Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia pursues trade co-op infrastructure as Saudi announces embassy

Cambodia pursues trade co-op infrastructure as Saudi announces embassy

Content image - Phnom Penh Post
Commerce minister Pan Sorasak (left) and Saudi sports minister Prince Abdulaziz bin Turki al-Saud meet on the sidelines of the 41st Olympic Council of Asia (OCA) General Assembly on October 4 in Phnom Penh. MOC

Cambodia pursues trade co-op infrastructure as Saudi announces embassy

Cambodia has asked Saudi Arabia to look into establishing collaborative mechanisms, on which an eventual legal framework can be built upon to encourage bilateral trade cooperation, while Riyadh announced that it plans to open an embassy in Phnom Penh, according to the commerce ministry.

Minister of Commerce Pan Sorasak made the request to Saudi sports minister Prince Abdulaziz bin Turki al-Saud at a meeting on the sidelines of the 41st Olympic Council of Asia (OCA) General Assembly on October 4 in Phnom Penh, the ministry said in a statement.

The proposal follows the “nearly 40 per cent” year-on-year jump in the value of imports and exports between the two countries registered in 2021, the statement pointed out.

Reflecting on the all-round progress made by Cambodia, Prince Abdulaziz vowed to bring Sorasak’s request to Saudi commerce minister Majid bin Abdullah al-Qasabi.

He also revealed that Saudi Arabia has decided to open an embassy in Phnom Penh to further strengthen and expand diplomatic, sports, education, trade and economic cooperation, the statement said. No specific timeframe was provided. The Saudi embassy currently accredited to Cambodia is located in Hanoi, Vietnam.

The commerce ministry indicated that Cambodia-Saudi Arabia trade volume over each year from 2018-2021 respectively came in at $16 million, $15.6 million, $19 million and $26 million.

It noted that Cambodia’s major exports to Saudi Arabia include milled rice, fruits, garments, footwear and leather goods, while imports comprise fruits, chemical fertilisers, plastics and products thereof, aluminium and construction materials.

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

  • 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

  • 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

  • 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

  • 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

  • After three deferrals, Capital Gains Tax to take effect Jan 1, 2024

    The General Department of Taxation (GDT) will implement the Capital Gains Tax starting January 1, 2024 to after being deferred three times as industrial players warn that the implementation might have some negative impact on the property market growth, which is down due to the economic downturn.