Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia to US firms: Let’s co-op

Cambodia to US firms: Let’s co-op

Content image - Phnom Penh Post
High-rise buildings under construction in Boeung Tompun commune of Phnom Penh’s Meanchey district. Cambodia Chamber of Commerce has urged US investors to look into collaborations with Cambodians in construction and real estate, agriculture, services and trade. Heng Chivoan

Cambodia to US firms: Let’s co-op

Cambodia Chamber of Commerce (CCC) has urged US investors to look into collaborations with Cambodians in construction and real estate, agriculture, services and trade.

Seeing that Cambodia is the ASEAN chair for 2022, the time is right for the Kingdom and the US to strengthen their bilateral ties, said CCC president Kith Meng.

“We welcome US entrepreneurs to Cambodia to take advantage of this opportunity and study the possibility of collaborating with Cambodian partners,” he said.

During a May 9 trade meeting in New York, attended by some 100 US companies, Meng shared that the US was a major trading partner for Cambodia.

The meeting, held in conjunction with Prime Minister Hun Sen’s visit to the US for a high-level ASEAN-US Special Summit on May 12-13, also discussed investment incentives and potential in key business sectors in Cambodia.

Ky Sereyvath, director of the Chinese Studies Centre and an economic researcher at Royal Academy of Cambodia, noted that the economic ties between the Kingdom and US are improving.

“We hope that this visit will further enhance trade between the US and Cambodia, which may lead to the signing of a free trade agreement in the future,” he said.

According to Cambodia Footwear Association (CFA) president Ly Kunthai, footwear exports to the US grew more than 44 per cent year-on-year to $152 million in the first quarter of 2022.

“We expect footwear exports to the US market to continue growing after the trade meeting between CCC and US companies,” he said.

The chamber members, who will be in the US till May 15, have been attending business events on the sidelines of the US-ASEAN Special Summit, including a trade meeting with the American Chamber of Commerce in Washington, DC.

To recap, total trade between Cambodia and the US rose 32.6 per cent to $9.2 billion in 2021 from $6.9 billion in 2020. Of the figure in 2021, exports to the US amounted to $8.7 billion while imports from the US stood at $413.7 million, data from the US Census Bureau showed.

MOST VIEWED

  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Manet calls for Cambodia’s railways to get back on track

    Prime Minister Hun Manet has instructed the relevant authorities to expedite studies into upgrades to the Phnom Penh to Preah Sihanouk railway line. He suggested that the maximum speed on the line should be increased to 80km/h, in order to expedite the transportation of