Cambodia Chamber of Commerce (CCC) vice-president Lim Heng has said he will lead a group of local businesspeople to join an Indian virtual tech expo next week to discover the latest technological advances in the marketplace and form strategic partnerships with other attendees.
The remark comes after the Ministry of Commerce on March 2 invited producers, traders, service providers and entrepreneurs to the “India Electricals and Electronics Virtual Expo”.
The event will be held from March 10-13 and is organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Indian Department of Commerce, the ministry said in the statement.
“The event’s main focus is to connect international buyers to source from Indian manufacturers and suppliers.
“India is one of the fastest growing manufacturing hubs in Asia, and the Indian government is shifting more focus on manufacturing and the export of electrical and electronic products to the world.
“Buyers will be able to connect with suppliers by chat or video calls at the event, create strong business relationships and develop quality supply” chains, it said.
Jumping on the bandwagon after receiving the ministry’s invitation, CCC’s Heng spread the news to members of the chamber who wished to take the opportunity to learn more about the up-and-coming technologies and electronic products from India.
He said: “This comes at just the right time and provides an opportunity for us to observe and directly engage with key electronics firms from India.
“As an emerging economy, it is crucial that we witness the advanced technologies with an eye to meet the high demand in [Cambodia] to support economic growth.”
India will become the second largest exporter to Cambodia after China, as the government forges ahead with procedures to begin talks on a free trade agreement (FTA) with India, he said. “As a regional market, India will provide much more potential in the forthcoming future.”
Trade between Cambodia and India reached $249.92 million in 2019, up 10.24 per cent compared to 2018’s $226.69 million, according to the Indian embassy in Phnom Penh.
The Kingdom exported $82.09 million worth of goods to India in 2019, up 69.43 per cent from 2018, while imports amounted to $167.83 million, down 5.8 per cent.
India invested $19.8 million in Cambodia in 2016, the latest figures from the embassy show, making the South Asian country one of the top 10 foreign investors in Cambodia.
India’s main investments are in machinery, agriculture, energy, construction and mining, according to the embassy.