PHNOM PENH (Bernama): Malaysia and Cambodia are inching towards surpassing the RM4 billion (US$1 billion) bilateral trade volume this year, with both economies ramping up efforts to expand trade and commerce.
According to the Malaysia External Trade Development Corporation (MATRADE), total trade between Malaysia and Cambodia has touched RM3.975 billion (US$961.4 million) and could cross the billion-dollar mark.
Compared to last year, two-way trade stood at US$855.6 million.
MATRADE is currently hosting the Malaysia-Cambodia Business Seminar and Business Matching Session in Phnom Penh to strengthen bilateral trade and investment ties between both countries.
"The objective of this programme is to create a result-oriented platform for Malaysian exporters and Cambodian importers, distributors, and buyers," MATRADE Export Promotion and Market Access Division Director Mazlan Harun said at the opening of the event on Wednesday.
The seminar will provide insights into business opportunities, market updates, and potential areas of collaboration between the two countries.
"We are meeting at a time when businesses everywhere are navigating uncertainties. As a member state of Asean, Malaysia stands ready to be a long-term partner in this journey with Cambodia, our strategic trading partner," said Mazlan.
Cambodia's economy, which supports 17 million people, is forecast to grow by about five per cent this year and offers an ideal market for Malaysian exporters, especially in the fast-moving consumer goods segment.
The kingdom imports petroleum, electronic products, auto spare parts, food and beverages, and consumer goods, while Malaysia imports garments and footwear, rice, and agricultural items.
"Malaysia and Cambodia's trade relationship is robust and expanding rapidly. Both countries are increasingly diversifying their traded products, and certainly, there are strong business linkages and strong market confidence," he said.
Speaking at the event, Malaysian Ambassador to Cambodia Shaharuddin Onn, said Malaysia-Cambodia relations have now extended beyond traditional formal and governmental engagements.
"(Now) it includes a vibrant and dynamic private sector collaboration, people-to-people ties, and expanding trade and investment flows.
"Today's seminar is another step to strengthen that partnership. Cambodia continues to demonstrate remarkable economic dynamism driven by progressive reforms in its pro-investment policies and expanding linkages with global markets," he said.
Cambodian Commerce Ministry’s Secretary of State, Sim Sokheng, said bilateral trade could hit US$1 billion this year with further cooperation between the nations.
"We can make it happen. There are challenges here, but there are also opportunities in Cambodia for Malaysian businesses," he said. - Bernama
