Indonesia-Cambodia Committed to Further Strengthen Trade Cooperation

Thepresidentpost.id - Phnom Penh, Cambodia – Minister of Commerce, H.E. Mrs. Cham Nimul, met with Indonesian Ambassador, H.E. Dr. Santo Darmosumarto, yesterday (22/11), and had a productive discussion on ways to further strengthen the trade cooperation between the two countries.

To intensify interactions and boost coordination among relevant agencies, Minister Cham proposed the establishment of a joint working committee on trade. This would then be complimented by developing a dialogue mechanism between the Ministry and the Indonesian business community in Cambodia, aimed at narrowing down and suggesting solutions to business challenges, de-bottlenecking impediments to trade, and simplifying business processes.

For his part, Ambassador Darmosumarto expressed that “while Indonesia may have jumped to become Cambodia's No. 6 trading partner this year, there remains much room for expanding trade and investment relations". The Ambassador highlighted that 2024 will be the 65th anniversary of Indonesia-Cambodia diplomatic relations and hoped that the two sides could organize events promoting trade, investment, and tourism cooperation throughout the year.

Ambassador Darmosumarto conveyed concerns faced by Indonesian businesses in Cambodia, but at the same recognized that such concerns could be addressed through greater consultation, coordination, and cooperation among all relevant stakeholders. The common goal should be to enhance the ease of doing business in Cambodia, particularly for the Indonesian private sector.

In January-October 2022, Indonesia was Cambodia's No.12 trading partner, with a bilateral trade volume of USD 948.533 million. However recent statistics indicate that Indonesia has jumped to become Cambodia's 6th trading partner with a total trade value of (as of October 2023) USD 862.215 million which equivalent to 11.7% increase year-on-year. It is projected that bilateral trade will for the first time exceed the USD 1 billion mark.