Cambodia and Canada to Further Boost Economic Ties Cambodia and Canada are set to strengthen their economic ties to enhance trade and investment between the two nations. This commitment was reaffirmed during a recent meeting between Prime Minister Hun Manet ...Read more
Cambodia and Canada to Further Boost Economic Ties
Cambodia and Canada are set to strengthen their economic ties to enhance trade and investment between the two nations. This commitment was reaffirmed during a recent meeting between Prime Minister Hun Manet and Kelvin K. Mo, Head of the Office of the Representative of the Cambodian Chamber of Commerce in Montreal, Canada, at the Peace Palace on June 5th 2024.
Meeting Highlights
During the meeting, Mo expressed his gratitude to the Prime Minister for the opportunity to discuss enhancing economic relations. He thanked the Cambodian ministries and institutions for organizing their visit, praising Cambodia’s rapid and sustainable economic development under Prime Minister Hun Manet’s leadership. Mo also highlighted the upcoming 2026 Francophone Summit in Cambodia, which he believes will attract more investors and tourists globally.
Mo’s visit aimed to explore investment opportunities in Cambodia and understand the Royal Government’s strategic policies to attract foreign investments. Prime Minister Hun Manet welcomed the delegation and congratulated Mo on his election as Head of the Office of the Representative of the Cambodian Chamber of Commerce in Montreal.
Economic Bridge
The Prime Minister emphasized the role of representative offices of the Cambodian Overseas Chamber of Commerce, which have been established in countries like the United States, Australia, and Japan, with plans to open in France and the European Union. These offices serve as vital links for business-to-business connections, promoting trade and investment.
The representative office in Montreal acts as a bridge between the people and investors of both countries. Prime Minister Hun Manet urged the Cambodian Chamber of Commerce in Montreal to work closely with the Cambodian Chamber of Commerce (CCC) to expand investment and trade opportunities. The CCC can facilitate trade negotiations and promote the export of Cambodian products to Canada. The Prime Minister also encouraged the Montreal office to cooperate with Cambodia’s Ministry of Commerce to enhance business and trade prospects between the two nations.
Historical Perspective
Cambodia and Canada have shared a strong and long-standing relationship since 1952, re-establishing diplomatic ties in 1993. Canada has been a crucial partner in Cambodia’s pursuit of peace and economic development. Canada is Cambodia’s eighth-largest trading partner, playing a significant role in the country’s economic landscape.
In 2022, the volume of foreign direct investment (FDI) from Canada in Cambodia reached $2.06 billion. Canada provides tariff-free quotas to Cambodia on clothing, footwear, and textiles, which are Cambodia’s main export items. In the first four months of this year, trade between Cambodia and Canada reached $311 million, marking a 23.8 percent increase compared to the same period last year. Cambodia’s exports to Canada reached $293 million, while imports from Canada jumped to $18 million, showing a growth of 209 percent compared to the same period last year. Cambodia holds a trade balance of $275 million with Canada.
Recent Developments
In February, the Canadian and Cambodian Foreign Ministries signed a memorandum of understanding (MoU) to elevate bilateral cooperation, focusing on trade, investment, and tourism flows. Canada has also upgraded its partnership with ASEAN to a strategic partnership level, committing to strengthening the ASEAN-Canada dialogue and accelerating ASEAN-Canada Free Trade Agreement negotiations.
Conclusion
The commitment to enhancing economic ties between Cambodia and Canada is a testament to the enduring relationship between the two countries. With historical ties dating back to 1952 and continuous efforts to strengthen trade and investment, the future looks promising for both nations. As Cambodia continues to develop rapidly, the support and partnership with Canada will play a crucial role in achieving sustainable economic growth.
Official Source of Information
For detailed statistics and further information, please refer to the official trade data from the Cambodian Ministry of Commerce.
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