Cambodia, Hungary close to finalise draft to enhance economic ties

The second round of the Cambodia-Hungary Joint Committee on Economic Cooperation was held on January 9 in Budapest, Hungary led by Cambodian Secretary of State of the Ministry of Commerce Tekreth Kamrang and her counterpart Tristan AZBEJ, according to a press release issued on Wednesday.

The two parties lauded the process of cooperation so far seeing bilateral trade and economic cooperation steadily progress, read the statement.

“For economic and trade sectors, the two parties are committed to boosting bilateral trade to reach a potential level and encouraging businessmen and investors to seek business opportunities in the major sectors,” read the statement, citing that major sectors include agricultural production and technology, manufacturing, environment, health, and ICT.

The two parties also shared views on Cambodia’s upgrading from the LDC country status in years to come.

They agreed to hold the third round of talks on the joint committee on economic cooperation shortly in a proper time.
The bilateral trade between the two countries amounted to $7.7 million in the first eleven months of 2023, a year-on-year increase of 9.53 percent.

Cambodia exported to Hungary included garments, footwear, milled rice, grains, vegetables, tobacco, and pharmaceutical products, according to the ministry’s report.

On the other hand, potential imported goods from Hungary to Cambodia cover everyday metal objects, organic chemicals, dairy products, artificial thread, processed products from meat, fish, grain, and more.

Cambodia and Hungary organized a joint commission on economic cooperation for the first time in early 2021, committing to deepening bilateral ties, especially in economic and trade cooperation.

Source:Khmer Times