Logo of Phnom Penh Post newspaper Phnom Penh Post - Loba, EAcham ink MoU to up trade, freight

Loba, EAcham ink MoU to up trade, freight

Content image - Phnom Penh Post
The Logistics Business Association (Loba) members attended a signing agreement via video link with the European American Chamber of Commerce and Industry (Belgium) Beijing Representative Office (EAcham) on November 20, 2020. Photo supplied

Loba, EAcham ink MoU to up trade, freight

The Logistics Business Association (Loba) on November 20 signed a memorandum of understanding (MoU) with the European American Chamber of Commerce and Industry (Belgium) Beijing Representative Office (EAcham) to further enhance Cambodia-China trade, investment and freight relations.

The agreement was signed by Loba president Chea Chandara and EAcham president Gao Ying via video link.

Chandara told The Post on November 22 that the Chinese side wants guidance on the import of goods from China to Cambodia, while the Cambodia Freight Forwarders Association seeks counsel for shipments in the reverse direction, especially when it comes to agricultural products.

“The cooperation will help the two countries attain growth in trade and direct investment with each other,” he said.

According to him, the MoU will also provide investors with more opportunities to attend international exhibitions in China.

“After Covid-19, both sides plan to bring their investors to each other’s country in order to visit factories and give them a chance to strike up business meetings as well,” Chandara said.

Gao said EAcham had seen rapid growth in its 16 years and now boasts an office in each of Beijing, Guangzhou and Shanghai.

She said: “There are over 150,000 overseas members or clients from more than 156 countries in our database.

“But not many of them are from Cambodia. So the MoU will be a joint effort to promote business and trade exchanges between China and Cambodia. More enterprises from Cambodia can benefit from our cooperation in the future.

“I believe that members of both parties will have a bright future in business cooperation.

“[Despite Covid-19 lockdown restrictions,] I am still expecting that our chamber can put Cambodia into one of our destinations for Chinese business delegations for investment or procurement in the future.”

Cambodian exports to international markets in the first eight months of this year clocked in at $11.714 billion, up 18 per cent year-on-year, while imports reached $11.853 billion, slipping 11.6 per cent year-on-year, the Ministry of Economy and Finance reported.

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