Logo of Phnom Penh Post newspaper Phnom Penh Post - Guangzhou delegation explores bilateral investment opportunities

Guangzhou delegation explores bilateral investment opportunities

Guangzhou delegation explores bilateral investment opportunities

Two-way trade between Cambodia and China’s Guangzhou sub-province increased over 46 percent in the first four months of 2010 compared with the same period last year, and it will grow still more, according to the head of a trade-seeking delegation from the province.

Yu Ruheng, vice president of the China Council for the Promotion of International Trade Guangzhou Council (CCPITGC), who led 50 Chinese companies comprising 80 businesspersons in a two-day visit to the Kingdom, said total imports-exports between the regions were estimated to have reached US$1.4 million in the first four months of this year, from $924,065 for the same period last year.

“This shows a very good surging point. However, the trade volume is still quite limited, meaning we have a lot of potential for further improvement,” Yu Ruheng said at the meeting of the delegation with Cambodian businesses on Wednesday at Phnom Penh’s NagaWorld Hotel and Casino.

China signed the ASEAN Free Trade Agreement in early January this year (C-AFTA) to lower some trade tariffs with the aim of reducing them to zero by 2015.

But trade flows have seen year-on-year growth between the Kingdom and the sub-province in the past two years despite the “tsunami” of the world economic crisis, Yu Ruheng said, pointing out that bilateral trade had risen to $3.8 million in 2009, up 2 percent from $3.7 million in 2008.

Cambodia Chamber of Commerce (CCC) President Kith Meng told the delegation at the NagaWorld meeting that Cambodia’s pool of labour is large and growing, the political environment is stable, and that the country is further enhancing competitiveness with further infrastructure projects in roads, railway and electricity.

“You have chosen a very good time to visit Cambodia. This country has developed significantly in recent years and will continue to do so,” Kith Meng said. “Improvements in both the road and rail system will permit easier movement of goods around the country and to export points, particularly for Greater Mekong countries.”

He added; “By combining China’s experience in developing a manufacturing base with an increasingly reliable electricity supply here, and a large and relatively low-cost labour force, we can rapidly grow Cambodia’s manufacturing industry,” he said.

Guangzhou’s exports to Cambodia were mainly machinery, electronics, furniture, light products and medicine, and Cambodia’s exports to the sub-province were agricultural products, fish and timber.

Liu Xian Ming, vice president of Guangzhou Light Industry & Trade Group Ltd, whose products are already exported to Thailand, Vietnam and Indonesia, said it was his first time to the Kingdom, and that he found the meeting very fruitful. He said he expected to find a Cambodian partner to do business with as a result.

Guangzhou is the capital and sub-provincial city of the 10 million-person Guangdong province in southern China.

MOST VIEWED

  • Second Hungary business forum set for H2

    Cambodia has asked Hungary to provide GSP- (Generalised System of Preferences) Plus facilities for when the Kingdom sheds its least-developed country (LDC) label, as the two countries prepare to hold a second business forum in the second half (H2) of this year to expand trade

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports

  • CPP sets out five primary strategic goals for 2023-28

    The Cambodian People’s Party (CPP) on January 29 concluded its two-day extraordinary congress, setting the party’s priority goals for 2023-2028. The ruling party’s congress was attended by more than 3,000 members from across the Kingdom, including the members of the permanent and central committees,

  • Nearly 50 states join Kun Khmer Federation, all set for training

    In a little over a week, the Kun Khmer International Federation (KKIF) has accepted membership requests from 20 new nations, in addition to the exiting 29. The sudden influx of international recognition stems from the Kingdom’s successful introduction of Kun Khmer to the 32nd Souheast Asian (