MARKET DEVELOPMENT
Rice, palm oil seen as among ways to increase bilateral trade between Malaysia and Cambodia
Rice, palm oil seen as among ways to increase bilateral trade between Malaysia and Cambodia
24.02.2022 (www.theedgemarkets.com) - PHNOM PENH (Feb 24): Increasing palm exports to Cambodia and import of rice to Malaysia are seen as among the ways to increase bilateral trade between the two countries as well as to expand collaboration in the fields of information and communications technology, financial technology, cybersecurity, small and medium enterprises as well as business start-ups.
"I acknowledge that bilateral trade between us is still low and needs to be further enhanced, in line with the potential of both countries.
“This includes trade in the plantation and commodity sectors. Malaysia offers high-quality palm oil and palm oil products to Cambodia. I hope that our trade in these products can be further enhanced,” Prime Minister Datuk Seri Ismail Sabri Yaakob said at a press conference with Cambodia Prime Minister Samdech Techno Hun Sen at the Peace Palace here.
Hun Sen in return suggested that Malaysia import more rice from the kingdom and also invited Malaysian businesses to invest in rice milling.
"I and PM Hun Sen agree that the business community should explore these sectors to increase trade and investment between the two countries," said Ismail Sabri.
He said he was also happy to hear about the encouraging development of cooperation in the halal sector.
“Malaysia will continue to assist Cambodia to develop the halal ecosystem in the country. Malaysia has the best halal industry experts and we welcome more businesses in Cambodia to come to Malaysia and strengthen their skills in the development of the halal industry,” he said.
The premier also said the Malaysian government is seriously considering the opening of the country's international borders.
“[As for] the decision on this matter, I will inform in the near future. When our international borders are opened, Malaysia can further enhance bilateral cooperation with Cambodia in various fields.
“This includes reciprocal recognition of Covid-19 vaccination certificates to facilitate travel, and many more initiatives that contribute to Covid-19 post pandemic recovery. I believe Malaysia and Cambodia can work together on this matter, including through ASEAN.”
Total Cambodia-Malaysia trade surpassed US$500 million (about RM2.09 billion) in 2021, an increase of 13.14% over the previous year.
According to reports, Cambodian exports to Malaysia amounted to US$101 million in 2021, up 2.62% from US$98 million in 2020, while imports worth US$399 million were a jump of 16.16% year-on-year from US$343 million.
Cambodia is the host of the ASEAN 2022 Summit and is the fourth country visited by Ismail Sabri since he was sworn in as the ninth prime minister on Aug 21 last year.
Ismail Sabri had visited Indonesia, Singapore and Brunei.