An undetermined number of major US companies have recently announced that they will expand their investments and operations in Cambodia, according to the Ministry of Commerce.
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In a statement issued yesterday, the ministry said that, following a meeting on Monday between a US business delegation and Minister of Commerce Pan Sorasak, several US firms reaffirmed their commitment to the Cambodian market.
According to the statement, the US delegation was led by Alexander Feldman, president and CEO of the US-Asean Business Council, and included representatives from General Electric, Chevron, Coca-Cola, Facebook, Amazon, Oracle, Google, Mastercard and Visa.
These companies said they remain optimistic about the local economy and their presence here, according to the ministry.
Minister Pan Sorasak told the delegation that the government has created a comprehensive set of strategies to boost and protect the private sector and enhance the country’s competitiveness.
“The government is relentlessly working to improve the business environment and facilitate trade, aiming to attract more foreign direct investment,” Minister Sorasak was quoted as saying in the statement.
He noted that Cambodia is part of negotiations to establish an Asean free trade agreement that would eliminate trade barriers in the region.
During the meeting on Monday, the following topics were discussed: the implementation of Asean standards in the automotive industry, import procedures for medical equipment, machinery for the aviation industry, e-commerce, the development of the digital economy, and preventing the smuggling of Coca-Cola products.
Trade between Cambodia and the United State was valued at $4.2 billion in 2018, a 23 percent increase compared to a year earlier, according to the ministry.
From January to April this year, bilateral trade is estimated to have reached $1.6 billion, or a 23.7 percent hike compared to the same period last year.
Long Kemvichet, spokesman for the Ministry of Commerce, said the Kingdom’s access to the Generalized System of Preferences (GSP) for travel goods was the main contributor to the growth in exports to the United States.
In July 2016, Cambodia was granted duty-free benefits for exports of travel goods – such as bags, backpacks, handbags, and wallets – to the United States under the GSP scheme.