To increase bilateral commerce to round $1 billion (TL 18.78 billion), Cambodia has sought investments from Türkiye in agriculture, storage and processing services for exports to the European Union and different nations.
During a gathering within the Cambodian capital Phnom Penh on Wednesday, Cambodian Prime Minister Hun Sen and Türkiye’s Minister for Agriculture and Forestry, Vahid Kirişci mentioned bilateral relations and methods to spice up funding between the 2 nations.
Kirişci is main a Turkish delegation, which incorporates Turkish lawmaker Serap Yaşar, to attend a two-day Türkiye-Cambodia Joint Economic Commission (JEC) assembly in Phnom Penh.
Sen invited Turkish buyers to put money into processing items in Cambodia by making a community to buy produce from Cambodian farmers and construct storage services to spice up export to Türkiye and different nations.
“The Kingdom of Cambodia and the Republic of Türkiye will strengthen the already-signed cooperation agreements and expand their bilateral cooperation to many other potential sectors,” Cambodian state-run AKP News reported.
Yang Sophalleth, the Cambodian premier’s assistant, mentioned: “The potential areas for Cambodia-Türkiye cooperation include agriculture, agricultural processing for export, aquaculture, agricultural machinery, construction, IT, food processing and halal food, education, direct flight, and beyond.”
Kirişci was “positive that with the expansion of cooperation between the two countries, the bilateral trade volume will reach $1,000 million a year,” the report added.
Bilateral commerce
The present bilateral commerce between the 2 transcontinental nations rose to $462.63 million up to now 5 years till 2021. The commerce quantity within the first 11 months final 12 months reached $136.149 million, a rise of 63.6% yearly.
Sen mentioned the 2 sides ought to “consider the double taxation agreement to encourage more investors.”
It was final February that Foreign Minister Mevlüt Çavuşoğlu and his Cambodian counterpart Prak Sokhonn signed an “Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion.”
The two nations established diplomatic relations on Nov. 7, 1959.
After he met with Sen, Kirişçi mentioned on Twitter: “We will continue to work in the same spirit of brotherhood with Cambodia, a friendly and brotherly country, to increase and develop the cooperation between the two countries.”
‘Strategic gateway’ to EU
Cambodian companies see Türkiye “as a strategically-placed gateway for domestic firms to penetrate EU and other nearby markets,” in response to the every day Phnom Penh Post.
In the run-up to the two-day JEC assembly beginning Tuesday, Cambodia’s Ministry of Commerce, together with 14 related inter-ministerial establishments, had final week mentioned “how to best benefit from Cambodia-Türkiye bilateral relations, in line with the post-COVID-19 economic recoveries of both nations.”
The discussions coated a number of precedence areas, together with commerce, funding, business, trade, science, know-how and innovation, halal affairs, small- and medium-sized enterprises, agriculture, transportation, civil aviation, well being, training, and tourism, in response to the ministry.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, “hailed Türkiye as a promising market for Cambodian goods and a potential springboard to access other European and Asian markets.”
Calling Türkiye an “economic hub,” he mentioned: “The two countries have laid the foundation for the expansion of bilateral economic ties.”
Striking an optimistic word to construct on the settlement between Sen and President Recep Tayyip Erdoğan, Heng mentioned: “We can look further to boosting economic cooperation. Turkish investors have great potential to come and invest more in Cambodia. They have urged the Cambodian Chamber of Commerce to help further the trade ties.”
