MALAYSIA and Cambodia have enjoyed healthy bilateral trade for years and the future looks rosy with both signing several Memoranda of Under-standings (MoU) to build on concrete ties.
Newly-appointed Malaysian ambassador Eldeen Hasaaini bin Mohd Hashim to Cambodia has pledged to continue to promote trade and investment between both countries, as well as boost shipments of Cambodian milled rice to Malaysia.
He has ensured to further strengthen the relationships between both countries as well as see to the implementation of all MoU that have been signed between Malaysia and Cambodia.
In a meeting with Prime Minister Hun Sen, the ambassador mentioned that he aims to promote bilateral trade, particularly on rice exports from the Kingdom to Malaysia. He has expre-ssed further ambition to promote Malaysian investment in Cambodia in order to become the Kingdom’s top investor.
Premier Hun Sen had welcomed the ambassador’s words and also suggested that both governments work together to boost trade in accordance with ASEAN principles as well as policies. He further expressed the need for both countries to come together in promoting bilateral trade pacts and push for a double taxation avoidance agreement to facilitate trade and investment.
With statistics showing increasing trade, total exports between both countries during the January-June 2019 period were recorded at USD349.2 million while total imports stood at USD73.4m. The trade balance between both countries currently stands at USD275.8 million with total trade amounting to USD422.6 million.
The January-June 2019 period proved to be a healthy spurt in growth in comparison to the first six months of 2018 where total trade amounted to USD303.6 million.
Top products exported from Malaysia during January-June 2019 included petroleum products, textile, apparel and footwear as well as processed food, chemical products and transport equipment.
Petroleum products had the highest positive contribution worth USD167.8 million with exports from the textile, apparel and footwear reaching USD44.5 million. The processed food sector had contributed up to USD30.7 million. Further trade exports also came from the Chemical industry amounting to USD18.3 million while exports of transport equipment is estimated to be at USD13.5 million.
In terms of products imported from Cambodia in the same January-June 2019 period, textile, apparel and footwear are at the highest amounting to USD33.1 million, followed by natural rubber contributing USD9.5 million.
Other imports from the Kingdom also include USD5.8 million of palm oil-related products while electrical and electronic products sees a contribution of USD2.5 million. Optical and scientific equipment had an export value of USD1.5 million.
The Kingdom has continued to be a vital investment landscape for Malaysia since 1994. Prominent Malaysian players such NagaCorp Ltd, Leader Energy, Muhibbah, Smart Axiata, Campubank and Maybank are some of the many leading corporations which have invested in Cambodia.
Malaysia’s banking sector has also established a presence in the Kingdom. Besides, Maybank, other financial institutions include CIMB, RHB and Public Bank.
Malaysia has also worked towards improving air connectivity with the Kingdom for mutual benefits in the sectors of trade and tourism.
Malaysia and Cambodia have always shared a healthy diplomatic relationship with one another.
The bilateral trade relationship has flourished over the years and with the presence of a committed Ambassador, Mr Eldeen Hasaaini, it is expected to soar to greater heights in the near future.