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India seeks broader trade with Cambodia

May Kunmakara / Khmer Times Share:
Sandip Somany (middle left), FICCI president, speaks with Pan Sorasak, the Cambodian Minister of Commerce. Ministry of Commerce

The president of the Federation of Indian Chambers of Commerce and Industry (FICCI) said India is considering expanding its investments in the Kingdom, particularly in science and technology, tourism infrastructure and manufacturing.

During a meeting on the sidelines of the 4th India-Asean Expo and Summit held in New Delhi last week, FICCI president Sandip Somany told Cambodia’s Minister of Commerce Pan Sorasak that India seeks to broaden trade with the Kingdom, according to a statement from the Cambodian Ministry of Commerce.

“With a vision to build a good relation in terms of trade and investment with all Asean member states, India wants to increase trade and investment in Cambodia as it is still very low compared to many other countries in the region,” said Mr Somany.

Minister Sorasak said that a number of industries and sectors in the Kingdom present lucrative opportunities for Indian businesses.

“We encourage all Indian investors and businessmen to come to Cambodia and explore business and investment opportunities because we have a lot of areas with untapped potential,” the minister said.

“The Cambodian government treats investors fairly and our open investment policy is very attractive.

“There is great potential in agriculture and manufacturing. Indian investors are encouraged to invest in factories to export back to India and to supply other markets,” he added.

Mr Sorasak also asked India to establish a direct flight between the countries to improve connectivity.

According to data from the Council for the Development of Cambodia (CDC), India invested $132.5 million in the Kingdom between 1994 and 2017.

Bilateral trade reached 111.8 million in 2016, according to the Ministry of Commerce.

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