Cambodia, Hungary tightening cooperation to boost trade ties

Cambodia and Hungary are preparing to set up a joint committee to promote greater economic and trade ties following the official visit of Prak Sokhonn, the Deputy Prime Minister, to Hungary last week.

The two foreign ministers underscored the need to increase bilateral trade volume in line with existing potential and agreed to introduce a number of measures towards the establishment of the joint economic committee to promote the economic and trade partnership.

Minister of Foreign Affairs and Trade Péter Szijjártó said at the press conference that Eximbank is opening a 64-million-dollar credit line to facilitate business cooperation, and 38 companies will be attending the upcoming Hungarian-Cambodian business forum. Furthermore, they are also cooperating within the field of diplomatic training, which include providing scholarship places for 15 Cambodian students.

Cambodia is also being assisted with Hungarian water management experience and professional expertise to ensure that more people have access to clean drinking water and wastewater disposal services.

Lim Heng, vice president of Cambodia Chamber of Commerce mentioned the formation of the committee could potentially boost bilateral trade and spur economic activity.

Hungary has also previously announced plans to raise its investments in the Kingdom to over $5 million in 2019, from $1 million in 2018.