Prime Minister Hun Sen has revealed that the government will sign another commerce agreement with the Commerce Ministry of the United Arab Emirates (UAE) to further support Cambodia’s economic growth.
At a meeting with 20,00 workers in Kampong Chhnang province, the Prime Minister said it is a milestone that Cambodia has signed commerce agreement with the UAE in the form of a new partnership to enhance Cambodia's economy.
Hun Sen added that while the UAE has a small population, it is a big distribution centre that has the capacity to create factories in Cambodia to produce a variety of products, including cashews, providing both nations with import and export opportunities. He said this will provide additional support for Cambodia’s employees to boost income.
The premier noted that Cambodia has forged good relations with other countries through free commerce agreements. These have made Cambodia’s markets more open to export products, including natural products, rice, and fruits, as well as import income to increase economic development.
Economic Researcher, Hong Vannak, said that Cambodia enjoys good diplomatic relations and cooperation with the United Arabs Emirates and Qatar. However, there is not yet complete solidarity in the region as there are other states to consider.
“Until now, Cambodia has never had any problems with that state. Now we have another achievement signing an agreement for the commercial market, which enhances Cambodia to be strong and grow in its economic development, as well as exchanging productive activities for both sides,” Vannak added.
At the same time, the UAE can share the products they export from Cambodia with other countries to raise awareness of Cambodian products as quality that adhere to international standards. He said these products can bring Cambodia to the international stage reaching Arab regions that are known as high-income states.
He mentioned that the agreement also presents an opportunity for Cambodia to learn and know itself more clearly which products it can produce more of to export to the outside world.
He noted, “We also have Muslim people living in our country and had previous good cooperation with Arab states to import many materials to support these people. So, we must export back to exchange some commercial products that fit what people need to use in daily life.”
Vannak said normally when visitors from the UAE come to Cambodia it is for business and commerce. However, there is potential to boost the tourism sector.
“Therefore, Cambodia has a double role to promote and get in touch with them to fulfil the development as much as possible. But they should know that Cambodia doesn't think only of advantage, it’s another opening for the UAE to make income by acting as a circle of economic productivity in Cambodia,” he remarked.