Cambodia and Nepal yesterday committed to boosting trade and investment during a business forum held in Phnom Penh attended by the Nepali Prime Minister.
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The Nepali premier, Khadga Prasad Sharma Oli, arrived in Phnom Penh on Monday for a three-day official visit to boost ties between the nations.
Speaking at yesterday’s event, Cambodian Minister of Commerce Pan Sorasak said he expects bilateral trade to rise following the business forum.
“This forum between Cambodia and Nepal give businesspeople from each country an opportunity to meet and partner up,” Mr Sorasak said.
“Growth in trade has remained flat in recent years, but I believe the agreements signed today will boost it,” he added.
Yesterday, Cambodia and Nepal reached two agreements – a framework agreement on trade and investment and a memorandum of understanding on bilateral cooperation between their national chambers of commerce.
Prime Minister Hun Sen urged Nepali investors and companies to consider the Cambodian market.
“First, I would like to thank those Nepali people that are already investing here,” Mr Hun Sen said.
“I also would like to encourage Cambodian businesses looking to expand to consider the Nepali market.”
Mr Hun Sen said the visit of the Nepali Prime Minister opens a new chapter in Cambodia-Nepal relations.
He said the countries should strengthen cooperation in trade, investment, tourism, and culture.
Tan Monivann, vice president of the Cambodia Chamber of Commerce, said, “We see that a lot of Nepali investors are interested in Cambodia, particularly in the agriculture and tourism sectors.”
Rajesh Kazi Shrestha, president of the Nepal Chamber of Commerce, said the good performance of the Cambodian economy is the main factor pushing Nepali investors to explore opportunities here.
According to the Cambodian Ministry of Commerce, trade between the two countries amounted to $210,000 in 2017, a decrease from 2016’s $250,000.
Cambodia mostly sends garments, wood, and agricultural products to Nepal and buys fabric and machines.