Logo of Phnom Penh Post newspaper Phnom Penh Post - Over 400 Thai firms mulling Cambodia entry: Ambassador

Over 400 Thai firms mulling Cambodia entry: Ambassador

Content image - Phnom Penh Post
An industrial park in Kandal province's Ang Snuol district. YOUSOS APDOULRASHIM

Over 400 Thai firms mulling Cambodia entry: Ambassador

More than 400 Thai companies are considering investing and doing business in Cambodia when the situation of the Covid-19 crisis eases, according to Cambodian ambassador to Thailand Ouk Sorphorn.

Sorphorn on May 7 virtually met with the Thai Subcontracting Promotion Association (Thai Subcon), a group of more than 400 firms he described as “innovative and industrial”.

During the meeting, Thai Subcon president Kiattisak Jirakajonvong said the association's members were very interested in the potential of Cambodia.

He requested the Cambodian embassy in Bangkok to co-organise business meetings and tours at members' factories and at Cambodia's special economic zones to provide opportunities for the private sectors of both countries to strengthen and expand bilateral cooperation.

Sorphorn welcomed the request and briefed Thai Subcon delegates on economic diplomacy policy, with emphasis on Thai Strategic Plan Plus One.

He noted that the Cambodian government has pulled out all the stops to support and improve Cambodia's business-investment environment and market diversification.

To advance towards this goal, he said, Cambodia has signed bilateral free trade agreements (FTA) with China and South Korea, and joined the Regional Comprehensive Economic Partnership (RCEP) bloc.

The ambassador also brought up the Thai authorities' decision to allow the Cambodian Business Council (CBC) to be set up in Bangkok to facilitate bilateral trade and investment between Cambodia and Thailand.

He noted that the CBC would also promote tourism and culture, and is aimed at meeting the two countries' prime ministers' ambitions to increase trade volume to $15 billion after the Covid-19 crisis.

“We laid out plans – the Thai business council and the embassy have figured out a plan to promote commerce and modernise trade and investment between the two countries to the fullest extent and woo Thai businesspeople and investors to Cambodia,” Sorphorn said.

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.

According to Sorphorn, Thailand is among the nine largest investors in Cambodia, pumping $967.89 million in foreign direct investment into the country between 1994 and the end of the third quarter of 2017.

MOST VIEWED

  • Quarantine still a must for all arrivals, in next Covid chapter

    Since early May, an average of five to 10 Cambodian people have died from Covid-19 a day with many others testing positive amid the ongoing community outbreak. At the same time, however, hundreds of patients also recovered a day. The first Covid-19 case in Cambodia was

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy

  • First commercial gold mine online

    Australian miner Renaissance Minerals (Cambodia) Ltd on June 21 began the commercial operation of its $120 million Okvau Gold Project in the northeastern province of Mondulkiri, becoming the Kingdom’s first gold producer. Located in the Okvau area in southwestern Mondulkiri province’s Keo Seima district, the

  • Jab drive heading to 5 provinces

    The government is set to vaccinate more than 1.2 million people in five provinces after finishing with Phnom Penh and neighbouring Kandal in an ongoing campaign administered by the ministries of Health and National Defence. The five provinces are Preah Sihanouk, Kampong Speu, Takeo, Kampong Cham

  • New immigration bill targets illegal foreigners in Kingdom

    General Department of Immigration (GDI) officials are discussing revisions to the new draft law on immigration to prevent foreigners from entering Cambodia illegally and to supervise those living in the Kingdom more effectively. The revisions draw wide support among civil society organisations. GDI director-general Kirth

  • Transport minister requests free trial of Phnom Penh-Sihanoukville expressway

    The Ministry of Public Works and Transport held discussions with the company constructing the expressway from Phnom Penh to Preah Sihanouk province to allow drivers to test the road free of charge before an official toll is set. While inspecting the progress of its construction