Mom Kunthea / Khmer Times

With the trade volume between Cambodia and Indonesia exceeding $1 billion in 2023, the two countries on Thursday agreed to expedite the Memorandum of Understanding (MoU) on rice trade.

According to the press release on the outcome of the 5th Meeting of the Joint Commission for Bilateral Cooperation (5th JCBC) between Cambodia and Indonesia, Sok Chenda Sophea, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation (MFAIC) and Retno L.P. Marsudi, Minister for Foreign Affairs of the Republic of Indonesia (MFARI) noted with satisfaction the steady growth of bilateral trade.

Chenda Sophea co-chaired with Retno L.P. Marsudi for the 5th JCBC in Phnom Penh.

Both sides expressed great satisfaction with the progress made in various areas since the last Cambodia-Indonesia JCBC Meeting in Jakarta, Indonesia.

“In the economic field, both sides noted with satisfaction the steady growth of bilateral trade, which exceeded $1 billion in 2023, and agreed to expedite the conclusion of a bilateral MoU on Rice Trade,” read the press release.

“The Ministers emphasized the importance of food security, and affirmed commitment to expedite the implementation of the MoU on agricultural cooperation, signed in September 2023, and the signing of the MoU on cooperation on Small and Medium Enterprises (SMEs).”

To improve connectivity and facilitate economic and cultural exchanges, both ministers concurred to endeavour for more direct flights between tourist cities of the two countries, conclude at the earliest an MoU on cultural cooperation, renew sister-province cooperation between Siem Reap and Central Java and establishment sister city relationship between Phnom Penh and West Sumatra.

To further promote inbound and outbound investment, the meeting agreed to expand cooperation between the Council for the Development of Cambodia (CDC) and the Indonesian Ministry of Investment. The meeting also welcomed the intention of the Indonesian company Perum BULOG to develop agricultural businesses, namely rice mills and warehouses in Cambodia.

The meeting had an extensive deliberation on other key areas of cooperation including energy, Information and Communications Technology (ICT), health, cooperation in river basin management, industrial cooperation, cooperation on digitalization, and on labour and vocational training.

Sharing the view on the crucial importance of peace for socio-economic development, both sides touched on some regional and international issues.

Cambodian and Indonesian Foreign Affairs Minister also affirmed their resolve to enhance mutual support and cooperation on the international stage.

The meeting was concluded with the signing of the Agreed Minutes of the 5th JCBC Meeting. The 6th Meeting of the JCBC will be held in Indonesia in 2026.

It should be noted that Cambodia hosted the 5th Meeting of JCBC in Phnom Penh from Tuesday to Wednesday.

On Wednesday, Retno L.P. Marsudi paid a courtesy visit to Prime Minister Hun Manet at the Peace Palace.

At the time, as this year marks the 65th anniversary of the establishment of Cambodia-Indonesia diplomatic ties, Mr Hun Manet and Retno L.P. Marsudi highly valued the progress of both countries’ relations and discussed ways to continue fostering the bilateral cooperation in key potential areas such as economy and trade, agriculture, tourism, and people-to-people connections, as well as national defence and security.

Published Date: August 23, 2024