27/09/2010
Posted by The Bangkok Post
PHNOM PENH : Indian President Pratibha Devisingh Patil recently encouraged Cambodia to transform itself into a "rice basket" and increase the use of preferential trade tariffs with her country.
"India and Cambodia are at a modest level [of trade], but there exists a much greater scope for expansion," said a transcript of the president's speech.
Highlighting potential for Cambodia's agricultural development, she recommended that the government find ways to improve productivity and developed the kingdom into a "key exporting country in the world" while utilising trade incentives. She added that the agricultural sector had drawn "a lot of interest" among well-regarded Indian companies that she hoped that would eventually bear fruit as business transactions.
Nguon Meng Tech, the director of the Cambodia Chamber of Commerce (CCC), said the meeting was an important step in solidifying business relationships, adding that he hoped India's expertise in the fields of medicine and information technology, as well as agriculture, would benefit the Kingdom.
Kith Meng, the CCC president, said in a speech that Cambodia was an "economic star of Asia" and that Cambodia's competitiveness would improve.
Rivher Prasad, Cambodia country director of the Indian trading company PPS Group, which specialises in pharmaceuticals and water pumps, said before the meeting that he thought the kingdom's potential was growing day by day.
"I can say there is a lot of development, as the situation is very stable and controlled here," he said.
Bilateral trade between Cambodia and India increased more than 23% to reach more than US$22 million in the first six months this year, up from $18 million for the same period last year. The vast majority of trade consisted of Indian exports to Cambodia, according to data from the Ministry of Commerce. They included medicines and medical instruments, textiles, leather, and machinery.
The two countries are preparing to ratify a free-trade agreement on agricultural products as part of a raft of measures that have been undertaken to boost trade between Asean and India.
Highlighting potential for Cambodia's agricultural development, she recommended that the government find ways to improve productivity and developed the kingdom into a "key exporting country in the world" while utilising trade incentives. She added that the agricultural sector had drawn "a lot of interest" among well-regarded Indian companies that she hoped that would eventually bear fruit as business transactions.
Nguon Meng Tech, the director of the Cambodia Chamber of Commerce (CCC), said the meeting was an important step in solidifying business relationships, adding that he hoped India's expertise in the fields of medicine and information technology, as well as agriculture, would benefit the Kingdom.
Kith Meng, the CCC president, said in a speech that Cambodia was an "economic star of Asia" and that Cambodia's competitiveness would improve.
Rivher Prasad, Cambodia country director of the Indian trading company PPS Group, which specialises in pharmaceuticals and water pumps, said before the meeting that he thought the kingdom's potential was growing day by day.
"I can say there is a lot of development, as the situation is very stable and controlled here," he said.
Bilateral trade between Cambodia and India increased more than 23% to reach more than US$22 million in the first six months this year, up from $18 million for the same period last year. The vast majority of trade consisted of Indian exports to Cambodia, according to data from the Ministry of Commerce. They included medicines and medical instruments, textiles, leather, and machinery.
The two countries are preparing to ratify a free-trade agreement on agricultural products as part of a raft of measures that have been undertaken to boost trade between Asean and India.
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