Malaysia and Cambodia deepening trade ties

Vichet says Malaysia is the third largest Asean investor in Cambodia.

CAMBODIA is making great strides in its relations with Malaysia, surmounting challenges posed by the Covid-19 pandemic.

Cambodian ambassador to Malaysia Cheuy Vichet said the trade front looked promising.

He said trade volume grew 13% to more than US$500mil (RM2.4bil at current rates) in 2021.

“From January to July this year, Cambodia’s exports to Malaysia rose by 12% to US$60mil, with imports from Malaysia rising 49% to more than US$300mil,” he said in a message to commemorate the 69th anniversary of Cambodia’s independence.

The celebration coincides with Cambodia’s Asean chairmanship, with the Asean and Related Summits scheduled to take place in Phnom Penh this week.

Vichet said major Cambodian exports to Malaysia included rice, textiles and industrial products.

As at June, Malaysian investments in his country amounted to US$3.2bil (RM15.2bil), making Malaysia the third largest Asean investor in the kingdom.

“These investments are mainly in real estate, garment factories, banking and processing plants.”

The envoy said that during the official visit of Prime Minister Datuk Seri Ismail Sabri Yaakob to Cambodia in March, both governments committed to further boosting trade, with cooperation in health, science and people-to- people contacts.

He said that two successful Malaysian trade missions to Cambodia this year attracted 69 companies which were keen to explore opportunities.

Thanking Malaysia for helping to rebuild Cambodia, he said as the Asean chair, Cambodia was committed to increasing solidarity. — By PAUL GABRIEL