The Ministry of Commerce and the Japan External Trade Organisation (Jetro) yesterday signed a memorandum of understanding aimed at strengthening trade and improving the business climate for Japanese companies in the Kingdom.
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Speaking at the agreement-signing ceremony yesterday, Commerce Minister Pan Sorasak thanked the Japanese government for its financial and technical support and highlighted Japanese firms’ enormous contribution to the Cambodian economy through investment and trade.
“The renewal of this MoU will further enhance cooperation in trade, investment, and industrial development to establish a comprehensive partnership between the Ministry of Commerce and Jetro,” the minister said.
Both institutions signed an MoU on trade cooperation in 2009.
Mr Sorasak went on to list some of the activities that Jetro has been conducting in Cambodia, which include organising business matching events, carrying out research studies, participating in local trade fairs, training local officials and company employees, and representing Japanese companies.
“Jetro has been accurately gathering information on the Cambodian market to persuade Japanese businesspeople to invest here,” he said, adding that Aeon’s decision to build malls in Cambodia was the result of access to these studies.
Yuri Sato, Jetro executive vice president, said the recent reforms initiated by the Cambodian government will attract more Japanese investors to Cambodia.
She said Jetro will now work on promoting the growth of digital startups in Cambodia.
In 2018, Cambodian exports to Japan soared 27.3 percent while imports grew by 17.8 percent, according to Jetro.
That year, more than $1.6 billion worth of Cambodian goods were sent to Japan, while the Kingdom purchased about $421 million in Japanese goods.