Russia has reiterated its commitment towards shoring up bilateral trade volume and alluring more investment to Cambodia, helping pull the Kingdom’s economy out of post-Covid-19 doldrums.
The remarks were made during a meeting between newly-minted Russian ambassador to Cambodia Anatoly Borovik and Minister of Economy and Finance Aun Pornmoniroth at the ministry on Wednesday.
This comes as the Kingdom negotiates a free trade agreement (FTA) with the Eurasian Economic Union (EAEU), a common market comprised of five nations of the former Soviet Union – Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
Borovik said: “Seeing the potential of Cambodia, many Russian companies, both large and medium, are interested in and looking for opportunities to invest in and do business in Cambodia.
“Going forward, the volume of bilateral trade between the two countries will see continued growth,” he said.
Aun Pornmoniroth thanked the Russian government for its constant support during the Kingdom’s struggle in the 1980s, which was devastated by a 12-year-long economic embargo imposed following its liberation from the genocidal Khmer Rouge regime.
The former Soviet Union provided a lot of humanitarian assistance to Cambodia and actively participated in the ensuing process of peace building and socio-economic development, he said.
Despite Covid-19, Cambodian-Russian cooperation continues to run smoothly, especially in the fields of economy, trade, investment, education, health and culture, he added.
“The Cambodian government is ready to further promote collaborations. It welcomes Russians to invest more in the Kingdom to increase bilateral trade volume and boost economic growth,” Pornmoniroth said.
Last March, Cambodia and Russia signed 62 documents and 14 agreements to promote economic, cultural and social cooperation.
Bilateral trade between the two countries was to the tune of more than $55.39 million last year, sinking 40.44 per cent from the $93.00 million logged in 2018, the Ministry of Commerce reported.
Of the amount, Cambodia exported some $51.70 million worth of products, up 27.08 per cent year-on-year, and imported $3.69 million.
Meanwhile, the Kingdom exported $14.63 billion worth of products to international markets last year, up 12.7 per cent compared to 2018, the National Bank of Cambodia reported.
In December, Sorasak pointed out that an FTA with the EAEU would provide a welcome impetus for industrial diversification and expansion of financial services, transport, digital economy and agricultural services.
He was citing a commerce ministry report on the results of its assessment of a potential FTA deal between Cambodia and the EAEU.
The EAEU represents a combined population of 183 million and a gross domestic product (GDP) of $5 trillion.
Sorasak said then: “An FTA will enable the two parties to increase economic cooperation, trade in goods, services and investment.
“We expect to increase trade and investment opportunities and mutual investment. Cambodia can increase its garments and textiles exports, agricultural products and other goods,” he said.