Phnom Penh, Cambodia – Cambodia and Canada have initiated discussions aimed at exploring avenues to significantly expand cooperation in investment and strengthen diplomatic ties. A particular focus of these discussions is the substantial increase of bilateral trade between the two nations.
His Excellency Sun Chanthol, Deputy Prime Minister and First Vice-President of the Cambodian Development Council (CDC), is currently leading a Cambodian delegation on a mission to attract and promote investment in Canada. During this crucial mission, Deputy Prime Minister Sun Chanthol held a productive meeting with Mr. Yasir Naqvi, Member of Parliament for Ottawa Centre in Ottawa, Ontario. Mr. Naqvi serves as the Parliamentary Secretary to the Minister of International Trade and also as the Parliamentary Secretary to the Minister of International Development. The meeting took place on October 29th.
During their discussion, Deputy Prime Minister Sun Chanthol presented Canada’s Parliamentary Secretary for International Trade with insights into Cambodia’s Pentagonal Strategy – Phase 1. This strategy is designed to enhance the business environment and incentivize investment, notably through the implementation of a new investment law. He underscored the considerable profit potential awaiting investors in Cambodia, highlighting the favorable conditions.
Furthermore, the Deputy Prime Minister articulated the Cambodian Royal Government’s strong willingness to support negotiations for the ASEAN-Canada Free Trade Agreement (ACAFTA). He emphasized that such an agreement would serve as a vital catalyst for economic growth among all participating countries. In a direct appeal to potential investors, he stated, “I invite Canadian investors to explore the immense potential and investment climate in Cambodia, and to consider opportunities, especially in the technology sector, green industries, and infrastructure development.”
In response, Mr. Yasir Naqvi acknowledged the growing strength of trade relations between Canada and Cambodia, as well as with other ASEAN nations. He specifically noted this growth within the framework of Canada’s Indo-Pacific Strategy. Representing Canada, Mr. Naqvi committed to examining possibilities for continued collaboration on investment matters and further fostering robust people-to-people connections between the two countries.
Collectively, Cambodia and Canada have expressed their commitment to collaborative efforts aimed at expanding the scope of trade, investment, and mutual benefits. This joint endeavor is envisioned to be sustainable and built on trust, paving the way for increasingly vigorous bilateral cooperation moving forward.
It is important to note that Canada currently ranks as Cambodia’s sixth-largest trading partner, following China, the United States, Vietnam, Thailand, and Japan. Preliminary trade statistics from the General Department of Customs and Excise of Cambodia indicate that the bilateral trade volume between Cambodia and Canada reached an impressive $1.02 billion from January to September of the current reporting year, 2024. This figure represents a significant increase of 14.4 percent compared to the same period in the previous year. Cambodian exports to Canada accounted for $972.92 million, marking a 14.6 percent rise, while imports from Canada stood at $52.51 million, an increase of 11 percent.
Key Cambodian exports to Canada predominantly include garments, travel goods, footwear, bicycles, and electronic and electrical components. Conversely, Canada’s main exports to Cambodia feature electronic goods and automobiles, among others.
