Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia-Hungary conference opens window to trade

Cambodia-Hungary conference opens window to trade

Cambodia-Hungary conference opens window to trade

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.

MOST VIEWED

  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Newest horror film showcases unique Khmer culture, identity

    At first glance, the trailer to new horror sensation The Ritual: Black Nun looks like a western-produced feature film. As the story reveals itself to the viewers, it becomes clearer that this is a Khmer film, with a strong Cambodian identity and close links to

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one

  • Water supply authority assures public shortages over early ‘24

    The Phnom Penh Water Supply Authority (PPWSA) asked for understanding from Phnom Penh residents in some communes where water pressure is weak. They assured residents that all supply issues will be resolved by early 2024, but have suggested that residents use water sparingly in the meantime.

  • Khmer ballet documentary debuts April 1

    A new documentary, The Perfect Motion, or Tep Hattha in Khmer, will premiere to the public on April 1. The documentary film follows two intertwined storylines: the creation of a show called Metamorphosis by the late Princess Norodom Buppha Devi (her very last production) and the