Germany & Cambodia Forge Stronger Economic Ties: German Chamber of Commerce Eyes Trade Office

• 21 October 2023
• Local News
• 3597 Views

In a move to bolster their economic partnership, the German Chamber of Commerce is considering the establishment of a trade office in Cambodia. This decision coincides with the remarkable growth in trade volume between the two nations, which is set to reach an impressive US$1,246.90 million in 2022.

The intention to strengthen these bilateral economic ties was a focal point in a meeting between Lok Chumteav Tek Reth, Secretary of State of the Ministry of Commerce in Cambodia, and Dr Jan Cernicky, Director of the Department of Economy and Innovation of the Konrad Adenauer Stiftung (KAS) in Germany, on 16 October 2023.

The discussions encompassed multiple crucial topics. Foremost, Cambodia’s progression towards leaving its least developed country status, the strategic blueprint for logistics development within the nation, and the advancement of green and digital economies in Cambodia.

Dr Jan Cernicky expressed keen interest in the prospect of the German Chamber of Commerce establishing a trade office in Cambodia. The aim is to delve deeper into business and investment opportunities within Cambodia’s vibrant and dynamic market.

Secretary of State Tek Reth warmly welcomed this initiative, underlining the Ministry of Commerce’s commitment to fostering closer collaboration with trade partners worldwide, with a particular emphasis on Germany. This move is expected to encourage the German business community to explore the expanding business and investment landscapes in Cambodia.

In 2022, Cambodia’s trade volume with Germany surged to a remarkable US$1,246.90 million, marking an impressive 19.25% growth compared to the previous year. Cambodia primarily exports products such as clothing, motorcycles, footwear, grains, coffee, headwear, umbrellas, and electrical appliances to Germany.

In return, Cambodia imports various goods from Germany, including machinery components, powdered products, pharmaceuticals, food waste, processed animal feed, and other commodities.

The collaborative aspirations of Cambodia and Germany within the realm of commerce not only hold potential for economic expansion but also underscore the fostering of strong and enduring diplomatic relations between the two nations.

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