Cambodia, Hungary Conclude First Session of Joint Commission on Economic Cooperation with Fruitful Outcomes

Cambodia, Hungary Conclude First Session of Joint Commission on Economic Cooperation with Fruitful Outcomes

The First ever Session of Cambodia-Hungary Joint Commission on Economic Cooperation was wrapped up this afternoon after two days of discussion.

According to Ms. Tekreth Kamrang, Secretary of State at the Ministry of Commerce, the two sides agreed to expand cooperation in potential areas including trade and economy; agriculture, food security and forestry; water resources management; education, youth and sports; culture; tourism; industry, technology and innovation; and civil aviation.

In term of trade and economy, both sides have shown a strong will to implement the existing agreement on the promotion and protection of investment between Cambodia and Hungary, which entered into force in August 2017, and welcomed the participation of stimulus agencies, including the Hungarian Investment Promotion Agency to facilitate and attract Hungarian investors to Cambodia, as well as to learn more about Cambodia’s potential products for export to the Hungarian market.

For agriculture, food security and forestry, the two sides have exchanged the discussion on long-term cooperation in exchange of knowledge and experience in animal husbandry and high-efficiency farming.

On the education, youth and sport sector, both sides agreed to promote more cooperation on scholarship programme and Vocational Education and Training 4.0.

From 2017 to 2020, the bilateral trade between Cambodia and Hungary reached a total amount of only US$16 million.