Deputy Prime Minister Sun Chanthol (right), first vice-president of the Council for the Development of Cambodia (CDC), meets with Spanish ambassador to Cambodia Felipe de la Morena Casado in Phnom Penh on November 19. CDC
Spanish Ambassador to Cambodia Felipe de la Morena Casado has proposed the organisation of a business forum to share investment opportunities and promote Cambodia’s policies to Spanish entrepreneurs. This comes as trade between the two countries reached nearly $900 million in the first 10 months of 2024.
During a meeting with Deputy Prime Minister Sun Chanthol, first vice-president of the Council for the Development of Cambodia (CDC), at the CDC on November 19, the Spanish ambassador, based in Bangkok, pointed out that while relations between the Cambodian and Spanish governments are improving, there is still a need for greater outreach to Spanish investors about Cambodia’s potential.
He also highlighted the importance of attracting Spanish investors to Cambodia for direct investments.
In response, Chanthol highlighted the progress made during his visit to Spain in June with a CDC delegation to promote investment. He emphasised that Cambodia is a country with many favourable conditions for foreign investment.
He said that Cambodia warmly welcomes and fully supports Spanish companies planning to invest in the country.
Chanthol led a delegation to Spain to promote the country’s potential to Spanish companies, business associations and the Spanish Confederation of Employers' Organizations (CEOE) from June 10-11.
According to data from the General Department of Customs and Excise (GDCE), the total value of trade between Cambodia and Spain from January to October reached $883.93 million, representing a 42.9% increase compared to the same period in 2023.
Cambodian exports to Spain amounted to $862.5 million, up by 44%, while imports from Spain stood at $21.43 million, an 8.5% increase. The total trade surplus for Cambodia was $841.06 million, compared to $579.24 million in 2023.
Spain is Cambodia's eighth-largest international trading partner, following China, the US, Vietnam, Thailand, Japan, Canada and Indonesia.
In 2023, bilateral trade between Cambodia and Spain totalled $737.07 million, marking a 46.3% increase, with Cambodian exports reaching $713.47 million, up by 50.3%, while imports from Spain fell by 18.7% to $23.6 million.
Hong Vanak, an economist at the Royal Academy of Cambodia, told The Post on November 21 that as a developing country, both the government and private sector are undertaking various initiatives to accelerate the country's economic growth.
He noted that attracting foreign financiers for direct investment or purchasing Cambodian-made goods is essential.
He added that Spain is a consistent buyer of Cambodian products such as garments, footwear and travel accessories (GFT), bicycles and some agricultural products.
He also noted that Spain, as a developed European country, would be an excellent source of investment, as it would help create jobs for Cambodians and diversify the range of goods produced for international markets.
In addition to trade relations, Cambodia's tourism sector has also attracted many Spanish nationals. From January to September, the country welcomed 25,995 Spanish tourists, a 24.3% increase from the same period in 2023, according to the Ministry of Tourism.
