A container truck prepares to load a shipping container at the Sihanoukville Autonomous Port (PAS). Post Staff
The government has shared several of the ways it is actively promoting the Kingdom’s potential for foreign investment and working to boost exports to international markets, as domestic production capacity continues to grow.
On September 22, the Council for the Development of Cambodia (CDC) announced that, in an effort to promote Cambodia’s investment potential and expand its export markets, Sun Chanthol, Deputy Prime Minister and first vice-chairman of the CDC, is leading a delegation on a mission to the US and Canada from September 22 to October 3.
The delegation will has scheduled key missions in several US cities, including San Francisco, Los Angeles, New York and Washington, D.C, as well as the Canadian city of Montreal.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), told The Post on September 23 that the CDC delegation’s visit to the US and Canada is expected to serve as a major driving force and magnet for Cambodia in promoting and attracting American and Canadian investors to invest directly and increase their orders from the Kingdom.
He added that recently, representatives from the American Chamber of Commerce in Cambodia (AmCham) also met with top Cambodian government officials to explore opportunities to expand cooperation between Cambodia and the US.
“This visit is an excellent move to further strengthen trade and investment cooperation between the two countries and increase the volume of trade. Recently, the CCC also led a delegation of over 50 representatives from the Cambodian private sector to participate in a trade exhibition to promote Cambodian products in the US,” he continued.
According to Lim Heng, to boost Cambodian exports and attract investors, the CCC has opened representative offices in the US, in California, as well as in Canada, in Toronto and Montreal. He noted that the Cambodian delegation will help motivate representatives in these countries to increase efforts in promoting the Kingdom’s investment potential.
The US and Canada primarily import clothing, footwear, travel bags, electronics, electrical appliances and agricultural products from Cambodia, while Cambodia mainly imports electronics and vehicles from these two countries, he explained.
Te Taing Por, president of the Federation of Associations for Small and Medium Enterprises of Cambodia (FASMEC), noted that promoting and exporting Cambodian products to international markets brings numerous benefits. Currently, FASMEC is also implementing plans to help push Cambodian products abroad.
He added that before exporting products to foreign markets, it is essential to conduct thorough research in advance.
“The US and Canadian markets are large, especially considering the significant Cambodian population living in both countries. Therefore, having improved access to these markets would be highly beneficial,” he said.
Hong Vannak, an economist at the Royal Academy of Cambodia, explained that the US and Canada are major markets, and consistently purchase goods from Cambodia. The Kingdom also benefits from preferential tariff systems for many of the goods it exports to these two countries.
As an economist, Vannak emphasised, “Alongside the efforts of the government and the private sector to promote and explore new markets, business owners and manufacturers must also strive to improve the quality and prices of their products to secure more opportunities on the international market.”
According to data from the General Department of Customs and Excise (GDCE), trade between Cambodia and the US from January to August 2024 amounted to $6.92 billion, an increase of 10.4% over the same period in 2023. Exports totalled $6.75 billion, up 10.4%, while US imports stood at $173.79 million, up 8.3%. Cambodia-Canada trade totalled $782.61 million, up 27.7%, with Cambodia exporting $736.34 million, up 28.8%, and Canada importing $46.27 million, up 11.8%.
