EXIM Thailand Joins Forces with The Cambodia Chamber of Commerce
EXIM Thailand Joins Forces with The Cambodia Chamber of Commerce to Drive Sustainable Development in Greater Mekong Subregion
Mr. Srettha Thavisin, Prime Minister and Minister of Finance, and Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, presided over the signing ceremony of a Memorandum of Understanding (MOU) between Mr. Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand) and Neak Oknha. Kith Meng, President of the Cambodia Chamber of Commerce (CCC) at the Government House on February 7, 2024. This MOU facilitates the exchange of information and consultancy between EXIM Thailand and the CCC relating to the economy, trade, investment, industrial development and other activities contributing to the development of the Greater Mekong Subregion through diverse channels and networks to ultimately promote Thai-Cambodian trade and investment and foster sustainable development in the subregion.
The Thailand-Cambodia trade volume accounted for over 8 billion US dollars, with Thailand standing as a significant trading partner of Cambodia, alongside China, the United States, and Vietnam. In 2022, Thai exports to Cambodia amounted to 6.4 billion US dollars, while imports from Cambodia totaled 1.6 billion US dollars. Cambodia emerged as a major investment destination for Thai entrepreneurs, especially SMEs, owing to favorable economic policies attracting foreign direct investment. Thai businesses operate in various sectors in Cambodia, including agriculture, manufacturing, construction, media, healthcare, and other service sectors. The economic stimulus policy “Living with COVID-19” launched by the Cambodian government at the end of 2021, has notably fueled Cambodia’s economic growth. This is evident from the GDP growth rate of over 5% in 2022, buoyed by the revival of export and tourism sectors. It is expected that GDP will sustain a growth rate exceeding 5% in 2023. EXIM Thailand will collaborate with the CCC to connect Thai and Cambodian business networks, fostering trade and investment prospects for Thai businesses.
EXIM Thailand, as a specialized financial institution under the supervision of the Ministry of Finance, aims to become a “Green Development Bank” to bolster the competitiveness of Thai exporters and investors on the global stage in the long run. This strategic objective includes promoting the development of new industries and driving sustainable development in Thailand and its strategic partners of the CLMV countries (Cambodia, Lao PDR, Myanmar, and Vietnam). EXIM Thailand has established representative offices in all CLMV countries, with the representative office in Phnom Penh officially operating from 2019. These representative offices collaborate closely with both the public and private sectors in Cambodia to strengthen economic relations.
“The cooperation between Thailand and Cambodia will significantly bolster trade and investment between the two countries. The goal is to increase the value of trade, investment, tourism, border area development, green economy, and digital economy. Through this partnership, we strive to cultivate sustainable development, extending from grassroots communities to the national and global scales,” said Mr Rak.
