Logo of Phnom Penh Post newspaper Phnom Penh Post - Singapore minister reiterates bilateral trade commitment

Singapore minister reiterates bilateral trade commitment

Content image - Phnom Penh Post
Singaporean commerce minister Gan Kim Yong at Monday’s video conference with his Cambodian counterpart Pan Sorasak. COMMERCE MINISTRY

Singapore minister reiterates bilateral trade commitment

Singaporean Minister of Commerce and Industry Gan Kim Yong has reiterated the city-state’s commitment to strengthening bilateral trade cooperation with Cambodia, as he pledged full support in helping the Kingdom succeed during its chairmanship of ASEAN, according to the Cambodian commerce ministry on March 14.

Gan made the remarks during a video conference with Cambodian Minister of Commerce Pan Sorasak on March 14, held to strengthen Cambodia-Singapore trade relations and discuss Cambodia’s readiness to organise and chair the 28th ASEAN Economic Ministers’ Retreat on March 16-17, the ministry said in a statement.

“Singapore is committed to further trade cooperation with Cambodia, and in particular to achieving 2022 priority economic deliverables [PED] and 2022 employment priorities under the pillars of the ASEAN Economic Community during its ASEAN chairmanship in 2022,” the statement quoted Gan as saying.

Singapore and Cambodia have had formal diplomatic and trade relations for nearly 57 years, with Hong Vanak, director of International Economics at the Royal Academy of Cambodia, noting that trade and investment by Singaporean entities in Cambodia have been “especially positive” since 2010.

As a country with strong economic growth both regionally and globally, Singapore’s commitment to supporting the growth of the Cambodian economy is an “important element” in creating new opportunities that can accelerate the Kingdom’s economic growth, Vanak said.

“This is a further boost to the confidence of foreign investors to come and invest in Cambodia both during and after the Covid-19 crisis, especially as it [the commitment] is coming from Singapore. This will also help expand the trade volume between the two countries.”

The highest volume products that Cambodia exports to Singapore are textile-related goods, agriculture and jewellery, while common merchandise that Singapore imports to Cambodia are fuel, office supplies, beverages, industrial chemicals and electronic equipment.

According to data from the Ministry of Commerce, bilateral trade between Cambodia and Singapore amounted to $4.3688 billion in the first 10 months of 2021, up by 51.27 per cent over $2.8882 billion in same period of 2020.

During the period in 2021, Cambodia’s exports totalled $112.3 million, down by 95.47 per cent, and imports from Singapore clocked in at $4.25647 billion, increasing by 938.12 per cent.

Addressing the trade deficit, Vanak said that Cambodia must make more efforts to diversify its export products in order to increase export potential as well as reduce the trade balance deficit.

Data from the Council for the Development of Cambodia (CDC) show that as of the end of the first half of 2021, foreign direct investment (FDI) in the Kingdom was worth $39 billion, with an average annual growth rate of 9.6 per cent.

Singapore was the fourth largest investor in Cambodia with $2.4 billion, accounting for 6.4 per cent of FDI in the Kingdom.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro