Phnom Penh, Cambodia (29 December 2010)
The Ministry of Commerce organized the 3rd Kep Trade Fair 2010 in Kep City, Kep Province, to promote and develop trade and the economic sector in Cambodia. The trade fair was held on December 27-28, 2010, and in cooperation with Kep provincial authorities. Other provinces in the southern part of Cambodia also supported this initiative.
The trade fair was aimed at strengthening the economic and trade cooperation in the region, and accelerating activities that promote trade with neighboring countries along the border. In addition, it helped to promote the economic development of provinces located in the southern part of Cambodia.
“Trade has become a basic foundation in the agenda of the country’s development program and, in the past years, a lot of initiatives have been put into implementation by the Ministry of Commerce and other relevant ministries, as well as many international communities, to jointly formulate policies and strategies to help investment and to promote economic growth, thus generating employment for people and reducing poverty,” said H.E. Cham Prasidh, Senior Minister and Minister of Commerce, at the inaugural ceremony of the 3rd Kep Trade Fair 2010.
He continued to say that trade has been widely recognized as having a significant impact in developing the country’s social economy. The Royal Government of Cambodia is determined to boost efforts to strengthen trade and participation in this field to further develop the nation’s economy. The trade development program to reduce poverty constitutes a part of the 10 priority packages, as identified by the Royal Government.
The Ministry of Commerce is responsible for formulating programs that promote trade activities at both the national and international level. It helps to create a domestic trade environment and to open trade in all forms, focusing on trade facilitation, economic diversification and local investment.
To promote trade, according to H.E.Cham Prasidh, the Ministry of Commerce has organized various activities: discussions about trade and investment affairs throughout Cambodia, trade meetings resulting from active solicitation of foreign trade missions, foreign trade exhibitions and trade fairs in Cambodia, and annual trade exhibitions both nationally and internationally.
The Ministry of Commerce has also promoted tourism-related trade activities. Cambodia is a country with a rich cultural heritage and beautiful natural scenery, so developing the eco-tourism sector has tremendous potential to attract both regional and global visitors. Kep can contribute much in this regard.
Moreover, the Royal Government has recently implemented a policy focused on increasing rice production and rice exports to foreign markets. This policy aims to turn Cambodia into a key rice exporter in the international markets, he said, adding that the Royal Government aims to increase rice production to more than 4 million tons and rice exports to be at least one million ton per year by 2015. This will help Cambodian rice to be internationally recognized.
The promotion of rice exports paves the way for other agricultural exports, such as rubber and other crops. At the present moment, however, the Royal Government is focusing its policies on rice to ensure implementation effectiveness. Increasing exports of diverse products at the same time may hinder the limited resources available. If implementation of rice exports is successful, it sends a strong message and will further encourage future exports of other agricultural products.
H.E. Cham Prasidh also emphasized that the Cambodian economy has been growing despite the world financial crisis in late 2008. Cambodian economic growth in 2010 is expected to increase over 5 percent, while inflation is roughly 4 percent, and the reserved capital for import is at least three months.
In 3rd Kep Trade Fair 2010, there were 61 participating companies. Provincial and municipal trade organizations occupied 118 booths and displayed many different kinds of national and international products. These products were not only showcased to meet the consumer needs of the Kep market, but also help to stimulate competition for future supply and consumption. Producers can study the new products and innovate to create higher-quality products, or products that are more reasonably priced.
Trade fair participants also participated in Kacha-boat racing and watched nightly musical performances by famous Khmer artists.
By S.L (Vol. 5, Issue 1, SEAW)
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