Bilateral trade between Cambodia and Singapore reached $4.2 billion in 2020. Senior officials of the two nations are optimistic that trade figures will increase further in 2021.
The figure was presented during a March 25 meeting between Say Chhum, President of the Senate and the newly-appointed ambassador of Singapore to Cambodia, Teo Lay Cheng.
Chhum said bilateral trade between the countries reached more than $4 billion despite the COVID-19 crisis and contributed significantly to the socio-economic development of the people of the two nations. He added that Singapore’s investments in Cambodia reached $1.29 billion between 1994 and 2020.
Cheng appreciated the good relations and cooperation between the nations in fields including the economy and health, as well as the friendship between the people of the two countries.
“The economic and investment sector links between our countries have been steadily increasing, especially as Singaporean investors have been working closely with Cambodian investors in the development and promotion of the technology and digital sectors, with the most prominent area being tourism and hospitality,” she said.
The Singaporean ambassador also stated that direct flights from Singapore to the Kingdom of Cambodia are increasing to nine times weekly, which will promote the relationship and connection between the countries.
Minister of Commerce Pan Sorasak has encouraged Singapore to boost bilateral trade, particularly by increasing the number of agricultural goods that Singapore buys from Cambodia.
Cambodian products that could find a market in Singapore, including Kampot pepper, Kampong Speu palm sugar, Koh Trong pomelos, mangoes and milled rice, Sorasak said.
In a meeting with Prime Minister Hun Sen on Tuesday, Cheng also highlighted the good state of bilateral and regional cooperation in terms of trade, economy, human resources and other sectors – and pledged to further explore more opportunities to boost cooperation.