PHNOM PENH: The Ministry of Commerce has launched the Cambodia Trade E-Commerce Marketplace for the sale of Cambodian products in both domestic and international markets, as Cambodia's e-commerce sector has grown significantly over the past decade. On the afternoon of Thursday, 31 March 2022, the Ministry of Commerce inaugurated the Cambodia Trade Electronic Market under the Chairmanship of The Minister of Commerce, Pan Sosak, at the Hyatt Regency Hotel in Phnom Penh.
The Cambodia Trade Market is a key component of the e-Commerce Development Project (Go4eCAM), which is funded by the Enhanced Integrated Framework (EIF) and the Royal Government of Cambodia for three years by the Ministry of Commerce until June 2023. The Go4eCAM project is one of the major e-commerce initiatives adopted in January 2020 aimed at increasing economic opportunities and digital economy participation for Cambodia's small and medium enterprises (SMEs
The Executive Director of the EIF Program, Dr. Ratnakar Adhikari, gave a special speech highlighting the good cooperation between the Ministry of Commerce and the EIF, which has brought good results in the past. He added that Cambodia is a good example of a country implementing a trade project from the EIF program with the active participation of domestic partners based on the principle of ownership.
He further stated that under the wise leadership of Minister Pan Sosak, Cambodia's trade sector is developing rapidly to ensure that the Kingdom remains competitive in the context of world trade. Cambodia Trade Market is the first support of the EIF Program to set up and establish an e-commerce marketplace for export promotion of Cambodian SMEs to international markets.
Minister of Commerce, Pan Sosak, also made a keynote speech at the event, and said that the Cambodia Trade Market will play an important role in promoting economic diversification and exporting Cambodian products in both domestic and international markets, with the long-term vision of the Royal Government of Cambodia based on the Industrial Revolution 4.0. The development of digital technology is also a response to Cambodia's industrial development policy to diversify the economy by enhancing the capacity of local SMEs to connect to regional and global value chains. The context of the Industrial Revolution 4.0 and digital technology is key to boosting the competitiveness of enterprises, businesses and business processes, which contributes to improving productivity, increasing exports, creating jobs and boosting the national economy.
In addition, Cambodian SMEs can take advantage of this and export within the existing national framework, which includes the ASEAN Free Trade Agreement (FTA), the Cambodia-China FTA, the Cambodia-Korea FTA, every Regional Comprehensive Economic Partnership (RCEP) and multilateral agreements in force.
The Minister also announced the official inauguration of the Cambodia Trade Market, extending his congratulations to all involved in this event. He thanked the joint efforts of the Ministry of Commerce, technical working group and strengthening programs and the EIF in establishing the Cambodia Trade Market, and for encouraging more orders from the Cambodia Trade Market.
