Free Trade Zones

UK and E Timor plan to forge ties

The Secretary General of the Council for the Development of Cambodia (CDC), Sok Chenda Sophea, during the meeting on Thursday. CDC

The enactment of the new investment law, together with the success of the Covid-19 vaccination campaign, is creating an ever-growing pool of rewarding investment opportunities in the Kingdom, according to the secretary general of the Council for the Development of Cambodia (CDC), Sok Chenda Sophéa.

He made the remarks during a meeting with East Timorese Foreign Minister Adaljiza Magno on Jan. 27, the second of his four-day official visit to Cambodia, the CDC said in a statement.

Chenda Sophea hailed Magno’s visit as a step to strengthen relations and cooperation to maximize mutual benefits for the peoples of the two countries.

He briefed the Foreign Minister on the main points of the Investment Law, which was signed by the King on October 15, and other important developments related to investment opportunities in the Kingdom.

He pointed out that the Kingdom is internationally recognized for its success in containing Covid, thanks in large part to a free vaccination campaign and widespread compliance with a variety and combination of health measures, in particular the guidelines. “three protections and three things not to do”.

The “Three Guards” – also known as the “Three Dos” – include wearing a face mask, washing your hands frequently and keeping a safe distance from other people (usually defined as 1.5m) , and the “three don’ts” are avoid
confined and closed spaces, stay away from crowded places and avoid touching others.

Chenda Sophea said, “By launching these effective and timely measures, Cambodia could fully reopen the country and roll out the establishment of the “Strategic Framework and Rehabilitation Programs”.
and boosting Cambodia’s economic growth by living with Covid-19 in the new normal for 2021-2023”, the implementation of which was announced on December 22.

Magno expressed his gratitude and congratulations to the Cambodian government for its success in controlling the spread of Covid-19 and resuming socio-economic activities, according to the CDC statement.

She also highly commended the government for the country’s average annual economic growth rate of over 7% in the two decades before Covid.

In this regard, East Timor aims to capitalize on Cambodia’s experience in economic integration in regional and global organizations and its achievements in economic development, she said.

She cited as examples the development of special economic zones and the launch of an information technology-based business registration portal, the CDC reported.

Hong Vanak, director of international economics at the Royal Academy of Cambodia, noted that East Timor is small and sparsely populated, with an export-oriented economy centered on oil, marble and some natural resources that is dwarfed by those of mainland China, the United States, India and EU countries.

On the other hand, even small-scale forms of bilateral cooperation can have positive economic effects for both partners, he told The Post on Jan. 30.

As an ASEAN aspiring country, East Timor needs to forge political and economic ties with the bloc’s 10 current member states, Vanak suggested.

On Jan. 28, Prime Minister Hun Sen held a meeting with Magno to explore new horizons of cooperation, starting in the economic field, with particular emphasis on the export of Cambodian milled rice to East Timor, according to the report. Assistant to the Prime Minister, Eang Sophalleth.

According to Sophalleth, Hun Sen encouraged Timorese companies to invest in flour milling machinery, warehouses and relevant infrastructure in the Kingdom, in order to increase rice exports to their country.

The prime minister also urged East Timor to consider entering into a free trade agreement or a double taxation agreement with Cambodia.

Cambodia exported a record $320,000 worth of goods to East Timor in 2019 and imported $3,540, according to OEC.world.

In 2020, when Covid hit, however, the Kingdom’s exports fell by more than 97% to $9,130, while imports soared by nearly a fifth to $4,200, the latest reports show. United Nations International Trade Statistics Database (UNCOMTRADE) data provided through the online platform. Commercial economy.