French investors are eying investment opportunity in key infrastructure in Cambodia, especially the development of civil construction and transport sector, including high-speed rail line and autonomous ports.
The aim was unveiled by H.E. Olivier Becht, Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad, Attached to the Minister for Europe and Foreign Affairs of the French Republic, while meeting with H.E. Pan Sorasak, Minister of Commerce, to discuss progress and opportunities for bilateral trade cooperation between both countries, at the Embassy of France in Phnom Penh yesterday.
The meeting was also attended by H.E. Jacques Pellet, Ambassador of France to Cambodia.
Both sides expressed their willingness and discussed the possibility of establishing Memorandums of Understanding between Cambodia and France in both private sector and public institutions to expand the scope of bilateral trade cooperation and relation, mainly investment potential in infrastructure sector.
H.E. Pan Sorasak requested the French side to consider attracting more French investors to Cambodia, and boosting the bilateral trade volume by taking advantage of Cambodia’s free trade agreements with its partners, particularly the Regional Comprehensive Economic Partnership (RCEP) Agreement, Cambodia-China Free Trade Agreement (FTA) and Cambodia-Republic of Korea FTA.
In response, H.E. Olivier Becht praised Cambodia’s remarkable economic growth and pledged to attract more French investors and tourists to Cambodia, and hoped that the two sides would continue their dialogue as good development partners and dialogue partners at both bilateral and regional levels, especially their active participation in strengthening the ties between ASEAN and Europe.
The French Republic is a major trade partner of Cambodia in the European Union. In 2022, the two-way trade reached about US$500 million, an increase of 16.31 percent compared to US$430 million in 2021.
Potential exports from Cambodia to France include milled rice, agricultural products, garments, and footwear whereas potential imports from France are medicines, boards and beverages.
Source: Agency Kampuchea Press