Logo of Phnom Penh Post newspaper Phnom Penh Post - ASEM vows supply chain, digitalisation cooperation

ASEM vows supply chain, digitalisation cooperation

Content image - Phnom Penh Post
Cambodia Chamber of Commerce (CCC) president Kith Meng speaks at the virtual 1st Asia-Europe Economic and Business Forum (AEEBF1) on Thursday. COMMERCE MINISTRY

ASEM vows supply chain, digitalisation cooperation

Eurasian senior officials and private sector representatives on November 25 agreed to work together to prop up global supply and value chains and overcome the challenges posed by the current Covid-19 crisis.

Efforts will involve fleshing out a path towards meaningful digitalisation and adaptation to the obligatory changes, to ensure the reliability and resilience of international trade flows.

The consensus was reached at the virtual 1st Asia-Europe Economic and Business Forum (AEEBF1), which consisted of three presentations and three panel discussions – organised by the Ministry of Commerce – aimed at strengthening multilateralism for inclusive growth.

In Panel Discussion III, participants explored setting up high-priority support frameworks to promote new models on emerging global supply and value chain management trends, the ministry said in a statement.

Topics covered include nearshoring, intra-regional transactions and localisation, contactless delivery and green infrastructure to spur global trade as the world recovers from the crisis, it added.

Asia-Europe Meeting (ASEM) countries “need to provide the necessary incentives and assistances for the business and industrial communities to remodel themselves as green business, and take advantage of supply and value chain modernisation using future technologies”, the ministry said.

Minister of Commerce Pan Sorasak contends that access to and adoption of new technologies could ensure the continued operation of businesses and other private sector entities, which he noted remained integrated into value chains during the pandemic, pushing forward towards a “brighter future”.

“This requires joint effort, along with business facilitation policies and the support of governments and private sectors from Asia and Europe, to make it a reality,” he said.

Cambodia Chamber of Commerce (CCC) president Kith Meng emphasised that the international community attaches great importance to ASEM cooperation and partnerships, which he said would protect and open and integrated system of trade and investment, based on law.

“The full potential and dynamics of the two blocs can manifest into a vibrant market that could become the engine of the global economy and play an important role in sustainable and integrated socio-economic development post-Covid-19,” he said.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, was confident that ASEM countries are clear on how to work well together on the production and supply processes needed to fortify global supply and value chains and meet needs and demands.

“These points are vital to support businesspeople and investors and empower them to see the big picture when it comes to minimising the detrimental effects of modernisation on their businesses,” he told The Post.

ASEM member states account for about 65 per cent of the global economy, and around 55 per cent of global trade, according to the ASEM InfoBoard.

MOST VIEWED

  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Manet touches down in Beijing for high-level meetings

    Prime Minister Hun Manet arrived in Beijing on September 14 for his first official visit to China, where he is slated to attend the 20th China-ASEAN Expo and meet other leaders including Chinese President Xi Jinping. Upon his arrival, Manet laid a wreath at the Monument

  • Cambodian diaspora laud Manet’s UN Assembly visit

    Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former