Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia commerce chamber opens first int’l office

Cambodia commerce chamber opens first int’l office

Content image - Phnom Penh Post
The Cambodia Chamber of Commerce (CCC) is due to open a representative office in Toronto, Canada on Friday, with plans for a Montreal office in the pipeline. PIXABAY

Cambodia commerce chamber opens first int’l office

The Cambodia Chamber of Commerce (CCC) is set to open a representative office in Toronto, Canada on May 27 – its first-ever international outpost – to serve as a central information hub to encourage foreign investment and stimulate trade between the two countries.

Presently in Canada, CCC vice-president Lim Heng confirmed to The Post that he would be present at the elections for the president and 14 board members of the representative office, to be held on opening day.

He commented that the office would bolster trade flows between the two countries, which he noted have remained on a significant upward growth trajectory – an assertion backed by data from the General Department of Customs and Excise of Cambodia (GDCE).

In January-April, trade between the two countries was worth more than $347 million, up 21.3 per cent on a yearly basis, of which Cambodian exports topped $340 million (up 22.9 per cent) and imports passed $7 million (down 26 per cent), according to the GDCE. Similarly, the Kingdom’s trade surplus with Canada expanded by nearly a quarter on-year.

Heng said he would take the occasion to reach out to businesspeople in Canada and share potential investment ideas in the Kingdom.

He also suggested that the CCC’s second international representative office would be opened in Japan. Similarly, the Ministry of Commerce had held a meeting on the Toronto office on March 3, where it was revealed that a feasibility study for a second Canadian office in Montreal was in the works.

Ministry undersecretary of state and spokesman Penn Sovicheat told The Post on May 26 that the representative office would be crucial to getting the word out to Canadian players on the Kingdom’s prospective areas of investment.

He said the office would also facilitate progress on straightforward market studies concerning non-tariff technical barriers to trade, which he believes could lead to a bilateral free trade agreement down the road.

Reciprocally, he added, the office would afford Cambodian-based investors access to Canadian market information – especially on investment conditions – as well as notify them of upcoming industry trade events.

Sovicheat stressed that Canada is a huge market for Cambodia, which offers GSP (Generalised System of Preferences) treatment to the Kingdom. Canada also provides a bridge to the US market – a top destination for Cambodian merchandise – as neighbouring countries that enjoy free-trade benefits, he noted.

Acting as a technical guardian of the CCC, the commerce ministry is also scouting for suitable European locations to set up representative offices, he affirmed.

MOST VIEWED

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports

  • CPP sets out five primary strategic goals for 2023-28

    The Cambodian People’s Party (CPP) on January 29 concluded its two-day extraordinary congress, setting the party’s priority goals for 2023-2028. The ruling party’s congress was attended by more than 3,000 members from across the Kingdom, including the members of the permanent and central committees,