Cambodia confirmed its participation in the Dubai World Expo 2020 an endeavor that will help expand its export horizons and draw investment from the United Arab Emirates (UAE), Pan Sorasak, Minister for Ministry of Commerce, said yesterday.
Mr Sorasak, who is attending a meeting in preparation for the Expo in Dubai, said Cambodia has participated in several international trade fairs and investment forums in many countries around the world to showcase its trade and investment potential to the foreign investors.
He said the upcoming Dubai World Export which will be held from October 20, 2020 to April 10, 2021, will present another chance for Cambodians to test the market and build-up the trade and investment relationship there.
“Now, Cambodia is ready to attend the Dubai World Expo 2020 and it will be a successful enterprise similar to our joining the World Expo in Shanghai in 2010 and the expo in Italy in 2015,” he said.
Long Kemvichet, a spokesman for the Ministry of Commerce told Khmer Times the participation at the expo will give Cambodia another chance to explore the market potential to drive its export diversification and draw more investment from the Arab bloc.
“All markets are important to Cambodia regardless of size. This is important and consistent with the diversification strategy of the Ministry of Commerce where we are exploring all available markets for diversifying and expanding our exportation.
“There is plenty of room to grow in this market segment. Cambodia’s investment environment is very open and the country welcomes all investors,” he added.
According to Mr Kemvichet, Cambodia’s exports to United Arab Emirates stood at $62 million last year while total import was $19.8 million. The major Cambodian export to the UAE is garment and footwear and there is still room to grow in the market, he said.
The Dubai World Expo 2020 will be organized under the theme “Connecting Minds, Creating the Future” to promote the spirit of international cooperation, which has led the United Arab Emirates to succeed in finding new ways toward development and innovation.
The event will be the driving force to accelerate global connections and push all participating countries to take action to tackle common challenges in a bid to create a brighter future for all people around the world, a media release said.
Earlier this month, Prime Minister Hun Sen held a meeting with Sheikh Ahmed Bin Dalmook Juma Al Maktoum, chairman of AMERI Group of companies and a member of the UAE ruling royal family.
The Sheikh said Cambodia will be given a $500 million credit to buy and import products from the emirates. The meeting took place at the Peace Palace, the United Arab Emirates.