Subscribe Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - India’s president positive about future trade

India’s president positive about future trade

India’s president positive about future trade

INDIAN president Pratibha Devisingh Patil encouraged Cambodia to transform itself into a “rice basket” and increase use of preferential trade tariffs with her country.

Cambodia consolidated its relationship with one of the world’s largest economies at the InterContinental Hotel, where more than 140 businesspeople gathered to hear the Indian president, who has undertaken a six-day state visit to the Kingdom.

Around 70 Indian businesspeople were in attendance, and Cambodia’s minister of commerce, Cham Prasidh, led a roughly equivalent local
delegation to discuss and exchange ideas.

“India and Cambodia are at a modest level [of trade], but there exists a much greater scope for expansion,” said a transcript of the president’s speech.

Highlighting potential for Cambodia’s agricultural development, she recommended that the government find ways to improve productivity and developed the Kingdom into a “key exporting country in the world” while utilising trade incentives. She added that the agricultural sector had drawn “a lot of interest” among well-regarded Indian companies that she hoped that would eventually bear fruit as business transactions.

Nguon Meng Tech, Cambodia Chamber of Commerce (CCC) director, said the meeting was an important step in solidifying business relationships, adding that he hoped India’s expertise in the fields of medicine and information technology, as well as agriculture, would benefit the

Kith Meng, president of CCC, said in a speech that Cambodia was an “economic star of Asia” and that Cambodia's competitiveness would continue to improve.

Rivher Prasad, Cambodia country director of Indian trading company PPS Group, which specialises in pharmaceuticals and water pumps, said before the meeting that he thought the Kingdom’s potential was growing day by day.

“I can say there is a lot of development, as the situation is very stable and controlled here,” he said.

Bilateral trade between Cambodia and India increased more than 23 percent to reach more than US$22 million in the first six months this year, up from $18 million for the same period last year.

The vast majority of trade consisted of Indian exports to Cambodia, according to data from the Ministry of Commerce. Such exports included medicines and medical instruments, textiles, leather, and machinery.

The two countries are preparing to ratify a free-trade agreement on agricultural products as part of a raft of measures that have been undertaken to boost trade between members of the Association of South East Asian Nations and India.

The deal will see tariffs lifted on 90 percent of agricultural products, with around 4,000 product lines expected to have tariffs eliminated by 2016.

India’s gross domestic product expanded 8.8 percent last quarter from a year earlier, the most since 2007 and the third-fastest pace among major economies after China and Brazil.


  • Professor beaten by mob in Phnom Penh after alleged hit-and-run

    Updated with new information: 6:44am, Tuesday March 13 2018 A university professor accused of a hit-and-run has been transported to Vietnam with serious head injuries after he was brutally beaten by a mob in Phnom Penh late Sunday afternoon. A video of the attack shows a group

  • American ‘fugitive’ arrested in Cambodia outside of US Embassy

    An American citizen was arrested on request by the US Embassy in Phnom Penh on Tuesday, according to Cambodian police. Major General Uk Hei Sela, chief of investigations at the Department of Immigration, identified the man as American Jan Sterling Hagen, and said he was

  • One Australian, one Cambodian killed in explosion at military base

    Updated: 5:20pm, Friday 16 March 2018 An Australian tourist and a Cambodian soldier were killed in an explosion on Thursday afternoon at an army base in Cambodia’s Kampong Speu province. The Australian, whom the government initially identified as a technical demining expert in his 40s, and

  • Australians protest Asean summit visit by PM Hun Sen

    Hundreds of protesters gathered in Sydney’s Hyde Park on Friday to protest against Cambodian strongman Hun Sen, who claimed to have been gifted millions of dollars by the Australian government ahead of a special Asean summit this weekend. An estimated 300 protesters, the majority of