Cambodia Proposes Establishment of Hungarian Trade Office to Boost Trade Volume from 9.53% Increase Last Year

• Sommana Yan
• 1 June 2024
• Uncategorized
• 1511 Views

Cambodia has proposed the establishment of a Hungarian Chamber of Commerce in Cambodia to enhance trade and investment cooperation between the two countries. This initiative comes as the trade volume between Cambodia and Hungary for the first 11 months of 2023 surpassed US$7.7 million, reflecting a 9.53% increase compared to the same period in 2022.

The proposal was made during a meeting between Mr Oknha Kith Meng, President of the Cambodian Chamber of Commerce and Chairman of the ASEAN Business Advisory Council for Cambodia, and HE Tibor Balogh, Ambassador of Hungary to Cambodia, in Hanoi, Vietnam, on 30 May 2024.

Mr. Kith Meng encouraged Hungarian businesses to explore opportunities in agriculture, industry, manufacturing, information technology, environment, and water sectors. He emphasised the potential for collaboration in these key areas to foster economic growth and mutual benefits.

Ambassador Balogh confirmed Hungarian companies’ interest in the Cambodian market, particularly in the water and energy sectors. He stated that the Hungarian Embassy would continue to support joint business activities and events, including future visits to Hungary, to explore further cooperation in tourism and culture.

In the first 11 months of 2023, Cambodia exported a variety of commodities to Hungary, including grain, tobacco, electrical appliances, clothing, mechanical equipment, steel, and footwear. In return, Cambodia imported medicines, machinery, mechanical equipment, toys, dairy products, and other goods from Hungary.

This proposal and ongoing discussions highlight the commitment of both countries to strengthen economic ties and expand their trade partnership.

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