Japan External Trade Organization in Phnom Penh (JETRO) recently signed an agreement with Young Entrepreneurs Association of Cambodia (YEAC) to strengthen cooperation, support the private sector in trade and promote business relationships between the two countries, according to JETRO’s official Facebook Page.
Marisa Haruta, JETRO’s chief representative in Cambodia and YEAC president Seang Sopagna signed the Memorandum of Understanding (MoU) at a CEO Gathering event attended by about 200 businesspeople and officials.
“To explore opportunities for business and investment is one of the six priority strategic goals of the YEAC. The association has been building active relationships with its partners to promote regional and global trade connections and investment opportunities for its members,” Sopagna said.
The agreement would allow both organisations to work together to facilitate the creation of a good business environment and encourage Japanese private companies to invest more in Cambodia. Both parties would also organise business and investment events such as business matching, workshops, trade exhibitions and business missions.
Earlier this year, JETRO had signed a Memorandum of Understanding with the Cambodia Chamber of Commerce (CCC) for strengthening and deepening cooperation between the two and between the Asean Business Advisory Council and JETRO.
Bilateral trade between Cambodia and Japan rose 2.1 percent to $181 million in January this year, compared to the same month in the previous year.
Last year, the two-way trade volume reached $2,332 million, according to JETRO. Cambodia exported $1,752 million worth of goods to Japan last year, a year-on-year increase of 8.4 percent.
The Kingdom imported $39 million worth of goods from Japan, a 3.5 percent year-on-year increase. JETRO listed garments and electrical and electronic components as key Cambodian exports to Japan and machinery, electronics and high-tech products as the main imports.
Commerce Minister Pan Sorasak recently said Japan had made significant contributions to Cambodia’s economic development by strengthening the country’s infrastructure, human resource development programs and the economic relations between the two.
He said that Japanese investors have also brought technology, knowledge, and skills through Foreign Direct Investment and Official Development Assistance.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
