Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia to US firms: Let’s co-op

Cambodia to US firms: Let’s co-op

Content image - Phnom Penh Post
High-rise buildings under construction in Boeung Tompun commune of Phnom Penh’s Meanchey district. Cambodia Chamber of Commerce has urged US investors to look into collaborations with Cambodians in construction and real estate, agriculture, services and trade. Heng Chivoan

Cambodia to US firms: Let’s co-op

Cambodia Chamber of Commerce (CCC) has urged US investors to look into collaborations with Cambodians in construction and real estate, agriculture, services and trade.

Seeing that Cambodia is the ASEAN chair for 2022, the time is right for the Kingdom and the US to strengthen their bilateral ties, said CCC president Kith Meng.

“We welcome US entrepreneurs to Cambodia to take advantage of this opportunity and study the possibility of collaborating with Cambodian partners,” he said.

During a May 9 trade meeting in New York, attended by some 100 US companies, Meng shared that the US was a major trading partner for Cambodia.

The meeting, held in conjunction with Prime Minister Hun Sen’s visit to the US for a high-level ASEAN-US Special Summit on May 12-13, also discussed investment incentives and potential in key business sectors in Cambodia.

Ky Sereyvath, director of the Chinese Studies Centre and an economic researcher at Royal Academy of Cambodia, noted that the economic ties between the Kingdom and US are improving.

“We hope that this visit will further enhance trade between the US and Cambodia, which may lead to the signing of a free trade agreement in the future,” he said.

According to Cambodia Footwear Association (CFA) president Ly Kunthai, footwear exports to the US grew more than 44 per cent year-on-year to $152 million in the first quarter of 2022.

“We expect footwear exports to the US market to continue growing after the trade meeting between CCC and US companies,” he said.

The chamber members, who will be in the US till May 15, have been attending business events on the sidelines of the US-ASEAN Special Summit, including a trade meeting with the American Chamber of Commerce in Washington, DC.

To recap, total trade between Cambodia and the US rose 32.6 per cent to $9.2 billion in 2021 from $6.9 billion in 2020. Of the figure in 2021, exports to the US amounted to $8.7 billion while imports from the US stood at $413.7 million, data from the US Census Bureau showed.

MOST VIEWED

  • All Covid restrictions for inbound travellers lifted

    Cambodia has apparently taken the final step towards full reopening of the country without Covid-19 restrictions by removing all requirements for inbound travellers, who until now had to show health certificates indicating that they have tested Covid-19 negative in the past 72 hours as well as

  • Typhoon Noru brings flash floods – 16 dead

    An official warned that that the 16th typhoon of the season, Noru, had brought heavy rains to areas the Mekong River and flooded thousands of homes in the provinces bordering Thailand. As of September 27, the death toll from the flooding had risen to 16. National Committee

  • Cambodia stands firm on 5PC: No invite for Myanmar to ASEAN Summit this year

    Cambodia has not invited Senior General Min Aung Hlaing, chairman of Myanmar’s ruling State Administration Council (SAC), to the 40th and 41st ASEAN Summit and related meetings scheduled for next month in Phnom Penh. The government will instead invite a non-political representative from Myanmar

  • Mushrooming borey projects and home financing – a cause for concern?

    A spurt in housing developments is typically a sign of a growing economy but underneath all that might lay some anxiety of credit growth as developers offer financing to buyers at higher rates, an activity the central bank identifies as ‘shadow banking’ Earlier this year,

  • Thai Senate delegates in Cambodia to discuss anti-graft co-op

    A delegation from Thailand's Senate was in Phnom Penh on September 28 to meet their Cambodian counterparts to discuss strategies for fighting corruption and enhancing cooperation. The Thai delegates were from its Senate’s Committee on Studying and Inspecting Corruption, Misconduct and Strengthening Good Governance. They

  • Hun Sen’s rare visit to Cuba: What’s going on?

    Back on August 17, Prime Minister Hun Sen announced that he would deliver a speech at the 77th UN General Assembly (UNGA) at the UN headquarters in the US’ New York City, visit Cuba and attend the state funeral of the slain Japanese Prime Minister Shinzo