Chinese investment is gradually returning to Cambodia, following recent improvements in relations between the two countries, said Okhna Lim Heng, Vice President of the Cambodian Chamber of Commerce.
His statement came after a business meeting between Cambodia and China on February 22, chaired by Neak Okhna Kith Meng, President of the Cambodian Chamber of Commerce, and Mr. Chen Hongliang, Vice President of the Hainan Provincial Council for the Promotion of International Trade. About 80 businessmen and investors from both countries attended the meeting.
The business talk has resulted in the signing of a memorandum of understanding to accelerate economic cooperation and increase trade exchanges, with a particular focus on attracting investments from China’s Hainan province.
This news comes just a few days after ZILLENNIUM GROUP, a leading real estate marketplace in Cambodia, formed a strategic partnership with MAOCUTONG (CHINA) INDUSTRIAL GROUP, a technology company based in Yunnan Province, China. The two companies aim to explore potential collaboration opportunities and encourage further quality investments from China.
The trade volume between Cambodia and China has steadily increased over the past few years, surpassing the targets set by both governments. According to the Economic and Commercial Office of the Chinese Embassy in Cambodia, bilateral trade volume between Cambodia and China hit a whopping $14.5 billion from January to November 2022, a year-on-year increase of 19 percent.
China has invested in key sectors such as garments, construction, mining, energy, agriculture, and tourism. The recent official visit of Cambodian Prime Minister Hun Sen to China further reinforced this positive trend.
During the visit, the two leaders agreed to establish The Diamond Cooperation, which focuses on six priority areas including politics, production, agriculture, energy, security, and people-to-people exchanges. This new cooperation framework, along with existing collaborations such as the Cambodia-China Free Trade Agreement (CCFTA), the Regional Comprehensive Economic Partnership (RCEP), Belt and Road Initiative, and Mekong-Lancang Cooperation, provides ample business opportunities for the private sectors