PETALING JAYA: A Memorandum of Understanding (MoU) has been signed between Matrade and the Cambodia Chamber of Commerce, said Malaysian International Trade and Industry minister Datuk Seri Mustapa Mohamed.
"The MoU is expected to provide the platform for the two organisations to work closely towards promoting greater interactions among the Malaysian and Cambodian companies," said the Malaysian International Trade and Industry Ministry in a statement on Tuesday.
Speaking about the Malaysia-Cambodia Business Seminar in Phnom Penh, Mustapa added that both nations are working to promote trade, investments and tourism between the two countries.
Among those present at the Business Seminar was Mustapa, Minister of Commerce of the Kingdom of Cambodia Pan Sorasak, Minister attached to the prime minister and secretary general of Council of Development of Cambodia Sok Chenda Sophea and president of Cambodia Chamber of Commerce Neak Okhna Dr. Kith Meng.
Mustapa also presented the “Matrade Awards” to nine Malaysian and Cambodian companies and business organisations in recognition of their contributions in promoting Malaysia-Cambodia trade relations.
The organisations are the Cambodia Chamber of Commerce and Malaysian Business Council of Cambodia. The Cambodian importers are Goodhill Enterprise (Cambodia) Ltd. and ALKSK Co. Ltd., while the Malaysian companies are Cambodian Public Bank, Smart Axiata Co. Ltd., Leader (Cambodia) Ltd., Muhibbah Engineering (Cambodia) Co. Ltd., and NagaWorld Ltd.
Malaysia’s total trade with Cambodia in 2015 amounted to US$385.8mil (RM1.55bil), while Malaysia recorded US$234.5mil (RM943.5mil) in exports and US$151.3mil (RM608.7mil) in imports with Cambodia, according to the International Trade and Industry Ministry.
It added that the volume of trade between Malaysia and Cambodia is expected to increase over the next five years.
"Many infrastructure projects are being implemented or in the pipeline for implementation," added the Ministry.
Malaysia is the fifth biggest investor in Cambodia, with over 150 Malaysian companies operating or having business interests in the country.
"Malaysian companies operating in Cambodia are already taking advantage of the preferential concessions enjoyed by Cambodia in exports to the US market under the Generalized System of Preferences and the EU under Everything but Arms Initiative,"said the ministry.
It added that incentives are being granted and the Council of Development of Cambodia (CDC) is open to having concrete discussions with potential investors from Malaysia.