via Khmer NZ
Friday, 09 July 2010 11:58 DAP-NEWS / Tep Piset
CAMBODIA, PHNOM PENH, JULY 9, 2010-Philippines on Friday conducted the forum on the first Philippines Trade and Investment mission in Cambodia to speed up trade and investment for two countries in ASEAN.
“The bilateral trade between the countries is worth about 18 million US dollars that is shame for us. So we need to expand further,” Cambodia’s commerce minister Cham Prasidh said in his opening remark at the ceremony.
“I am confident that Cambodia –Philippines business and commercial engagement can be a win-win situation for both countries. Philippines investors and business should take opportunity to explore business opportunities in Cambodia,” he added. Cham urged Filipino investors and businesspeople to invest rice processing like creating rice mills to export milled rice to Philippines. here you can run your ownership with 100 per cent share and that is great chance for investors,"cham added.
Noe A. Wong, ambassador of Philippines to Cambodia said in ceremony that bilateral volume is narrow. But today we have to develop further for benefits of our relationship. Some companies are joining this event to display their products.
Cambodia and Philippines signed MOU between the Cambodia Chamber of Commerce and the Philippines –Cambodia Business Council of Philippines Chamber of Commerce and Industry.
Cham said that The diplomatic relation between Cambodia and Philippines were established way back in 1957, and the bilateral relations have strengthened over the years through high level visits between leaders of the two countries.
Cham added the trade volume between Cambodia and Philippines in 2008 valued at over 8 million US dollars which Philippines at the valued over 1.4 million US dollars for the period from January to November 2009, total trade volume Cambodia-Philippines were 18 million US dollars while Cambodia exported to Philippines at valued over 9 million US dollars and Cambodia imported Philippines were over 9 million US dollars.
“The Cambodian government is encouraging investments activities including agriculture, and agro-industry, transport, and telecommunication infrastructure, energy and electricity, sectors, ad labor intensive industries and export oriented processing and manufacturing, and tourism related industries, human resources development, and processing industry , oil and gas and mining,” Cham added.
He continued that the Cambodia private sector contributed 90 per cent of employment in Cambodia. The agriculture sector has the largest share, comprising 70 per cent of total employment, followed services sector with 15 per cent and industrial sector 8 per cent. Agricultural sector accounted for 35 per cent of GDP while the services sector and the industrial sector accounted for 35 per cent and 20 per cent, respectively.
He added Cambodia is also one of the beneficiaries of the generalized system of preference (GSP) schemes operated by developed countries. Import tariffs on many products from Cambodia are exempted or reduce if requirements such rules of origin are fulfilled.
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