International

Cambodia, Malaysia expand cooperation in trade, investment, tourism

VNA
 Cambodia and Malaysia on September 3 signed two pacts to boost bilateral trade, investment and tourism in the witness of Cambodian Prime Minister Samdech Techo Hun Sen and his visiting Malaysian counterpart Mahathir Mohamad.

Cambodian Prime Minister Samdech Techo Hun Sen (R) and his visiting Malaysian counterpart Mahathir Mohamad (Photo: AFP)

Cambodian Prime Minister Samdech Techo Hun Sen (R) and his visiting Malaysian counterpart Mahathir Mohamad (Photo: AFP)

Speaking at a joint press conference after the signing ceremony, Hun Sen said two-way trade surpassed US$400 million in the first six months of this year, and he believes that the figure will increase further thanks to the freshly-signed pacts, including the agreement on double taxation avoidance.

According to the Council for the Development of Cambodia, Malaysia is the fifth largest foreign investor in Cambodia over the past five years. The kingdom attracted a total investment of $481 million from Malaysia during the 2014-2018 period.

To further boost bilateral trade and investment activities, Hun Sen said he and his Malaysian counterpart agreed to allow concerned agencies of the two countries to explore ways to expand cooperation in various fields.

Apart from the double taxation avoidance agreement, Cambodia and Malaysia signed a Memorandum of Understanding (MoU) on tourism cooperation. 

According to Hun Sen, the two countries are considering the use of one visa for both nations, meaning that foreign tourists getting visas to enter Malaysia can also visit Cambodia, and vice versa.

The two ASEAN member states are also in negotiations towards a MoU on defence cooperation.

For his part, Mahathir said he also exchanged views with Hun Sen on regional and global issues of common interest and concern.

The two leaders shared their views that the Regional Comprehensive Economic Partnership (RCEP) will contribute to regional economic integration and growth as well as in safeguarding multilateral trading system.

The two leaders agreed to conclude this agreement within this year.

The Malaysian Prime Minister is paying an official visit to Cambodia from September 2.

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