Cambodia and Singapore have pledged to step up cooperation to bolster bilateral trade, after registering more than $5.2 billion last year, marking a nearly 50 per cent jump over 2020.
The commitment was made at a bilateral meeting on May 18 between Minister of Commerce Pan Sorasak and his Singaporean counterpart Gan Kim Yong in Bali, Indonesia.
Sorasak took the occasion to thank Gan for the Singaporean Ministry of Commerce and Industry’s support for Cambodia’s ASEAN chairmanship, pledging to work hard to spur bilateral trade.
“We are committed to continuing cooperation to bolster bilateral trade between Cambodia and Singapore, taking it to greater heights,” he said.
Both sides agreed to arrange an event soon in Singapore for stakeholders to share experiences and explore key areas of interest further in-depth, in hopes of improving the capacity of the private sector, especially Cambodia-based micro, small- and medium-sized enterprises (MSME).
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, suggested that the success of international trade hinges on the export portfolios of each country, adding that expansions in networks of business relationships correlate to more and stronger benefits.
Given its proximity to Cambodia and deep-sea ports, forging deeper relations with Singapore will improve freight transportation from Cambodia to the world, he said.
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Author: Hin Pisei
Source: The Phnom Penh Post
May 23, 2022