The National Assembly has approved an agreement on reciprocal promotion and protection of investments with Turkey.
For in depth analysis of Cambodian Business, visit Capital Cambodia
During yesterday’s plenary session, the body also approved similar agreements with Bangladesh and the United Arab Emirates.
The approval of the agreements comes a few days after the leaders of Cambodia and Turkey pledged to work together to boost trade. Mr Hun Sen and Turkish president Recep Tayyip Erdoğan met in Tajikistan on Saturday.
“The agreement with Turkey aims to promote broad economic cooperation to enhance the flow of investment between the two,” a statement from the National Assembly said.
The agreement is valid for 10 years.
After his meeting with the Turkish leader, Mr Hun Sen said he wanted to boost trade with Turkey and reach $1 billion in bilateral trade in the future.
“To achieve this, we must make a list of goods that can be traded between the countries,” the Cambodian premier said in a Facebook post on Saturday.
Mr Erdoğan said bilateral trade stands now at $91 million which he described as low, according to Mr Hun Sen’s post.
“We must encourage more Turkish and Cambodian investors to work together,” Mr Erdoğan was quoted as saying in the post.
Mr Hun Sen said he hoped Mr Erdoğan will pay a state visit to the Kingdom in the near future.
Cambodia has signed similar agreements with 27 countries so far.