PHNOM PENH: Trade Minister Cham Nimul said the trade and investment forum on Tuesday (Nov 12) aims to increase trade between the UK and Cambodia by boosting exports and attracting UK direct investment.

The “2nd Joint UK-Cambodia Trade and Investment Forum (JTIF)”, organized under the theme “The Road to 2030”, was organized in Phnom Penh by the Ministry of Commerce, in collaboration with the British Embassy.

In attendance were UK Trade Minister and Ambassador Dominic Williams, as well as several key investors and business representatives.

During the forum, the two sides discussed the progress of work under the Joint Trade and Investment Forum and set future directions to promote trade and investment cooperation in a sustainable and respectful manner. of the environment.

This will involve strengthening the existing partnership between the two countries to an even higher level.

Nimul explained that the forum is crucial to strengthen bilateral cooperation with greater efficiency and resilience.

“It also creates opportunities for open and honest discussions to further solidify collaboration,” she added.

Williams said he believed the UK-Cambodia trade and investment relationship brought enormous benefits to both parties and played an important role in supporting Cambodia’s development objectives.

“The UK is one of the top ten export markets for Cambodian products, and we want to help even more Cambodian producers sell their incredible products to UK consumers. This will support the growth of key sectors of the Cambodian economy and create jobs for hard-working Cambodians,” he said.

“I also want to help British businesses increase their presence in Cambodia, particularly in the areas of education, infrastructure and financial services. The UK has companies with exceptional experience in these sectors, which they can deploy to both generate revenue for the UK and improve Cambodia’s global competitiveness,” he added.

According to the embassy, ​​the 2nd JTIF attracted key British businesses and investors from the region, including Singapore and Vietnam, to Cambodia.

“The forum served as a platform to showcase a shared commitment to boost trade between the two countries and highlight a number of initiatives designed for this purpose,” an embassy statement said.

“These include UK development programs supporting Cambodia’s economic diversification and green transition, boosting growth in both countries; partner with Cambodian exporters to get their goods to the UK market and take advantage of the developing country trading system; promote Cambodia as an investment destination; and the intention of both parties to establish a double taxation agreement and other necessary trade agreements,” details the text.

The General Department of Customs and Excise (DCE) reported that from January to October this year, trade between Cambodia and the United Kingdom totaled $850.74 million, an increase of 15.7 percent year-on-year. compared to the same period in 2023.

Exports to the United Kingdom reached approximately $807 million, an increase of 21.1%, while imports from the United Kingdom amounted to $43.38 million, a decrease of 36%. .7%.

Hong Vanak, an economist at the Royal Academy of Cambodia, told The Post on November 13 that strengthening cooperation with the UK was beneficial as the UK is an important market that imports a large volume of Cambodian products, especially textile products. .

He noted that given that it is in Europe, the UK could also serve as a gateway for Cambodian products to other countries in the region.

Vanak explained that despite the UK’s exit from the UK, it continues to grant certain duty-free import preferences to Cambodia.

“All improvements in cooperation will help boost the flow of goods and tourists between the two countries,” he said.

According to Vanak, exports to the UK mainly include clothing, shoes, bags, bicycles and agricultural products, while UK imports mainly include vehicles, machinery, electrical and electronic equipment. – The Phnom Penh Post/ANN