Cambodia, Bulgaria Reaffirm Commitment To Promoting Economic And Trade Cooperation
Phnom Penh, March 16, 2023 --
Cambodia and Bulgaria have been committed to boosting their bilateral economic and trade cooperation.
The commitment was reaffirmed during a farewell meeting between H.E. Pan Sorasak, Cambodian Minister of Commerce and outgoing Ambassador of Bulgaria to Cambodia H.E. Ms. Marinela Petkova, at the ministry office yesterday afternoon.
Both sides expressed their willingness to expedite procedures for the establishment of the Intergovernmental Commission on Economic Cooperation, based on the bilateral agreement on economic, technical and scientific cooperation signed in 2019. They also stressed the importance of strengthening regional cooperation between ASEAN and the EU.
On the occasion, H.E. Pan Sorasak commended the Government of Bulgaria’s efforts in maintaining and enhancing the good traditional relationship and in providing close cooperation to contribute to the socio-economic development of Cambodia.
H.E. Pan Sorasak further informed his guest about Cambodia’s high commitment to economic diversification through the establishment of free trade agreements in the bilateral, sub-regional, regional and multilateral frameworks, as well as the reforms of laws, regulations and institutions to improve business and investment environment in the country.
Cambodia’s economic recovery thanks to the effective management of COVID-19 and the country’s reopening which has boosted trade, investment and tourism were also mentioned.
For her part, H.E. Ms. Marinela Petkova appreciated the bilateral cooperation between Cambodia and Bulgaria so far, and strongly hoped that the bilateral and regional economic and trade cooperation will be further deepened, encouraging Bulgarian investors to study more about trade and investment potential in Cambodia mainly in the areas of agriculture and tourism.
Two-way trade between Cambodia and Bulgaria reached US$8.1 million in 2022, up 78 percent from US$ 4,54 million in 2021.
Potential exports from Cambodia to Bulgaria include garments, footwear, sugar and tobacco whereas potential imports from Bulgaria consist of agricultural fertilisers, copper, glass and flour.