The Logistics Business Association (LOBA) and European Chamber of Commerce and Industry (EACHAM) have signed a memorandum of understanding (MoU) towards improving trade investment and logistics between Cambodia and China. The agreement was signed “virtually” with both parties using Zoom to facilitate the signing event.
Chandara Chea, president of LOBA, said: “Huge potential has been facilitated for both parties with the signing of this MoU. It will foster opportunities for both investors and future business development. The agreement acts to strengthen Cambodia’s relationship with China and I am excited to see what the future holds for all concerned.”
He added: “Working together, LOBA and EACHAM will help members discover the best fits for import and export related firms from both nations towards finding products and potential trading and business partners. We will stay current with the needs of Cambodian and Chinese interests in order to serve both diligently. We will, however, focus primarily on agricultural and construction-based products as well as those from the garment and shoe accessories sectors.”
Chea said: “There are many garment and shoe factories that have been set up in the Kingdom by China. They are doing very well and play an important part in boosting economic growth in Cambodia. I think that with so many firms doing well already, the signing of this MoU will encourage yet more money to flow into the country, helping the Kingdom to prosper even further.”
Chea concluded by saying, “The FTA agreement signed by the Chinese and Cambodian governments means that the tariff will be reduced to 0 percent [for most goods]. This will be particularly convenient for both us and future business investors. I believe both parties will see additional business growth and a LOBA provides logistics consultancy in Cambodia. The company offers services and training to import and export sector companies in the Kingdom.
EACHAM, is a nongovernmental organisation and global chamber that was first headquartered in Belgium. The company now has 10 offices worldwide in Belgium, Netherlands, the United States, Germany, France, Italy, Romania, India, Beijing and Guangzhou, China.
Throughout its 16 year history, EACHAM has remained committed to the enhancing of multilateral civil diplomacy between China and the rest of the world, making contributions in the areas of culture, politics, economics, science and technology.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.