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

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused