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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 aimed at deepening UAE-Cambodia relations, facilitating trade flows and exploring potential investment opportunities in the Southeast Asian country.
The visit included a series of contacts with senior Cambodian government officials in Phnom Penh, including a bilateral meeting with Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn, during which they agreed to sign the Comprehensive Economic Partnership Agreement that was signed during his visit. In the meantime, this is the best way to achieve their respective economic goals. They also discussed ways to accelerate investment flows, with foreign direct investment totaling $4 million by 2022.
Al Zeyoudi also held several meetings with Commerce Minister Pan Sorasak, where they agreed to work towards ensuring the success of the UAE-Cambodia CEPA and boost bilateral non-oil trade from the current US$407 million to more than US$1 billion within five years. Minister Say Samal’s talks shared an update on preparations for COP28 in Dubai later this year and explored capacity building and knowledge sharing opportunities presented by Cambodia’s growing renewable energy sector.
Dr Thani also met with Cambodian Tourism Minister Dr Thong Khon to identify new ways to invest 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 the private sectors of both parties and how CEPA will bring a range of benefits to the country’s exporters and manufacturers. During the forum, new opportunities for joint collaborations were discussed with several leading corporate executives from Cambodia’s fast-growing industries such as apparel, agriculture, e-commerce and fintech. He also took the opportunity to invite entrepreneurs and investors in Cambodia to take advantage of the UAE’s NextGenFDI programme, which enables pioneering businesses in high-growth sectors to seamlessly set up and operate in the country.
The minister said: “The UAE and Cambodia are two centers of global growth with modern, resilient economies ready to meet the challenges ahead. We also enjoy many synergies: Cambodia, like the UAE, has a dynamic A clear vision for the services sector and to enhance its industrial capabilities. This visit confirmed the wide-ranging opportunities that exist between our two countries, and I look forward to continuing the dialogue and deepening the ties that will allow us to maximize Take advantage of those opportunities.”
Cambodia is one of the fastest growing economies in Southeast Asia, with an annual growth rate of 7.7% from 1998-2019. The UAE is its largest trading partner in the Middle East, accounting for 70% of its total trade with the region.
Along with Al Zeyoudi, several UAE government representatives and business executives visited Cambodia, including Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs, UAE Ministry of Economy; Rashed Abdulkarim AlBlooshi, Deputy Minister of Economic Development, Abu Dhabi; UAE International Jamal Saif Al Jarwan, Secretary General, Investors Council; Majed Al Falasi, Deputy Head of Consular Affairs, UAE Embassy in Thailand; Samir Chaturvedi, Chief International Business Officer, Abu Dhabi Ports Group; Mohamed Al Menhali, Regional CEO, Abu Dhabi Ports Group; Global Trading Asia Pte. Fahed Hamad Al Nuaimi, Director, Asia Office, AGT; Rashed Al Balooshi – Assistant Senior Vice President, SEA Operations, Mubadala Energy; Fatima Al Suwaidi, President, Masdar Clean Energy Indonesia; Engineering. Mohammed Al Dhaheri, Senior Agricultural Engineer, Elite Agro; and Zhu Yiteng, Project Business Development, AMEA Power.
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