The most high-profile Cyprus trade delegation to visit Cambodia since diplomatic ties were established in 2000 has met with and discussed the multitude of business opportunities as well as possible agreements with AmCham, EuroCham, and the Cambodia Chamber of Commerce.
The trade delegation which has now formalized an honorary consulate in the tourist city of Larnaca was recently invited to speak with the American Chamber of Commerce (AmCham) board, where several areas for potential collaboration were discussed.
AmCham is the second largest chamber within Cambodia after EuroCham and is considered the fastest growing with the Cambodia Chamber of Commerce focused on local membership.
To read about how chambers of commerce operate in Cambodia click here.
Following the meeting between AmCham and the Cypriot delegation, AmCham President Anthony Galliano mentioned several areas for potential collaboration, specifically citing hospitality, domestic work, the maritime sector, and real estate as potential areas for collaboration.
Galliano told the media: “There may also be opportunities for investment in the real estate sector and financial services from Cambodia. Cyprus is a major wine and cheese producer and as the middle- and upper-class grow, appetite for these products is increasing.”
To read more about the ongoing trade ties between Cyprus and Cambodia click here.
Diversifying Cambodia’s trade partners
Cambodia is aiming to become a middle-income nation by 2030 and has been looking to diversify its trade and investment away from an overreliance on China. While Cyprus is a relatively small market – it aims to fit within a large bloc of EU nations for Cambodia to trade with.
Hence the delegation also paid a visit to the European Chamber of Commerce (EuroCham), which represents not only European Union members, of which Cyprus is, but also members of the European Economic Area, as well as the United Kingdom and Switzerland.
At the meeting with EuroCham, the Honorary Consul of Cyprus to Cambodia Christopher Larcou signed a Memorandum of Understanding with EuroCham board member, Siphana Sok, on behalf of their respective law firms namely Christopher Larcou & Associates LLC and Sok Siphana & Assocaties.
The signing followed an official launching of the honorary consul, which occurred a few days ago ealier.
Potential MoU with Cambodia Chamber of Commerce
Salah Essa, Secretary of State and Advisor at ESCAP told Cambodia Investment Review the delegation had also met with Kith Meng, President of Cambodia Chamber of Commerce (CCC) to discuss a possible upcoming MoU.
Referring to the importance of the visit he added: “This is the first time such a delegation has ever visited Cambodia from Cyprus. We feel we can achieve boosting tourism, trade, cultural exchanges, smart city initiates, waste management solutions, and investment opportunities between the two countries due to this delegation”.
To read more about ‘Invest Cambodia’ as Kingdom prepares for its second economic boom click here.
It was also announced that the Mayor of Larnaka had also signed a letter of intent with the governor of Phnom Penh on making them become twin cities.
Despite over 20 years of diplomatic relations, trade between the two countries remains relatively low. In 2020 Cambodia exported around $1.61 million of goods to Cyprus, principally made up of leather footwear and rice.
On the flip side, Cypriot exports to Cambodia amounted to around $1.19 million in 2021, with chief exports consisting of animal products, as well as pharmaceuticals, according to data provided by Trading Economics and the United Nations.