[INNEWS Comprehensive Report] Recently, Cambodia’s WorldBridge Group signed an agreement with Zhejiang China Commodity City Group Co., Ltd., which will improve the efficiency of trade between Yiwu City, Zhejiang Province, China and Cambodia, and assist Cambodia to further strengthen its overseas ” Global Brand” strategy to strengthen economic cooperation with Cambodia and other ASEAN countries.
Sear Rithy, chairman of Cambodia World Bridge Group, said that this strategy aims to improve the efficiency of trade between Yiwu and Cambodia to increase the industrial complementarity, supply and value of the trade chain between the two regions. This cooperation will improve the efficiency of trade between Yiwu and Cambodia and increase the industrial complementarity, supply and value of the trade chain between the two regions.
Zhao Wenge of Zhejiang China Commodity City Group Co., Ltd. said that this cooperation is mutually beneficial to both parties, and both parties will jointly create a “win-win” situation. The signing of the agreement represents an important step forward for the group and Cambodia World Bridge Group. This agreement is a sign of deepening economic relations between Cambodia and China and will help promote the development of both countries.
Hong Vannak, an economist at the Institute of International Relations of the Royal Academy of Cambodia, said that due to good political relations and similar geographical location, trade between the two countries will definitely have greater room for development in the future, especially Cambodia’s agricultural exports.
He emphasized that in addition to being the source of raw materials and ingredients for Cambodian factories, China is also Cambodia’s main source of investment. At the same time, Cambodia is also working hard to increase its production capacity, strengthen diversification, and hope to gain greater influence in the Chinese market and other countries.
According to a report from the General Department of Customs of Cambodia (GDCE), in the first eight months of 2023, Cambodia-China trade volume reached US$7.09 billion, an increase of 1.8%, compared with US$6.97 billion in the same period in 2022. Cambodia’s exports to China were US$814.74 million, an increase of 16.2%, and China’s imports from Cambodia were US$6.28 billion, an increase of 0.1%.