Malaysia and Cambodia are on track to exceed RM4 billion ($1 billion) in bilateral trade this year, as both nations intensify efforts to boost trade and economic cooperation.
Data from the Malaysia External Trade Development Corporation (MATRADE) indicates that trade between Malaysia and Cambodia has reached RM3.975 billion ($961.4 million), positioning both countries to surpass the billion-dollar threshold.
This reflects an increase from last year’s bilateral trade value of $855.6 million.
MATRADE is hosting the Malaysia-Cambodia Business Seminar and Business Matching Session in Phnom Penh to enhance trade and investment relations between the countries.
“The objective of this program is to create a result-oriented platform for Malaysian exporters and Cambodian importers, distributors, and buyers,” MATRADE Export Promotion and Market Access Division Director Mazlan Harun said at the opening of the event on Wednesday.
“As a member state of ASEAN, Malaysia stands ready to be a long-term partner in this journey with Cambodia, our strategic trading partner,” he added.
Cambodia’s economy is projected to expand by around 5% this year, presenting strong opportunities for Malaysian exporters, particularly in the fast-moving consumer goods sector.
Cambodia’s key imports include petroleum, electronics, auto parts, food, beverages, and consumer goods, while Malaysia sources garments, footwear, rice, and agricultural products from the kingdom.
At the event, Malaysian Ambassador to Cambodia Shaharuddin Onn highlighted that Malaysia-Cambodia relations have expanded beyond conventional diplomatic and governmental ties.
Meanwhile, Sim Sokheng, Secretary of State at Cambodia’s Ministry of Commerce, stated that bilateral trade could reach $1 billion this year with deeper cooperation between the two countries.
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