MALAYSIAN PRODUCTS SEEK CAMBODIAN TRADING COUNTERPARTS
The first Malaysia Solo Fair was officially launched in Cambodia to seek the potential Cambodian business partnerships. The three-day exhibition was displayed from 13-15 October at the Nagaworld Hotel in Phnom Penh, under the supported by the Ministry of Commerce, Cambodian Chamber of Commerce and the Cambodian Malaysia Business Council.
H.E. Dr. Cham Prasidh, Senior Minister and Minister of Commerce said that the ASEAN Free Trade Area (AFTA) is likely to boost trade between Cambodia and Malaysia in 2010 and fully liberalized trade duties by 2015. AFTA will provide and excellent platform for Cambodian exports and imports, giving existing trade patterns the impact on both Cambodia and Malaysia domestic producers by removing bilateral trade barriers.
He stressed that Cambodia, one of the 49 Least Developed Countries (LDCs) in the world, has enjoyed trade preferences from the developed countries that allow goods produced in the country to be exported to their markets completely exempted from customs duty. He said that the 12 significant strategic strengths to welcome for overseas investments.
“The prospects for the sustainable growth of Cambodia are due to twelve significant factors including political stability, macro-economic stability, sound transparent and predictable legal framework, access to key markets through trade preferences in term of MFN/ GSP, pro-business Government, Competitive Investment Promotion Agency, one-stop service investment promotion agency, investment protection, efficient infrastructure and strategic location, sound financial sector, abundant resources, labor, and
land, consider private sector as the driving force for the development of Cambodian economics,” he said during opening remarks of the launching ceremony on October 13th.
H.E. Mr. Datuk Pengivan Haji Mohd Hussein b. Datuk Pg. Hj Mohd Tahir Hasruddin, Ambassador of Malaysia to Cambodia, said that after the official visit of Malaysian Prime Minister to Cambodia this year, he observed that many business delegates continuously visited Cambodia, and by realizing this possible market trend, he corporate with the Malaysian trade council to link the Malaysian supplying companies with the Cambodian business people here.
“The consequent investments hit well as Malaysia its self since the trade relation supplies job and business opportunities for Cambodians while it also gives a chance to Malaysian products to compete in international business arenas,” he told reporters during a press conference after the launching ceremony.
He added that the initiative of this solo fair is distinctive to proof that Malaysian government necessarily requires the Cambodian collaborations both in trading and investments. This solo fair was the result of the visit of Malaysian Prime Minister to Cambodia this year. The Prime Minister encouraged promoting the trade relation and business marching between the two countries.
Responding to the speech made by H.E. Cham Prasidh related to rice mill export intention to Malaysia, the Ambassador also stressed that Cambodia among the leading rice suppliers to Malaysia, and he plans to increase this trading for the upcoming years. Haridass, representative of MATRADE, remarked during the press conference that the Malaysia External Trade Development (MATRADE) is the Malaysian agency to promote the trading link in the world.
The trade relation between Cambodia and Malaysia has shown a slight decrease from US$ 165.3 million in 2008 to US$ 153.7 million in 2009, and the balance of trade between Cambodia and Malaysia was valued at US$138.7 million in Malaysia’s favor. For the period of January to July 2010, Malaysia’s total trade with Cambodia grew up by 4.7 percent to US$ 113.4 million from US$ 99.6 million in the corresponding period in 2009. From January to July 2010, exports from Malaysia also grew up by
3.95 percent to US$ 102.9 million, from US$ 91.1 million for the same period last year and Cambodia Exports to Malaysia
has increased by 12.8 percent to US$ 10.3 million compared with US$ 8.4 million in the same corresponding period in 2009.
“Cambodia is ranked as the 8th ASEAN state to export to Malaysia,” said H.E. Cham Prasidh. In the fair, 18 potential Malaysian
supplied companies exposed their products and services to link to potential Cambodian demanders. The products are related to solar power installation, construction materials, home appliances, entertainment tools, cosmetics, telecommunication, and banking services. (SEAW)
BY TIM VUTHA