Logo of Phnom Penh Post newspaper Phnom Penh Post - Seafood, tourism, rice top Russia’s trading wish list

Seafood, tourism, rice top Russia’s trading wish list

Seafood, tourism, rice top Russia’s trading wish list

Russia is looking to up its investment in agricultural products, mainly rice and seafood, and the tourism sector in the Kingdom, after Russian Minister for Communications and Mass Media Nikolay Nikiforov met with Commerce Minister Sun Chanthol last week.

Nikiforov, who led a group of business delegates to Cambodia, said Russia was looking to improve its business relationship with Cambodia and emphasised Russia’s economic areas of interest in the country.

The Russian minister also met with the Council for Development of Cambodia’s secretary general Sok Chenda Sophea.

“Seafood is in big demand for Russia due to EU sanctions,” said Nikiforov, in a statement released after the meeting.

Nikiforov said that a bilateral trade agreement between Russia and Cambodia should be worked on as soon as possible, to expand trade between the two countries.

Nikiforov also said that the delegation had expressed interest in exploring the hotel and tourism industry in Sihanoukville, as well as looking into the feasibility of direct flights between Russia and Cambodia.

Russian tourism, while still the highest in terms of arrivals to Sihanoukville, saw a slight downturn late last year after the ruble lost two-thirds of its value to the dollar, after the imposition of Western sanctions once the Ukraine crisis hit the region.

In return, Chanthol urged his counterpart to review the list of 3,000 items that will have duty-free and quota-free access to Russian markets, in a bid to increase export volumes from Cambodia.

The 3,000-item list was first mooted during out-of-session talks during last year’s 46th ASEAN Economic Ministers Meeting in Myanmar.

Rice, cassava, corn and rubber were just a few of the products that the list is expected to focus on boosting.

A high-level Cambodia-Russia working group has been set up and will lead a delegation to visit Russia this year.

The Agreement on the Promotion and Reciprocal Protection of Investment between Cambodia and Russia was adopted by the Council of Ministers and submitted to the National Assembly for adoption, said Chanthol.

“The Ministry of Commerce is ready to initiate the negotiation of a free trade agreement with the Eurasian Economic Union, on getting approval from Prime Minister Hun Sen,” he said.

MOST VIEWED

  • Ethnic group ‘disappointed’ to be denied French visas to attend court

    Eleven people at the centre of a case involving seven indigenous Bunong villages in Mondulkiri province pursuing legal action in France have expressed disappointment after the French embassy in Phnom Penh denied their visa applications to attend court. A press release said the 11 included a

  • Cambodia nabs 12th place in best retirement destinations

    Cambodia is an expatriate hotspot for those dreaming of living a more luxurious lifestyle at an affordable cost, according to International Living’s Annual Global Retirement Index 2019. For the fourth year in a row, Cambodia took the top spot in the Cost of Living category.

  • EU starts EBA withdrawal

    The EU on Monday announced that it has begun the 18-month process of withdrawing the Kingdom’s access to its preferential Everything But Arms (EBA) agreement over “a deterioration of democracy [and] respect for human rights”. However, the Garment Manufacturers Association of Cambodia (GMAC) said

  • PM: War result of foreign meddling

    Prime Minister Hun Sen said on Sunday that Cambodia’s recent history of conflict was caused by foreign interference. “The wars that happened were caused by provocation, incitement, support, smearing and interference from foreign powers, and the group of ignorant people who pushed Cambodia to