Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, welcomed Rt Hon. Anne-Marie Trevelyan, the United Kingdom&#...
Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, welcomed Rt Hon. Anne-Marie Trevelyan, the United Kingdom's Minister for the Indo-Pacific, for discussions on enhancing bilateral cooperation between Cambodia and the UK. The focus of their meeting was on investment and trade, particularly concerning the UK-backed Green Special Economic Zone (SEZ) project in Cambodia.
In a press release following the meeting, Pornmoniroth expressed gratitude for the historical cooperation between the two nations. He highlighted the UK's pivotal role in supporting Cambodia's exports and lauded the initiative of the Green SEZ project, emphasizing its positive impact on Cambodia's socio-economic development.
Rt Hon. Anne-Marie Trevelyan reciprocated by acknowledging the significant progress achieved through Cambodia-UK cooperation. She reiterated the UK's commitment to bolstering and expanding existing partnerships while actively encouraging investment in Cambodia. Specifically, she emphasized the importance of the Green SEZ project and the UK's dedication to attracting new British investors to Cambodia's growing economy.
During the meeting, both parties engaged in discussions regarding Cambodia's economic landscape. Pornmoniroth provided insights into the country's macroeconomic stability and the implementation of the Pentagonal Strategy. Additionally, he outlined strategies and reforms aimed at positioning Cambodia as a high-income country by 2050, aligning with the Royal Government's mandate for the new term.
One of the key points of discussion was the necessity for reforms to enhance Cambodia's attractiveness to foreign investors. Topics ranged from streamlining business registration processes to improving financial support mechanisms and debt management strategies.
According to a report from the General Department of Customs and Excise, bilateral trade between Cambodia and the UK reached $872 million in 2023. Despite a slight decrease of 10.7% compared to the previous year, trade volumes remain significant. Cambodia's exports to the UK totaled $796 million, while imports from the UK amounted to $76 million, reflecting a decline in both sectors.
The meeting between Dr. Aun Pornmoniroth and Rt Hon. Anne-Marie Trevelyan signifies a continued commitment to strengthening the partnership between Cambodia and the United Kingdom. Discussions centered on fostering economic growth through strategic investments and trade initiatives, with a particular focus on the development of the Green SEZ project. Both sides expressed optimism about the future of bilateral cooperation and reaffirmed their dedication to mutual prosperity.
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