Cambodia, U.S. Exchange Update to Boost Investment Cooperation

H.E. Buon Sarakmony, Commerce Secretary of State received here this week a delegation of the United States Trade Representative (USTR) led by Ms. Wallis Yu, Director for Southeast Asia and the Pacific to exchange investment update to foster bilateral cooperation.

According to the secretary of state, despite the COVID-19 pandemic, Cambodia-U.S. trade volume reached US$6.2 billion in the first six months of 2022, an increase of about 62 percent year on year.

The Royal Government of Cambodia, he underlined, has been working hard to promote the country’s investment environment conducive for foreign investors, including the U.S.

To name a few, financial technology (Fintech) and cross-border payment using QR code have been enhanced to facilitate better business operation in Cambodia, he added.

Appreciating Cambodia’s progress mentioned, Ms. Wallis Yu thanked the Government of Cambodia especially the Ministry of Commerce for its adoption of U.S. vehicle standard, making Cambodia an important market for U.S. vehicles.

She requested the Ministry of Commerce to continue to share with the USTR new updates to attract long-term investment in Cambodia by the U.S. major companies such as Amazon and Meta (Facebook).

The U.S. Government, she continued, is evaluating and making decision on beneficiary countries, including Cambodia, to be granted its Generalised System of Preference (GSP).


Source: Agency Kampuchea Press