Logo of Phnom Penh Post newspaper Phnom Penh Post - Hungary business forum Q1

Hungary business forum Q1

Content image - Phnom Penh Post
Commerce ministry undersecretary of state Pen Sovicheat (second left) meets Hungarian charge d’affaires Istvan Bakos (right) on Wednesday. COMMERCE MINISTRY

Hungary business forum Q1

Cambodia and Hungary are set to hold a business forum in the first quarter of 2022 with the aim of boosting trade and investment between the two countries.

The decision was made during a meeting between Pen Sovicheat, a Ministry of Commerce undersecretary of state, and Hungarian charge d’affaires Istvan Bakos on December 15 at the ministry.

Sovicheat said the forum will bolster cooperation and mutual support between Cambodia and Hungary, with a view to promote common interests and develop economic partnerships centred on trade and investment.

Representing their respective country, the two co-chairs of the Cambodia-Hungary Joint Commission on Economic Cooperation are expected to participate in the “Cambodia-Hungary Business Forum”.

The two sides have also agreed to focus on business matching and highlight opportunities in a number of potential areas, including agriculture, food processing, food security and tourism services.

The ministry said a statement that both sides are optimistic that the forum would encourage more Hungarian businessmen and investors to expand their businesses and investments in Cambodia.

Thourn Sinan, former Cambodia country representative of the Mekong Trading Hungarian-Cambodian Trading House, told The Post on December 19 that strong trade relations with the developed EU country could mean improved access for Cambodian goods to the bloc.

“Establishing good business relations with Hungary will bring many positive effects for Cambodia’s export market, especially agricultural products to the European market,” he said.

Typical Cambodian exports to Hungary are agricultural products and tobacco, and imports include wine and information technology goods, he added.

Cambodia Chamber of Commerce vice-president Lim Heng told The Post that the forum would open up more market opportunities for Cambodia, noting that the volume of bilateral trade between the two countries is still small.

“The forum will boost economic and investment ties between the two sides,” he said.

In 2017-2020, bilateral trade between Cambodia and Hungary reached more than $16 million, over $4 million of which was logged last year alone.

MOST VIEWED

  • 12th Cambodia int’l film festival to see return of Hollywood star

    Phnom Penh is set to come alive with the magic of cinema as the highly anticipated 12th Cambodia International Film Festival (CIFF) takes centre stage. Boasting an impressive line-up of 188 films from 23 countries, including captivating shorts, feature films, documentaries and animation, the festival promises an

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Struggling Battambang artist dreams of staging full-scale gallery exhibition

    Leav Kimchhoth, a 55-year-old artist from Battambang province, is a familiar face to locals and tourists alike on the streets of the riverside in Phnom Penh. The one-armed painter and illustrator often hawks his work near the night market on weekends and public holidays. He

  • Fresh Covid warnings as Thai hospital fills

    A senior health official reminds the public to remain vigilant, as neighbouring countries experience an increase in Covid-19 cases, with the latest surge appearing to be a result of the Omicron XBB.1.5 sub-variant. Or Vandine, secretary of state and spokeswoman for the Ministry of Health,

  • New Law on Taxation comes into effect

    Cambodia has enacted the eagerly-awaited new Law on Taxation, which aims to improve the national tax regime’s compliance with present and future international standards and economic conditions; encourage accountability, effectiveness and transparency in the collection process; and promote investment in the Kingdom. King Norodom

  • PM warns of int’l election interference

    With the national election scheduled to take place in less than two months, Prime Minister Hun Sen has warned foreign nations and their diplomats not to interfere into Cambodia’s domestic affairs. He also hinted that their statements on court verdicts handed down to any