Cambodian MoU With Macau Union Suppliers Association (MUSA) Extends Diversification Of Trade Goals
The Cambodia Ministry of Commerce signed a memorandum of understanding (MoU) with the Macau Union Suppliers Association (MUSA) at the end of October 2024 and is one of several international agreements the Cambodian government has signed to diversify trade. There are a number of trade and investment opportunities being explored with China, Macau, and Hong Kong.
Lim Lork Piseth, secretary of state at the Ministry of Commerce, and MUSA chairman Kit Heng Lei signed the MoU which also had the participation of Gao Kaixian (Chairman of the Macau Legislative Council), and Dong Wei (Representative of the Economic Department of the Liaison Office of the Central People's Government of Macau Special Administrative Region).
MUSA is a major distribution and supply network in Macau and Hong Kong to more than a 1,000 locations including supermarkets, restaurants, hotels and resorts. They have nearly 300 major suppliers, enterprises and companies as part of the Association.
This latest agreement will embolden and strengthen market connections with the aim of promoting investment partnerships and trade between the regions - Macau is thought to have the highest economic growth rate globally in 2024 and could offer opportunities as most of its revenue comes from the gambling industry.
The Cambodia Ministry of Commerce also took nearly 100 Cambodian products to showcase at the International Level Exposition in Shanghai, People’s Republic of China at the start of November 2024.
Invest in Preah Sihanouk Province Roadshow 2024 - Appealing to Chinese Investors
Around the same time, the the Preah Sihanouk Province Investment Promotion Working Group launched a two-city “Invest in Preah Sihanouk Province Roadshow” in Xiamen and Hong Kong which intends to foster investment in Cambodia .
Preah Sihanouk Province' Multi-Purpose Special Economic Zone (MPSEZ) requires investment to make it live up to its potential in offering strategic advantages for investors. The deep-water port is undergoing expansion and can offer access to emerging markets within Cambodia’s economy and the region as it will be interconnected to a number of infrastructure projects under development.
According to a report of the GDCE, the trade volume between Cambodia and China reached $11.14 billion in the first three quarters of 2024. There are 1,273 factories invested by Chinese investors in Cambodia with a value of $9.08 billion - this represents 45.49 per cent of the country’s overall investment capital.
- The Hong Kong General Chamber of Commerce (HKGCC) visited Cambodia to learn more about Cambodia’s investment opportunities and potential at the start of November 2024.
- As of the start of November 2024, The Royal Government of Cambodia (RGC) has approved special incentives for 165 projects in Preah Sihanouk province.