Cambodia, Hungary Review Bilateral Cooperation

Commerce Minister Pan Sorasak. Pic Ministry of Commerce

Cambodia and Hungary will hold their first meeting today to review bilateral cooperation and to promote the implementation of previously signed agreements and a Memorandum of Understanding (MoU) between the two nations.

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The two-day meeting is being held via video conference, the Ministry of Commerce said in a press statement on Monday.

The meeting will be chaired by Ministry of Commerce secretary of state Tekreth Kamrang and Hungarian ministerial commissioner for water diplomacy, expert in the Ministry of Foreign Affairs and Trade, Istvan Joo.

It will discuss cooperation in key areas such as trade and economy, tied aid credit cooperation, agriculture, food security and forestry, water resources management, education, youth and sports, culture, tourism, industry, science, technology and innovation, and civil aviation.

Cambodia and Hungary signed three deals on November 3 during the official visit of Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó, namely an air service agreement, an MoU on agriculture and one on water management.

During the visit, a Hungary consulate office in Phnom Penh was launched with the primary intention of facilitating future trade and investment between Hungary and Cambodia. On the same day, Hungary also announced a tied aid credit of $150 million.

To boost more cooperation in the field of investment, the Hungarian Export-Import Bank Plc will open a credit facility of $50 million to finance the establishment of Hungarian-Cambodian joint ventures.

In the near future, more Hungarian investors are expected, particularly in the field of agricultural technology, agricultural processing, water management, and information technology industries.