Cambodia, Saudi Arabia ink MoU to diversify trade ties

Cambodia, Saudi Arabia ink MoU to diversify trade ties

The Royal Government of Cambodia (RGC) and the Government of the Kingdom of Saudi Arabia (KSA Government), Thursday signed a memorandum of understanding (MoU), marking a significant step toward diversifying bilateral trade cooperation.

Cham Nimul, Minister of Commerce (MoC), led the delegation to meet Dr Majid bin Abdullah Al-Kassabi, Minister of Commerce of Saudi Arabia and also Chairman of the General Authority for Foreign Trade (GAFT) in Riyadh, on February 6.

Nimul and Dr Al-Kassabi discussed strategies and mechanisms to strengthen and expand bilateral cooperation, focusing on trade, business and opportunities for mutual growth.

Following the discussions, the two commerce ministers agreed to sign an MoU to strengthen bilateral trade relations, focusing on diversifying trade cooperation and opening new opportunities for investors in both countries.

Both sides engaged on how to ensure the effective implementation of the agreement, aiming to foster long-term cooperation and maximise benefits.

Nimul visited the Saudi Business Center (SBC) where Dr Eman bin Habbas Al-Mutairi, Vice Minister of Commerce and CEO of SBC, demonstrated the hospitality and operational processes.

The visit aimed to exchange experiences and gain insight into the operations of SBC which is a government agency that provides business registration and other high-tech services to facilitate trade in Saudi Arabia.

Later that day, Nimul led the delegation to meet with Ibrahim Al-Mubarak, Vice Minister of Investment of Saudi Arabia, where they discussed expanding bilateral trade opportunities and highlighted the favourable investment policies of both nations.

The minister also met with Abdulaziz Turkstani, CEO of Far East Investment Company, to explore opportunities for trade, business, and economic cooperation between Cambodia and Saudi Arabia.

It may be recalled that on December 9, Abdullah Mohammed Ibrahim Al-Sheikh, Chairman of the Consultative Assembly of Saudi Arabia confirmed to Hun Sen, President of the Senate that Saudi Arabia will open an embassy in the Kingdom shortly.

The Consultative Assembly Chairman claimed that the embassy’s opening would enhance and solidify bilateral ties between the two nations.

During the discussions, they also explored opportunities to strengthen relations, particularly in the agricultural sector, focusing on economic cooperation and identifying new trade avenues.

SOURCE ៖Khmer times