Aiming to boost trade ties and investment, Hungary is planning to open a new trade office in Phnom Penh before the end of the year, a spokesman for the Council of Ministers confirmed yesterday.

The announcement follows a meeting on Monday between a visiting Hungarian delegation and Cambodian Deputy Prime Minister Sok An to discuss potential trade and investment opportunities in Cambodia, according to Ek Tha, deputy director of the Press Department for the Office of the Council of Ministers.

Hungary will open a trade office in Phnom Penh this year to help Hungarian firms connect with local trade partners and investigate prospects for investment, with an eye on the tourism sector, Ek Tha, said.

“Cambodia welcomes Hungary to invest in the tourism sector, specifically in hotel rooms to support the growing demand of tourists in the high season,” he said.

“They can come and invest in Cambodia in the form of joint ventures or in the form of sole investment. We want to see more world-class hotels operating in Siem Reap, the home of Angkor.”

Hungarian officials would also be working closely with Cambodian counterparts to help strengthen the Kingdom’s tourism sector, Ek Tha added.

Blaise Kilian, advocacy manager for EuroCham, said that Cambodia offers European investors a wealth of investment options, in addition to tourism.

“It is not surprising that companies from Europe want to establish facilities in regions that are dynamic and Cambodia is one of those dynamic regions,” Kilian said.

“Within the mandate of EuroCham, one of our objectives is to attract and encourage investment in Cambodia because we believe there is potential here so we welcome the idea that Hungary will be opening a trade office here.”