The Cambodia Chamber of Commerce (CCC) has renewed its support for the Japan External Trade Organisation (Jetro) in organising trade meetings between Cambodian and Japanese businesses to promote better trade cooperation between the two countries.
The commitment was made during a June 2 meeting between CCC director-general Nguon Meng Tech and Jetro Phnom Penh Office chief representative Marisa Haruta.
During the meeting, Meng Tech noted that the two institutions have previously organised many joint business events to attract more investors from Japan to invest in Cambodia and that the CCC will continue to back Jetro’s efforts to share insights and examples of the Kingdom’s potential with Japanese businesspeople.
“We will continue to cooperate in promoting trade and investment between the two countries,” he said.
Haruta thanked the CCC for successfully co-organising the first edition of Japanese products showcase “Good Goods Japan 2021” in the Kingdom in February.
“We would like to request the Cambodia Chamber of Commerce to cooperate in preparing a video documentary on Cambodia’s potential, with the participation of key businesspeople in Cambodia to disseminate to the Japanese business community,” she said.
According to a report from Jetro, trade between Cambodia and Japan in the first quarter of this year totalled $633.12 million, up by 7.8 per cent from the same period last year. Of that, Cambodia exported $489.62 million, up by 2.9 per cent on a yearly basis from $ 475.76 million, and imported $143.5 million, up by 28.5 per cent year-on-year from $111.71 million.
Cambodia’s exports to Japan include garments, components for electronic equipment and electronics, while imports from Japan include machinery and high-tech products.
Lim Heng, chairman of Heng Mean Investment Co Ltd, which invests in rubber plantations, told The Post that the meeting would boost bilateral trade figures this year after declining in 2020 due to the Covid-19 crisis.
“Many Japanese investors are waiting for the spread of Covid-19 to ease in order to come to our country and invest, most of which are interested in investing in agro-industry, to produce and process our existing agricultural products for export,” he said.
Bilateral trade between Cambodia and Japan in 2020 was worth $2.10178 billion, down by 8.35 per cent from 2019, of which Cambodia exported $1.61708 billion, down by 6.6 per cent, and imported $484.70 million, down by 13.8 per cent, according to data from Jetro.
From 1994 to 2018, the Council for the Development of Cambodia approved 137 Japanese investment projects in the Kingdom with a total capital of $2.486 billion, according to the Ministry of Commerce.