The first meeting of the Cambodia-Hungary Joint Commission on Economic Cooperation will be held later this year in a move to boost bilateral trade.
The plan was unveiled on Thursday during a video conference between Cambodian Ministry of Commerce secretary of state Tek Reth Kamrong, Hungarian Ministry of Foreign Affairs and Trade deputy state secretary for export development Istvan Joo, and other officials.
The meeting will be held in two sessions on November 30 and December 1 in the Kingdom, the commerce ministry said.
Hungary has expressed its commitment to strengthening economic cooperation with Cambodia in key areas, including agriculture, agro-industry, irrigation management, e-commerce and education, it said.
Meanwhile, the two sides plan to sign two Memorandums of Understanding on draft agreements related to agriculture and irrigation management, as well as an agreement on aviation services, it added.
“The two sides are committed to working together and achieving the common goal of increasing trade volume through business and investment forums, trade fairs and business meetings,” the ministry said.
Cambodia Chamber of Commerce vice-president Lim Heng said the forums could potentially generate more market opportunities for the Kingdom.
“The meeting will boost economic and investment ties between the two sides. Though trade volume between the two countries remains low, this is part of government effort to find more new markets to provide [the Kingdom with] an economic competitive advantage over regional countries,” he said.
Last year, Cambodia and Hungary signed agreements on economic cooperation in 24 priority areas, including trade promotion, e-commerce, small and medium-sized enterprises (SMEs), agriculture, tourism, banking and finance.
From 2013 to mid-2018, bilateral trade volume between Cambodia and Hungary was only $16 million, data from the commerce ministry show.
The Kingdom shipped $13 million worth of goods to the Hungarian market and imported more than $3 million.