kingdom and the US to strengthen their bilateral ties, said CCC president Kith Meng.

“We welcome US entrepreneurs to Cambodia to take advantage of this opportunity and study the possibility of collaborating with Cambodian partners,” he said.

During a May 9 trade meeting in New York, attended by some 100 US companies, Meng shared that the US was a major trading partner for Cambodia.

The meeting, held in conjunction with Prime Minister Hun Sen’s visit to the US for a high-level ASEAN-US Special Summit on May 12-13, also discussed investment incentives and potential in key business sectors in Cambodia.

Ky Sereyvath, director of the Chinese Studies Centre and an economic researcher at Royal Academy of Cambodia, noted that the economic ties between the Kingdom and US are improving.

“We hope that this visit will further enhance trade between the US and Cambodia, which may lead to the signing of a free trade agreement in the future,” he said.

According to Cambodia Footwear Association (CFA) president Ly Kunthai, footwear exports to the US grew more than 44 per cent year-on-year to $152 million in the first quarter of 2022.

“We expect footwear exports to the US market to continue growing after the trade meeting between CCC and US companies,” he said.

The chamber members, who will be in the US till May 15, have been attending business events on the sidelines of the US-ASEAN Special Summit, including a trade meeting with the American Chamber of Commerce in Washington, DC.

To recap, total trade between Cambodia and the US rose 32.6 per cent to $9.2 billion in 2021 from $6.9 billion in 2020. Of the figure in 2021, exports to the US amounted to $8.7 billion while imports from the US stood at $413.7 million, data from the US Census Bureau showed.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Knockout! Kun Khmer replaces ‘Muay’ for Phnom Penh Games

    Cambodia has decided to officially remove the word Muay from the programme of the 32nd Southeast Asian (SEA) Games 2023 in May. “Kun Khmer” will instead be used to represent the Southeast Asian sport of kickboxing, in accordance with the wishes of the Cambodian people. Vath

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • New int’l airport nearly half complete as travel industry returns to life

    Construction of a new airport that is slated to serve the capital has passed the 43 per cent completion mark, raising prospects for a proper recovery in the civil aviation and tourism sectors as international travellers return to the Kingdom in increasingly large numbers. The figure

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,