Cambodia & Turkey Agree to Boost Bilateral Trade to US$1bn

• 4 June 2024
• Local News
• 1477 Views

Cambodia and Turkey have committed to enhancing their bilateral trade to US$1 billion in the near future. This agreement was announced in a press release by the Ministry of Foreign Affairs and International Cooperation on 30 May 2024.

During a two-day visit to Turkey, Cambodian Foreign Minister Sok Chenda Sophea aimed to broaden cooperation across various sectors and implement agreements made by the countries’ leaders in 2018. A key focus of these discussions was the ambitious goal to elevate bilateral trade to US$1 billion.

To facilitate trade and investment, the two nations agreed to establish direct flights between Cambodia and Turkey. The Turkish side expressed intentions to encourage Turkish airlines to commence direct flights to Cambodia as soon as possible, which would also promote tourism between the two countries.

In addition to the official talks, Minister Sok Chenda Sophea held separate meetings with three Turkish companies, exploring opportunities for expanding their business operations into Cambodia.

It is noteworthy that Cambodia and Turkey have previously signed an agreement on the avoidance of double taxation (DTA), a mechanism designed to facilitate foreign investment and offer tax relief. (Read more)

• Business and Market
• Economy and Finance
• Cooperation and networking