PHNOM PENH, 9th June, 2023 (WAM) — Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has concluded a high-level visit to Cambodia, which sought to deepen UAE-Cambodia ties, advance trade flows and explore potential investment opportunities in the Southeast Asian nation.
The visit comprised a series of engagements with senior Cambodian government officials in Phnom Penh, including a bilateral meeting with Prak Sokhonn, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, during which they agreed that the Comprehensive Economic Partnership Agreement, which was signed during his visit, was the optimum means of achieving their respective economic ambitions. They also discussed ways to accelerate investment flows, with total FDI standing at US$4 million in 2022.
Al Zeyoudi also held several meetings with Pan Sorasak, Minister of Commerce, where they agreed to work to ensure the success of the UAE-Cambodia CEPA and push bilateral non-oil trade from the current US$407 million to beyond US$1 billion within five years. In talks with Say Samal, Minister of Environment, shared updates on preparations for COP28 in Dubai later this year, and explored capacity building and knowledge sharing opportunities stemming from Cambodia’s growing renewable energy sector.
Dr Thani also met Dr Thong Khon, Cambodia’s Minister of Tourism, to identify new pathways for investment in travel and tourism projects, which are still recovering from the impact of the global pandemic.
Dr Thani Al Zeyoudi then addressed the Cambodia-UAE Business Forum, highlighting the growing opportunities between private sectors on either side, and how the CEPA will deliver a range of benefits to the country’s exporters and manufacturers. During the forum, explored new opportunities for joint collaboration with several leading business executives from Cambodia’s fast developing sectors such as apparel, agriculture, e-commerce and fintech. He also used the occasion to invite Cambodia’s entrepreneurs and investors to take advantage of the UAE’s NextGenFDI program, which enables pioneering enterprises in high-growth sectors to seamlessly set-up and operate in the country.
The minister said: “The UAE Cambodia are two centers of global growth, with modern, adaptable economies that are ready to embrace the challenges of the future. We also enjoy many synergies: Cambodia, like the UAE, has a vibrant services sector and a clear vision to enhance its industrial capabilities. This visit has confirmed the breadth of opportunities that exist between our nations, and I look forward to continuing the conversations, and deepening the connections, that will enable us to maximize these opportunities in the coming months and years.”
Cambodia has one of the fastest growing economies in Southeast Asia, with an annual growth rate of 7.7 percent between 1998-2019. The UAE is its largest trading partner in the Middle East, accounting for 70 percent of its total trade with the region.
Al Zeyoudi was joined on his visit to Cambodia by several UAE government representatives and business executives including Juma Mohammed Al Kait, Assistant Undersecretary of International Trade Affairs Sector, UAE Ministry of Economy; Rashed Abdulkarim AlBlooshi, Undersecretary of the Abu Dhabi Department of Economic Development; Jamal Saif Al Jarwan, Secretary General of UAE International Investors Council; Majed Al Falasi, Deputy Head of Mission of Consular Affairs, UAE Embassy Thailand; Samir Chaturvedi, Chief International Business Officer, Abu Dhabi Ports Group; Mohamed Al Menhali, Regional CEO, Abu Dhabi Ports Group; Fahed Hamad Al Nuaimi, Director, AGT Asia Office, ADNOC Global Trading Asia Pte. Ltd.; Rashed Al Balooshi – SVP, Operated Assts, SEA, Mubadala Energy; Fatima Al Suwaidi, President Director, Masdar Clean Energy Indonesia; Eng. Mohammed Al Dhaheri, Senior Agriculture Engineer, Elite Agro; and Zhu Yiteng, Project Business Development, AMEA Power.