27/11/2023 (Japan/ Cambodia) - An influential figure in the banking sector highlighted the significance of a recent gathering between Cambodian and Japanese business representatives, given its role in drawing increased Japanese investments to the country. This observation was made in light of bilateral trade exceeding USD 1.5 billion in the first ten months of 2023.
During a meeting at the bank's head office on November 20, ACLEDA Bank president and group managing director In Channy emphasized that the interaction between Cambodian business partners and Japanese financiers had presented an opportunity for both to explore mutually beneficial investment opportunities. He underscored the advantages of Cambodia's investment laws and geographical location. With 30 Cambodian and 28 Japanese companies in attendance, Channy stressed that the meeting aimed to benefit Cambodia as a whole, beyond the interests of the bank.
"The wise decision by Japanese investors to invest in Cambodia, a country characterized by complete and profound peace, is well-founded. Cambodia offers favorable investment conditions that meet the needs of financiers," he stated.
The meeting, conducted in collaboration with the Japan-Cambodia Association, marked their third joint business matching forum.
Cambodian Chamber of Commerce (CCC) vice-president Lim Heng expressed optimism about a trade volume recovery despite a decline in trade between the two countries. He attributed this positivity to Japan's membership in the Regional Comprehensive Economic Partnership Agreement (RCEP). Heng noted Cambodia's expanding capacity to grow, process, and produce, resulting in a nearly 20 percent decrease in imports from Japan. Cambodia's primary exports to Japan included garments, footwear, components, and agricultural products, while imports from Japan encompassed machinery, automobiles, electronics, and agricultural machinery.
Trade between the two countries in the first ten months of 2023 totaled USD 1.5 billion, representing an 8.5 percent decrease from the previous year. Cambodia's exports to Japan amounted to USD 974.94 million, a 1.4 percent decline, while Japan's imports to Cambodia were USD 529.03 million, reflecting a 19.3 percent decrease, according to the Cambodian General Department of Customs and Excise.