China-Cambodia Economic and Trade Exchange Promotion Conference Held in Phnom Penh, Multiple Cooperation Projects Signed and Implemented

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[INNEWS Reporters Kay, Sros] On November 3rd, the “China (Changsha)-Cambodia Economic and Trade Exchange Promotion Conference”, hosted by the People’s Government of Changsha, Hunan Province, was held at the Sofitel Hotel in Phnom Penh. Wu Guiying, Standing Committee Member of the Hunan Provincial Committee and Secretary of the Changsha Municipal Committee; HE Kha Leng, Deputy Minister of Commerce of Cambodia; Zhong Jie, Economic and Commercial Counsellor at the Chinese Embassy in Cambodia; as well as representatives from the local overseas Chinese community and over 100 representatives from businesses attended the event.

During the promotion conference, Wu Guiying shared that coinciding with the 65th anniversary of the establishment of diplomatic relations between China and Cambodia, the “China-Cambodia Friendship Year,” and the 10th anniversary of the “Belt and Road” initiative, this moment symbolizes the steadfast “ironclad friendship” between China and Cambodia. Wu pointed out that Changsha, with its profound industrial strength, including strong capabilities in new energy vehicles, electronic information, new materials, and other fields, as well as its abundant scientific and educational resources and beautiful natural scenery, combined with convenient transportation, has been recognized as the happiest city in China for 15 consecutive years. Additionally, Changsha is also acclaimed as the most attractive city for investment in China and one of the top ten foreign-invested cities in China.

Wu Guiying emphasized that Changsha will take the most active actions to integrate into the “Belt and Road” initiative and deeply participate in RCEP cooperation, engaging in in-depth exchanges and cooperation with Cambodia in areas such as economy and trade, science and technology, culture, and tourism. She stated that Changsha will do its utmost to support local enterprises to invest and develop in Cambodia, and fully leverage the advantages in production capacity, capital, technology, and talent in fields like construction machinery, automobiles, and biomedicine to help improve Cambodia’s manufacturing level. Furthermore, Changsha will provide the highest quality services to create a comfortable environment for Cambodian entrepreneurs, high-tech talents, and management personnel who invest in Changsha, allowing them to live and develop their businesses with confidence.

HE Kha Leng, Deputy Minister of Commerce of Cambodia, expressed that 2023 marks the China-Cambodia Friendship Year and the 65th anniversary of diplomatic relations between the two countries, with the friendship becoming stronger each year. According to the report from the Ministry of Commerce of Cambodia, in the first nine months of 2023, the bilateral trade volume between China and Cambodia reached 9.099 billion USD, with Cambodia exporting 1.059 billion USD to China and importing 8.04 billion USD from China. In the full year of 2022, the bilateral trade volume was 8.796 billion USD, an increase of 3% year-over-year. This is a positive sign, showing the growth trend of China-Cambodia trade activities.

She hopes that the bilateral trade volume between China and Cambodia will continue to grow, and also hopes that investors from Cambodia and Changsha, China, can learn from each other, seize business opportunities, and invest together. Especially investors from Changsha are encouraged to deeply explore the investment environment in Cambodia and cooperate with local investors, bringing more business opportunities and mutually beneficial situations to both Cambodia and China.

HE Kha Leng emphasized that Cambodia has tremendous development potential. She said that the Ministry of Commerce of Cambodia is determined to work hand in hand with leaders and investors from Changsha or other cities in China to jointly promote trade and investment and advance the economic development of both nations. This is also the common pursuit and goal of the governments of both countries.

Zhong Jie, the Economic and Commercial Counsellor at the Chinese Embassy in Cambodia, mentioned in her speech that China has maintained its position as Cambodia’s largest trading partner for 11 consecutive years. Notably, in the first nine months of this year, the trade volume between Cambodia and China exceeded 9 billion USD, with Cambodia’s exports to China increasing by 18.3%. China has become the main export market for Cambodia’s high-quality rice, fresh bananas, and mangoes. In addition, Cambodian products such as pepper, longan, wild aquatic products, farmed aquatic products, and edible aquatic animals have completed the procedures for export to China and have been entering the Chinese market successively.

Zhong Jie stated that Changsha, China, is a city with a deep historical heritage and beautiful scenery, and it is also a city that values enterprises and is suitable for business activities. She firmly believes that the exchanges and cooperation between Changsha and Cambodia will continue to deepen and make greater contributions to the economic and trade exchanges between China and Cambodia and to their mutual benefit.

Wu Guanghua, President of the Hunan Chamber of Commerce in Cambodia, expressed that the Chamber of Commerce will fully play its role as a bridge between China and Cambodia, effectively promoting economic and trade cooperation between Hunan and Cambodia. He emphasized that the Hunan Chamber of Commerce in Cambodia will provide comprehensive services and strong support to enterprises from Hunan that invest and develop in Cambodia, and they will also guide Hunan enterprises to invest in Cambodia in a compliant and orderly manner.

During the event, Changsha City also signed multiple cooperation projects with Cambodian partners. The “2023 China-Cambodia Agricultural Cooperation Forum” was also held. More than ten enterprises from Hunan Province and Cambodia signed agricultural cooperation agreements, covering areas such as agricultural technology, seedling research and development, and agricultural product processing.

The conference has significantly pushed forward the economic and trade cooperation between China and Cambodia, especially between Changsha and Cambodia. It has laid a solid foundation for future cooperation between the two countries in various fields, further consolidating the “ironclad friendship” between China and Cambodia and promoting mutual development and prosperity.