Malaysia Optimistic Of Boosting Trade With Cambodia

PHNOM PENH, Aug 9 (Bernama) -- Malaysia is optimistic of boosting trade with Cambodia as both countries foster better ties amid global volatility, International Trade and Industry Minister Mustapa Mohamed said. Mustapa said even though it is difficult to ascertain the trade growth, he is bullish on Cambodia's Gross Domestic Product (GDP) of 7.7 per cent in 2015, as well as its competitive edge as an ASEAN member state. "Trade within ASEAN is growing modestly and we have decided that in fostering this bilateral ties further, we have identified 10 sectors to focus on. "We will come up with a pragmatic and realistic roadmap for the sectors," he told reporters after holding a bilateral meeting with Cambodian Minister of Commerce Pan Sorasak here Tuesday. The meeting was a follow-up to Cambodian Prime Minister Hun Sen's meeting with Prime Minister Najib Razak in Kuala Lumpur in June this year. Mustapa named the sectors as halal, tourism, education, rubber, livestock, broadcasting and information. He said a committee would be set up by both parties to look into establishing the roadmap, which would be reviewed after six months. Last year, Malaysia's bilateral trade with Cambodia reached US$385.68 million, a 9.4 per cent decrease from US$425.90 million in 2014. "Although the bilateral trade last year was lower, there is a huge potential for Malaysian companies to venture into as Cambodia practises an open and liberal investment environment. "I do not see significant challenges for Malaysian companies to come into Cambodia. Furthermore, Malaysian businessmen are doing great and has helped create about 70,000 jobs for Cambodians," he said. Malaysia's total investment from Aug 1, 1994 until March 31, 2016 was valued at US$1.88 billion (in terms of registered capital) and US$3.37 billion (in fixed assets) for 127 projects. Malaysia is ranked as Cambodia's fifth biggest investor. --BERNAMA