More Malaysian companies are exploring export possibilities of chemicals and chemical products to Cambodia, after observing the total trade value in chemical products rose over 50 per cent in the first nine months of
According to the Malaysia Trade Office (Matrade), chemicals and chemical products trading between both countries reached US$20.4 million last year.
A business mission, comprising chemical manufacturers from Malaysia, attended a seminar themed “Cambodia-Malaysia Business Opportunities in Chemical Sector,” which was held in Phnom Penh on Thursday.
“The objective of this business mission is to explore strategic business collaborations with local companies, in the exciting and rapidly growing market for chemical and chemical products in Cambodia.
“The event today will be a good opportunity to explore areas of mutual interest and create valuable business links between our countries,” said Wan Azhamuddin Jusoh, deputy director of Matrade’s Oil and Gas, Chemical and Energy Division, in his welcoming remarks at the opening of the seminar.
The Malaysian companies are promoting household detergents, industrial cleaning and surface treatment solutions, agrochemicals, fertilizer, plastic resin, pertochemical-related raw materials, lubricant oils, chemical additives, PET sheet (polyethylene terephthalate sheets), and eco-friendly detergents.
With Cambodia’s economy on a steady footing, its gross domestic product growing at about seven percent annually, the demand for chemical and chemical-related products, both among consumers and industries, continues to grow as well. Chemicals are in much demand in the agriculture and manufacturing sectors.
“These companies are very keen to work together with local Cambodian partners to explore and venture into the market.
“They are producers of internationally-certified and high-quality chemical products and has been exporting their products to many parts of the world,” said Wan Azhamuddin.
He said Cambodia and Malaysia enjoy strong bilateral relations and over the last decade, trade volume increased fourfold to US$455. 8 million last year.
“Within Asean, Malaysia was Cambodia’s fifth largest trading partner and 16th largest trading partner in the world. It is also worth to highlight that chemicals and chemical products were among the important trading items between Malaysia and Cambodia.
“Cambodia is a vibrant market. With a growing middle-income young generation and a business-friendly policy in attracting foreign direct investments into Cambodia, there is no better time than now to explore business opportunities in this interesting market,” he said.
On investments, up to end of last year, Malaysia was the third largest foreign investor in Cambodia, with an accumulated investment of $3.39 billion in 130 projects.
Among the major sectors include, hospitality (tourism, hotel and catering), industrial manufacturing, real estate development and utilities.
Some 80 representatives from local business enterprises and associations attended the one-day event which was jointly organised by Matrade and Cambodia Chamber of Commerce.
The guest of honour was Chan Borin, the Undersecretary of State of the Ministry of Industry and Handicraft.