Indonesia-Cambodia business club expected to enhance bilateral trade

Jakarta, (ANTARA News) – Indonesian Ambassador to Cambodia Sudirman Haseng has expressed hope that the newly formed Indonesia-Cambodia Business Club (ICBC) would become an effective forum to promote economic cooperation between both countries.

“An entrepreneur is the spearhead and an integral part of the relations between the two countries, so I hope that the Indonesia-Cambodia Business Club would be able to build strong ties and promote economic cooperation between the two countries,” Ambassador Sudirman remarked at the ICBC meeting in Pnomh Penh on Monday (May 28).

According to a press release from the Indonesian Embassy in Phnom Penh received by Antara here on Tuesday, the meeting was attended by some 20 Cambodian and Indonesian businessmen living in Cambodia.

The meeting aimed at introducing the Indonesian ambassador to Cambodia and embracing the entrepreneurs incorporated in the ICBC.

The ICBC was established on January 26, 2018, and initiated by Indonesian entrepreneurs in Cambodia as well as Cambodian businessmen.

The ambassador expressed hope that the ICBC would be an effective forum for sharing information and experiences in promoting business and trade, both in Cambodia and Indonesia.

Economic relations between Indonesia and Cambodia are considered as being less optimal. Hence, progressive and innovative efforts are needed to intensify cooperation by exploring various opportunities.

The Embassy of the Republic of Indonesia in Phnom Penh is ready to facilitate economic cooperation through various events to promote trade, tourism, and investment in Cambodia, one of which is the Indonesia Trade and Tourism Promotion to be held on September 28-30, 2018, in Phnom Penh. This event is expected to receive support from the ICBC.

Ambassador Sudirman also invited Cambodian entrepreneurs to actively participate in a series of Trade Expo Indonesia to be held in October 2018 in Indonesia.

Trade relations between Indonesia and Cambodia have increased in recent years. In 2017, the value of bilateral trade between the two countries had reached US$542 million, an increase of 19.9 percent from $452 million in 2016, with Indonesia enjoying a surplus.

Some of Indonesias main export products to Cambodia include tobacco and its products, coal, paper, motor vehicles, pharmaceutical products, processed foods, apparel, rubber products, crude palm oil, construction materials, and agricultural equipment.

Meanwhile, Cambodias main export products to Indonesia are apparel and textiles, footwear, and storage containers.

Through the ICBC, facilitated by the Indonesian Embassy in Phnom Penh, entrepreneurs can explore opportunities for cooperation and develop networks in Cambodia and Indonesia.

Such efforts are expected to be followed up to improve economic cooperation between Indonesia and Cambodia.

Penetration of Indonesias products in the Cambodian market is still lower than other countries in the Association of Southeast Asian Nations.

Source: ANTARA News