Cambodia is set to attract more investors from Turkey as the Kingdom vows to triple bilateral trade with that country to more than $500 million by 2020, a Ministry of Foreign Affairs and International Cooperation press statement reiterated on Wednesday.
The pledge was made as Prime Minister Hun Sen pays a three-day official visit to Turkey this week to strengthen bilateral cooperation.
Prime Minister Hun Sen will land in the Turkish capital, Istanbul, this Saturday. He has pledged to attract more Turkish investors to accelerate the two-way trades.
During the visit, the prime minister will also hold talks with Turkish President Recep Tayyip Erdogan to enhance bilateral ties between the two countries.
Both countries will sign a Memorandum of Understanding on tourism, investment, agriculture, culture cooperation, education, sports, water resources and mine clearance.
The announcement said Hun Sen will also deliver a speech at the Cambodia and Turkey Business forum to attract more Turkish investors to Cambodia.
Since 2002, Turkish-Cambodian economic relationships have boomed, with trade rising from about $5 million a year in 2005 to $124 million in 2014, according to the Cambodian Ministry of Commerce figures.
The data showed that about 90 per cent of the figure is made up of Cambodian exports to Turkey – mostly textiles.
Turkey previously sought out local partners in Cambodia for electrical goods trading – one of Turkey’s leading export sectors.