Phnom Penh, Cambodia— The UAE and Cambodia have agreed to boost economic ties, expanding the bilateral non-oil trade from the current US$ 407 million to more than US$1 billion within five years.
The resolve to deepen trade ties was expressed during the visit of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, to Cambodia.
The visit comprised a series of engagements with senior Cambodian government officials in Phnom Penh, including a bilateral meeting with Prak Sokhonn, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation.
During the visit, they agreed that the Comprehensive Economic Partnership Agreement, which was signed during his visit, was the optimum means of achieving their respective economic ambitions. They also discussed ways to accelerate investment flows, with total FDI standing at US$4 million in 2022.
Al Zeyoudi also held several meetings with Pan Sorasak, Minister of Commerce, where they agreed to work to ensure the success of the UAE-Cambodia CEPA.
In talks with Say Samal, Minister of Environment, shared updates on preparations for COP28 in Dubai later this year, and explored capacity building and knowledge sharing opportunities stemming from Cambodia’s growing renewable energy sector.
Dr Thani also met Dr Thong Khon, Cambodia’s Minister of Tourism, to identify new pathways for investment in travel and tourism projects, which are still recovering from the impact of the global pandemic.
Dr Thani Al Zeyoudi then addressed the Cambodia-UAE Business Forum, highlighting the growing opportunities between private sectors on either side, and how the CEPA will deliver a range of benefits to the country’s exporters and manufacturers.
During the forum, explored new opportunities for joint collaboration with several leading business executives from Cambodia’s fast developing sectors such as apparel, agriculture, e-commerce and fintech.
He also used the occasion to invite Cambodia’s entrepreneurs and investors to take advantage of the UAE’s NextGenFDI program, which enables pioneering enterprises in high-growth sectors to seamlessly set-up and operate in the country.
The minister said: “The UAE Cambodia are two centers of global growth, with modern, adaptable economies that are ready to embrace the challenges of the future. We also enjoy many synergies: Cambodia, like the UAE, has a vibrant services sector and a clear vision to enhance its industrial capabilities. This visit has confirmed the breadth of opportunities that exist between our nations, and I look forward to continuing the conversations, and deepening the connections, that will enable us to maximize these opportunities in the coming months and years.”
Cambodia has one of the fastest growing economies in Southeast Asia, with an annual growth rate of 7.7 percent between 1998-2019. The UAE is its largest trading partner in the Middle East, accounting for 70 percent of its total trade with the region.