Sun, 01 Oct 2023

PHNOM PENH, June 25 (Xinhua) -- Cambodia and east China's Jiangsu Province have launched the "Silk Road E-commerce", aiming to further boost bilateral trade and investment relations.

In a congratulatory letter on the occasion of the "Silk Road E-commerce" on Friday, Cambodian Deputy Prime Minister Hor Namhong said Cambodia and China signed a memorandum of understanding on e-commerce cooperation in November 2017, in a bid to help promote business cooperation under the Belt and Road Initiative.

"The Silk Road E-commerce has been marked as a newly cooperative opportunity for Cambodian small and medium sized enterprises to export Cambodian high quality agricultural products to Chinese market," he said.

Namhong said the Cambodian government, especially the ministry of commerce, has considered e-commerce as a new driving force for trade development and economic growth.

"With this event, Cambodia and China will continue deepening trade and investment ties and collaborating more strategically to overcome challenges faced during the COVID-19 pandemic and to boost economic recovery," he said.

Meanwhile, he also highlighted the importance of the Cambodia-China Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP) trade pact, which both took effect on Jan. 1, 2022, saying that they are serving as trade and investment frameworks for Cambodia and China.

Jiangsu Vice Governor Fei Gaoyun and Chinese Ambassador to Cambodia Wang Wentian were among those attending the event via video link.

The "Silk Road E-commerce" is run on the system, and Jiangsu Taihu (Cambodia) International Economic Cooperation Zone Investment Co., Ltd., which is the operator of the Sihanoukville Special Economic Zone (SSEZ), is authorized to administer the platform.

The SSEZ is the largest industrial park in Cambodia. According to its latest statistics, the SSEZ recorded a surge of 44 percent year-on-year in the value of imports and exports, reaching 1.15 billion U.S. dollars in the first five months of 2022.

China is the largest trading partner of Cambodia, according to a Cambodian General Department of Customs and Excise report.

More Cambodia News

Access More

Sign up for The Cambodia News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!