Cambodia and Hong Kong pledged to further strengthen trade cooperation, including promoting more investment from Hong Kong to Cambodia, as in the first nine months of 2024, trade between the two sides reached more than of 450 million dollars.

The commitment was made on October 28 at the Cambodia Chamber of Commerce (CCC) during a meeting between CCC Chairman Kith Meng and a Hong Kong business delegation led by Dewan Saiful Alam, Chairman of the Asia, Africa and Middle East Committee of the Hong Kong Chamber of Commerce. General Chamber of Commerce.

Meng highlighted the strong relationships between the governments and private sectors of Cambodia, China and Hong Kong and encouraged Hong Kong investors to maximize the benefits of these good relationships by investing directly in Cambodia.

He noted that Hong Kong investors could benefit from key cooperation frameworks such as the Belt and Road Initiative (BRI), Lancang-Mekong Cooperation (LMC), ASEAN-China Free Trade Agreement (ACFTA), the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-China Free Trade Agreement (CCFTA).

Meng explained to the delegation Cambodia’s incentives for investors, as well as the country’s broad access to international markets for locally produced goods.

Alam expressed his pleasure in visiting Cambodia and highlighted the potential for strong cooperation between Cambodia and Hong Kong, especially in the fields of tourism, energy, trade and investment.

“The Hong Kong trade delegation is very interested in exploring opportunities and forming partnerships with Cambodian companies. The Hong Kong General Chamber of Commerce will work closely with the CCC to identify and develop joint projects with mutual benefits,” he said.

According to the CCC, the delegation included representatives from sectors such as trade, health, energy, legal services, real estate and tourism.

According to the General Department of Customs and Excise (DCE), from January to September 2024, bilateral trade between Cambodia and Hong Kong totaled $456.75 million, an increase of 46.9 percent year-on-year. Exports to Hong Kong amounted to $155.07 million, down 29.2 percent, while imports from Hong Kong amounted to $301.68 million, up 58 percent.

Cambodia’s trade deficit for this period stood at $146.61 million, compared to $70.89 million during the same period in 2023.

Lor Vichet, vice president of the Cambodia Chinese Commerce Association (CCCA), said The post office On October 30, the number of Hong Kong investors coming to open factories and do business in Cambodia is constantly increasing.

He said this trend is expected to continue, particularly as Cambodia moves closer to upper-middle-income country status, at which point the country will experience greater demand for modern technology products.

Vichet added that Hong Kong investors are currently focusing on Cambodia’s manufacturing and real estate sectors. He noted that the real estate sector is particularly attractive as land prices in Cambodia remain significantly lower than those in Hong Kong, making it an attractive option.

Furthermore, he added that the country’s rapid economic growth – above 7% over more than two decades – adds to its appeal.

“In the future, the trade volume between Cambodia and Hong Kong will continue to increase, as Hong Kong, a special administrative region, has expertise in technology and innovation. Especially by 2030, when Cambodia becomes an upper-middle-income country, there will be greater demand for consumer goods and technology,” he added.

CCC Vice Chairman Lim Heng noted that private sector meetings between Cambodia and Hong Kong would attract more Hong Kong investors and could increase trade between the two sides.

“Currently, most of Hong Kong’s investments in Cambodia are in the garment, electronic assembly, electricity and agriculture sectors,” he added.

During the delegation’s visit, they met with leaders of the Cambodia Development Council (CDC), Ministry of Commerce, Phnom Penh Special Economic Zone (PPSEZ) and other Cambodian business associations.