PM wants more trade with Cambodia

PHNOM PENH: Malaysia hopes to increase the number of goods involved in its trade with Cambodia, said Datuk Seri Najib Tun Razak.

The Prime Minister said Malaysia trade base with Cambodia was very narrow and confined to a few products.

Red carpet treatement: Najib inspecting a guard-of-honour in Phnom Penh yesterday. accompanying him is Hun Sen. Bernama

“Malaysia’s main export to Cambodia are chemicals, machinery, appliances and electrical products while imports consist of textiles, clothing, raw rubber and logs from Cambodia,” he said at the Malaysia-Cambodia business forum luncheon here yesterday.

Najib said there was plenty of opportunities for both countries to expand the scope of products and services.

He said businessmen from both nations must continue to find ways and work together to enhance the bilateral trade and form strategic partnerships that would take advantage of the opportunities arising from the greater regional economic integration.

He said it was important for both nations to continue to work closely to improve trade relations through bilateral cooperation and active participation in Asean integration initiatives.

“The governments of both countries have taken steps to establish a framework for sustained cooperation in all economic and political areas and now is the time to mobilise our resources collectively for the economic development of Asean as a whole,” he added.

Najib said Cambodia had the potential to play a prominent role in Asia’s expansion.

Earlier, Najib held bilateral talks with his counterpart Hun Sen at the Council of Ministers.

He said Malaysia and Cambodia agreed to expand its two-way trade commitments and one of the topic discussed was Cambodia’s 3.5 million tonnes of rice surplus.

The country has invited Malaysian companies to set up mills to process the padi for export.

Najib said Cambodia was satisfied with the training provided under the Malaysia Technical Corporation and the number of scholarships provided by Petronas and other companies to Cambodians.

He said the Cambodian government has given an approval-in-principle for CIMB to open in the country after its application was submitted to the National Bank of Cambodia.

He said that with the approval, Malaysia would have five financial institutions operating in the country.

In the morning, Najib also attended the wreath-laying ceremony at the Independence Monument.