Ministry of Commerce secretary of state Rath Saravuth welcomed US companies, whether already operating in the region or trading in the US, who wish to explore potential investment opportunities in Cambodia.

He said he believed good bilateral cooperation and assistance will take the relationship between the two countries to the next level.

Saravuth made the remarks during an August 31 meeting with Michael Burnett, first secretary of commerce for the US Department of Commerce’s Regional Oversight Office, at the ministry headquarters in Phnom Penh.

During the meeting, Saravuth highlighted recent trade facilitation reforms, as well as past trade relations between the two nations, according a ministry press release.

“I would like to thank Burnett for providing information on US technical assistance projects on priority areas to Cambodia and I also would like to express my support and offer a warm welcome to any US companies seeking to explore opportunities and potential investments in the country,” he was quoted as saying.

Burnett said the purpose of the visit was to study the importance of cooperation between the two countries in order to maximise mutual benefits. Through the implementation of assistance projects for the development of new laws and regulations, as well as capacity building, the US aims to contribute to the development and capacity building of civil servants.

He praised the rapid growth of the business of some large American companies that have invested in the Kingdom, noting that they enjoy the support of many Cambodians, according to the release.

Bilateral trade between Cambodia and the US in the first seven months of 2023 totalled more than $5.3 billion, a decrease of nearly 10 per cent compared to the same period in 2022. Cambodia’s exports accounting for more than 97 per cent of the total trade volume, according to the General Department of Customs and Excise (GDCE).