Cambodia and Hong Kong are deepening their economic ties, with trade volume between the two regions soaring by over 50% in the first seven months of 2024. This development highlights the growing importance of bilateral trade between Cambodia and the Hong Kong Special Administrative Region (HKSAR).
On August 21, Lim Lork Piseth, Secretary of State at Cambodia’s Ministry of Commerce, met with Algernon Yau, Secretary for Commerce and Economic Development of Hong Kong, to discuss further strengthening of the trade relationship. The discussions focused on enhancing bilateral trade, attracting more investors and tourists from Hong Kong, and expanding opportunities for showcasing Cambodian products at prominent exhibitions and events in the HKSAR.
Yau expressed his commitment to fostering cooperation in economic and trade matters, as well as supporting the development of education for the youth in Cambodia. Lork Piseth commended the ongoing collaboration, expressing optimism that the partnership would lead to greater economic growth and mutual benefits for both regions.
According to the General Department of Customs and Excise (GDCE), from January to July 2024, trade volume between Cambodia and Hong Kong exceeded $346 million, marking a 51% increase compared to the same period in 2023. Cambodian exports to Hong Kong totaled over $114 million, a 25.3% rise, while imports from Hong Kong surged by 67.9%, reaching over $231 million.
In a related development, Lork Piseth also met with Lei Kit Heng, Director-General of the Macau Union Suppliers Association (MUSA) in Hong Kong, to explore opportunities for bringing Cambodian agricultural products to major shopping malls and supermarkets in Macau. The two parties discussed the potential signing of a memorandum of understanding (MoU) to facilitate the introduction of Cambodian products into the Macau market.
MUSA represents more than 250 major companies across various sectors, including malls, supermarkets, restaurants, hotels, and resorts in Macau. This collaboration is expected to further bolster Cambodia’s trade footprint in the region.