Cambodia and the US on Wednesday signed a memorandum of understanding (MoU) on cooperation to expedite the issuance of patents in Cambodia in a bid to boost US investment in the Kingdom.
The MoU was signed by Minister of Industry, Science, Technology and Innovation Cham Prasidh and US Patent and Trademark Office (USPTO) director Andrei Iancu, who joined the signing ceremony via video link.
The ceremony was presided by US ambassador to Cambodia Patrick Murphy.
Speaking at the event, Prasidh lauded the MoU as an emblem of rising investment confidence from the world’s largest national economy in nominal terms and a catalyst for economic growth.
He said it is part of a ministry initiative to ramp up international cooperation on accelerating patent issuance between the Kingdom and countries such as Singapore, Japan, China, South Korea and those in the EU.
“Both sides have expressed their enthusiasm and high appreciation for the joint efforts leading up to today’s signing as part of their endeavour to attract more US investors to Cambodia.
“It [the MoU] will provide confidence for [inventors boasting] technological achievements and discoveries that want to come to Cambodia and produce, invest and provide services here while under the protection of intellectual property rights to their valid patents,” Prasidh said.
Last month, Murphy said new US products and investors will enter the Cambodian market each year, further cementing economic ties between the two countries.
He said US companies bring with them transparent and high-quality investment, world-class technology and training programmes, as well as high environmental and labour standards that promote inclusive economic growth.
The US is the largest market for Cambodian exports, taking in $5.4 billion last year, up from $3 billion in 2015, he added.
He noted that the Kingdom exported $2.75 billion worth of goods to the US in the first half of this year, up 23 per cent from $2.24 billion in the same period last year.
“Cambodian exports also benefit US consumers providing them with more choices in varieties of products such as garments, footwear, Kampot pepper, milled rice and much more,” Murphy said.