The newly-established Cambodia Business Council (CBC) in Bangkok and Thai Subcontracting Promotion Association (Thai Subcon) will join forces to enhance trade and investment between the two ASEAN neighbours, and build momentum for the implementation of Cambodia’s 2021-2023 Economic-Diplomacy Strategy.
A memorandum of understanding (MoU) was signed in this regard by CBC president Sambath Sothea and his Thai Subcon counterpart Kiattisak Jirakajonvong on July 13 via video link, in a ceremony presided over by Cambodian ambassador to Thailand Ouk Sorphorn and witnessed by commercial attache Heng Sovannarith.
Sothea underlined that establishing a strong collaboration network with relevant organisations and corporations is a key factor for the success of his mission, noting that Thai Subcon has more than 400 members covering a broad range of industrial clusters, from automotive parts, food processing machinery and electronics to the new “S-curve” industries.
He said the MoU is meant to deepen the coordination and exchange of information regarding business and trade developments among members, to stimulate the sharing of cooperative opportunities, and to encourage more business networking activities.
The deal will provide support for marketing channels and activities to promote business and investment opportunities, cultural exchanges and social connectivity, he said.
“On behalf of the CBC, I am most delighted to see the initiation of this relationship and will ensure that this is just the very first step for the two organisations to further develop closer and fruitful collaboration in the near future,” Sothea said.
Kiattisak said that with a clear vision, together with a strong determination to promote and develop the capabilities of members, Thai Subcon will be able to connect all aspects of business, widely increasing potential in manufacturing, management, marketing and procurement.
“We’re able to provide members with access to sources of technology and innovations. In the meantime, we’ll serve as a medium to link our members with state departments and organisations, locally and internationally. We strongly believe that marketing as well as alliance networking are essential for the constant growth of our members,” he said.
“We strongly believe that [this cooperation] is going to benefit both of us in no time. We now mark this moment with the signing of the MoU,” Kiattisak said. “[I] pledge to realise and materialise this MoU for the benefit of both associations and for the goodwill of Cambodia and Thailand.”
Trade between Cambodia and Thailand reached $7.236 billion last year, tumbling 23.17 per cent from 2019, primarily due to the economic disruption of the Covid-19 pandemic, according to the Thai Ministry of Commerce.
Statistics show that Cambodia exported $1.148 billion in merchandise to Thailand in 2020, down 49.49 per cent year-on-year, and imported $6.089 billion, down 14.80 per cent from 2019.