Logo of Phnom Penh Post newspaper Phnom Penh Post - Hungary trade, tourism ties to get boost

Hungary trade, tourism ties to get boost

Content image - Phnom Penh Post
Commerce ministry undersecretary of state Pen Sovicheat (right) said Cambodia and Hungary have agreed to expand cooperation in key potential areas, including trade and economy, tourism, civil aviation and industry, technology and innovation. COMMERCE MINISTRY

Hungary trade, tourism ties to get boost

Cambodia and Hungary have agreed to further boost economic and tourism ties, while the private sector offers a rosy view of the EU country as a hub for expanding exports to Europe.

The consensus was reached during a January 20 in-person technical meeting at the Ministry of Commerce on the first of the two-day First Session of the Cambodia-Hungary Joint Commission on Economic Cooperation.

In a Facebook post on January 20, the ministry said the meeting was led by undersecretary of state Pen Sovicheat and Judit Vekei Kiss, director of the Department for Joint Economic Commissions under the Hungarian Ministry of Foreign Affairs and Trade.

Sovicheat said in the post that the two sides agreed on the content of the draft minutes of the January 20 meeting, which were set to be signed by commerce ministry secretary of state Tek Reth Kamrong and Hungarian foreign ministry deputy state secretary for export development Istvan Joo via video link on January 21 afternoon.

“The two sides agreed to expand cooperation in key potential areas, including trade and economy, tourism, civil aviation and industry, technology and innovation,” Sovicheat said.

After the fall of the Khmer Rouge regime in 1979, the two countries re-established diplomatic relations, he said. Hungary provided Cambodia a wide range of assistance to help build peace and political stability, which paved the way for the Kingdom’s development.

Thourn Sinan, former Cambodia country director of the Cambodia-Hungary Trading House, told The Post that bilateral cooperation with Hungary would help boost trade and investment relations down the line.

Hungary, which he labelled an “agricultural powerhouse”, is well able to help develop the sector in Cambodia, which has demonstrated its vast growth potential in recent years.

“Hungary can share its agricultural experience with Cambodia, especially in connection with the development of food security and safety,” Sinan said.

In terms of economy and trade, he said Hungary is an important gateway for Cambodia to export goods to the UK and the EU bloc’s 27 countries.

He said: “As I see it, Cambodia’s current trade flows with Hungary are an important peg in the goods exchange on the whole and a sizeable entryway for Cambodia to step into the European market.

“As for the tourism sector, I’m of the belief that cooperation between the two countries will further deepen relations in the industry.

In 2020, Cambodia exported 1,839 tonnes of milled rice to Hungary and 118 tonnes of tobacco, according to data from the Ministry of Agriculture, Forestry and Fisheries.

On November 3, the Kingdom signed an air cargo agreement with Hungary during the visit of Hungarian foreign minister Peter Szijjarto.

The two countries also signed a pair of memorandums of understanding (MoUs) on the occasion.

One of them – on water resources management – was signed between the Cambodian Ministry of Water Resources and Meteorology and the Hungarian Ministry of Interior, while the other – on agricultural cooperation – was penned between the Cambodian agriculture ministry and its Hungarian counterpart.

MOST VIEWED

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia resumes issuance of tourist visas

    The Ministry of Foreign Affairs and International Cooperation has announced the resumption of its tourist visa and visa exemption programme after a long hiatus due to the Covid-19 pandemic. In a letter dated October 20 and addressed to foreign embassies and consulates, foreign minister Prak Sokhonn

  • Cambodia voted ‘world’s friendliest country’ in Rough Guides reader poll

    Cambodia ranked number one among the “World’s Friendliest Countries”, according to a reader poll conducted by London-based international website “Rough Guides”. Taking submissions through Twitter and Facebook, “Rough Guides”, a well-known travel agency and publisher of guidebooks, said the Kingdom “was by far the