The Cambodian Chamber of Commerce has signed a memorandum of understanding allowing Cambodian firms to access credit with the American Import-Export Bank for US trade.
This decision reflected the healthy economic relationship between the US and Cambodia, Cambodian Chamber of Commerce director-general Nguon Meng Tech said yesterday.
“The US government trusts us to work independently and transparently to boost the private sector in co-operation with the government,” he said, adding that easier loan access would foster increased US imports to the Kingdom.
US ambassador Carol Rodley and CCC chairman Kith Meng signed the memorandum earlier this week.
Low import taxes in the US, as well as pro-business policies and conditions in Cambodia, were important factors in establishing the agreement, Ministry of Commerce deputy cabinet chief Kong Putheara said.
“Right now, we have full political stability, economic growth and low labour costs — that’s why they decided on the agreement,” he said.
In 2009, the US removed Cambodia, along with Laos, from a trade black list, saying the two countries had ceased to be Marxist-Leninist.
Although uncertain about the terms of the loans, Cheat Khemara, a senior official of the Garment Manufacturers Assoc-iation, said the decision demonstrated US interest in doing business in the Kingdom and would boost US imports.
“We normally export to [the United States], but this MoU will allow our businessmen to import more to supply their production,” he said.