Hungary Business Forum Q1 | Phnom Penh Post

The Under-Secretary of State of the Ministry of Commerce, Pen Sovicheat (second from left) met with Hungarian Chargé d’Affaires Istvan Bakos (right) on Wednesday. DEPARTMENT OF COMMERCE

Cambodia and Hungary are expected to hold a business forum in the first quarter of 2022 with the aim of boosting trade and investment between the two countries.

The decision was taken during a meeting between Pen Sovicheat, Undersecretary of State of the Ministry of Commerce, and Hungarian Chargé d’affaires Istvan Bakos on December 15 at the Ministry.

Sovicheat said the forum will enhance cooperation and mutual support between Cambodia and Hungary, with a view to promoting common interests and developing economic partnerships focused on trade and investment.

Representing their respective countries, the two co-chairs of the Cambodia-Hungary Joint Commission on Economic Cooperation are expected to participate in the “Cambodia-Hungary Business Forum”.

The two sides also agreed to focus on business matching and highlight opportunities in a number of potential areas, including agriculture, food processing, food security and tourism services.

The ministry said in a statement that both sides are optimistic that the forum will encourage more Hungarian businessmen and investors to expand their activities and investments in Cambodia.

Thourn Sinan, former Cambodian representative for Hungarian-Cambodian trading house Mekong Trading, told The Post on December 19 that a strong trade relationship with the developed EU country could improve access for Cambodian goods to the bloc.

“Establishing good trade relations with Hungary will have many positive effects for Cambodia’s export market, especially agricultural products to the European market,” he said.

Typical Cambodian exports to Hungary are agricultural products and tobacco, and imports include wine and IT products, he added.

Cambodia Chamber of Commerce vice president Lim Heng told The Post that the forum will open more market opportunities for Cambodia, noting that the bilateral trade volume between the two countries is still low.

“The forum will strengthen economic and investment ties between the two parties,” he said.

In 2017-2020, bilateral trade between Cambodia and Hungary reached over $ 16 million, of which over $ 4 million was recorded last year alone.

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