Friday, October 15, 2010

Trade with Malaysia rises after visit by Najib

CAMBODIA’S trade with Malaysia is increasing in line with the world economy and benefited from the visit of Malaysian Prime Minister Najib Tun Razak to Phnom Penh in May, officials said yesterday.

Speaking at the first Malaysia trade fair, which began at Phnom Penh’s NagaWorld, the Malaysian ambassador Mohd Hussein Mohd Tahir Nasruddin said trade links between the two ASEAN members were becoming increasing strong.

“Cambodia is not only an important emerging market, but also an important destination for investments and sources of imports,” he said
The Malaysian Prime Minister’s May visit had encouraged investment from companies running hotels, restaurants, the beverage industry, and hospitals, he said, but he did not mention specific ventures by name.

During that trip deals said to be worth $1 billion were signed.

According to the Ministry of Commerce, bilateral trade totalled US$113.4 from January to the end of August 2010, which the Post calculated to be a 13.8 percent rise on trade worth $99.6 million for the same period of 2009.

The Malaysian ambassador added that Cambodia’s rice exports could increase in the future.

Cambodia’s Minister of Commerce Cham Prasidh said that under the ASEAN Free Trade Agreement, trade was likely to continue increasing as duties would be fully removed by 2015.

“Cambodia and Malaysia are dynamic market economies that depend on international trade for stimulating economic growth,” he added.
Francis WK Ng, sales manager at Amerseal Industrial, which sells glue and cleaning products, said yesterday: “Cambodia has lots of potential.”
(source from the Phnom Penh post newspaper, Thursday, 14 October 2010 15:01 Soeun Say)

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