PHNOM PENH: Cambodia and the Philippines have reaffirmed their commitment to boost bilateral trade and increase the volume of investment, to further enhance economic relations between the two Asean countries.

A memorandum of understanding (MoU) was virtually penned on December 2 by Cambodia Chamber of Commerce (CCC) president Kith Meng and his counterpart at the Philippine Chamber of Commerce and Industry, Benedicto V Yujuico, to shore up trade, business and investment cooperation.

The virtual MoU signing was held during the 3rd Meeting of the Cambodia-Philippines Joint Commission for Bilateral Cooperation (JCBC) and have witnessed by the Deputy Prime Minister, Minister of Foreign Affairs and International Cooperation,Prak Sokhonn, and the Secretary of Foreign Affairs of the Republic of the Philippines,Teodoro L. Locsin Jr.,

The CCC has said in a statement that the MoU “aims to contribute to the promotion and strengthening of economic and business cooperation between Cambodia and the Republic of the Philippines. The deal will focus on “areas such as information technology and innovation, agriculture, manufacturing, business, franchising, tourism, services and small- and medium-sized enterprise development.”

The CCC’s president also said that he was “strongly convinced” that the MoU would form a new basis of cooperation that would strengthen Cambodia-Philippine business and economic partnerships and opportunities for expansion.

The two commerce chambers will regularly exchange information, organise trade and investment missions and exhibitions, hold seminar and conferences, and arrange business matching sessions, he said.

The MoU also agrees to set up the Philippine-Cambodia Business Council in the Philippines, and the Cambodia-Philippines Business Council in the Kingdom, to discuss future investment plans.