Despite the Novel Coronavirus pandemic, cooperation between Cambodia and Russia has been smooth and both nations should look at increasing its potential, said Minister of Economy and Finance Aun Pornmoniroth. He especially mentioned the fields of economy, trade, investment, education, health and culture, which the government is ready to promote and expand more actively.
“Cambodia welcomes more investors to increase bilateral trade and boost economic growth”, he underlined.
The Union of Soviet Socialist Republics was a former foreign donor and main economic partner of Cambodia from 1979 into the 1980s. After its decline into the Russian Federation, it now lies far behind China, the EU, the US, South Korea, Japan and Asean nations in terms of foreign assistance, trade and investment.
According to the Ministry of Economy and Finance during his courtesy call on Pornmoniroth, the Russian ambassador emphasised his government will continue to assist Cambodia and its people, especially in the field of education and health, such as providing scholarships to Cambodian students to study in the Russian Federation, skills training and technical assistance.
The ambassador, Anatoly Borovik, said currently many Russian companies, both large and medium, are interested and looking for opportunities to invest and do business in Cambodia.
He believes in the future the volume of bilateral trade between Cambodia and Russia will continue to increase.
Cambodia and Russia have so far signed 51 agreements and memorandums of understanding to boost trade and investments in the financial sector, agriculture and elsewhere.
Last year, the two nations’ bilateral trade reached $55.39 million. There were 39,116 Russian tourists, while some Russian investors operate hotels, restaurants and a resort development in Preah Sihanouk province.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.