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Cambodia-Oman Agree to Further Boost Bilateral Trade and Investment Cooperation

PHNOM PENH: On Tuesday, 2 March, at the Office of the Ministry of Commerce, the Secretary of State of the Ministry of Commerce, Tek Reth, representing the Minister of Commerce, Pan Sosak, received the newly appointed Ambassador of Oman to the Cambodia, Saleh Mohamed Ahmed Al Suqri, to discuss strengthening bilateral cooperation in the fields of economy, trade and investment between Cambodia and Oman, in order to continue enhancing all-round partnership and increase the volume of bilateral trade and investment in the future.

The Secretary of State congratulated the Ambassador on his appointment and thanked him for taking the time to pay a courtesy call to the Ministry to discuss further work. At the same time, she expressed optimism that through meaningful diplomatic missions, with efforts made on both sides, Cambodia and Oman will be able to strengthen bilateral relations as well as expand cooperation to a higher level.

She informed the Ambassador about Cambodian business and investment opportunities, legal standards and policies that support business people and investors from all walks of life. The Secretary of State also informed him about the "Strategic Framework and Program for the Rehabilitation and Promotion of Cambodia's Economic Growth in Living with Covid-19 in the New Normal Path for 2021-2023", which has three pillars: reform, capacity building, and the high achievement of the vaccination campaign, which has led to the re-opening of socioeconomic activities in all sectors across the country.

In this regard, she encouraged Omani investors to seize Cambodia's economic opportunities by establishing production, joining regional supply chains and investing in potential Cambodian products, including rice, rubber, bananas, electronics, travel goods, textiles, etc.

In response, the Omani Ambassador thanked the Secretary of State for the warm welcome and detailed breakdown of the investment and business environment in Cambodia. He also praised Cambodia for its maintenance of peace and well-being against the Covid-19 pandemic. He further highlighted the high commitment of Oman to enhance bilateral relations and deepen cooperation with Cambodia, especially in the areas of trade, tourism, international ports and chambers of commerce.

In addition, the Ambassador requested to promote the exchange of visits of leaders and business people through the participation of various exhibitions of both parties, and also requested to examine the possibility of creating memoranda of agreements in each priority area of both countries.

Cambodia-Oman bilateral trade reached about $US 5.5 million in 2020-2021, while the main goods are textiles, fertilizers and minerals. Although bilateral trade volume remains limited, the two countries have significant economic and trade potentials that can complement each other and provide opportunities for better bilateral investment in the future.

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