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.