UAE and Cambodia explore stronger trade investment and cooperation

H.E. Al Zeyoudi: UAE is Cambodia’s largest trade partner in the region, with the volume of trade between the two totaling AED 1.1 billion during the first eight months of 2022

H.E. Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, and Pan Sorasak, Cambodian Minister of Commerce, explored opportunities to enhance investment and trade exchanges between the two countries in the fields of technology, artificial intelligence, agriculture, energy, entrepreneurship, SMEs, and industry. The meeting took place on the sidelines of the UAE – Cambodia business forum, which was held at the Ministry of Economy office in Abu Dhabi, in the presence of key entities and private sector representatives from both sides.

H.E Al Zeyoudi emphasized the strong and distinguished relations between the UAE and Cambodia, which are witnessing continuous growth in various trade and economic fields with support from both leaderships. He noted that the UAE is committed to consolidating its economic and trade ties with Cambodia, thereby ensuring the realization of the developmental agendas of both countries and their sustainable economic growth.

H.E. Al Zeyoudi said: “The UAE continues to adopt effective measures to drive sustainable development, thus promoting its position as a dynamic global hub for trade, investment, and future sectors. The UAE – Cambodia Business Forum contributes to laying strong foundations for a long-standing partnership with a wide array of opportunities for accelerated growth and development. Furthermore, these efforts align with our goals to establish a Comprehensive Economic Partnership Agreement (CEPA) between the two countries. Against this backdrop, this Forum is of great significance as a first step towards deepened bilateral collaboration between the UAE and Cambodia.”

He added: “The UAE is Cambodia’s largest trade partner in the region, with the volume of non-oil trade between the two reaching nearly AED 1.1 billion (USD 279 million) during the first eight months of 2022, accounting for a 40 per cent increase compared to the same period of 2021. The UAE accounts for 77 per cent of Cambodia’s total trade with the region.”

The Forum featured various discussions aimed at enhancing economic cooperation between the two sides, in addition to panel discussions dedicated to investment and business growth opportunities in both countries. The discussions highlighted the opportunities offered by key sectors in Cambodia, including agriculture, textiles, wholesale and retail, and financial markets.

The UAE-Cambodia Business Form was held on 24 October in Abu Dhabi, immediately followed by CEPA negotiations. The UAE has established CEPAs with various strategic global markets such as India, Israel, and Indonesia, in line with its vision for the future of foreign trade. CEPA negotiations are underway with more global trade partners such as Turkey and Georgia, in addition to Cambodia.