Cambodian, Japanese Young Entrepreneurs Sign MoU

The Young Entrepreneurs Association of Cambodia (YEAC) and the Young Entrepreneurs Group (YEG) of Japan Chamber of Commerce and Industry reached here yesterday a Memorandum of Understanding (MoU) on their cooperation.

H.E. Pan Sorasak, Cambodian Minister of Commerce and Japanese Ambassador to Cambodia H.E. Hidehisa Horinouchi presided over the signing ceremony.

Speaking on the occasion, H.E. Pan Sorasak said the MoU was the new progress for Cambodia-Japan trade relation whilst the trade volume of the two countries has significantly increased in the past three years.

“I hope that the young entrepreneurs of both countries will be able to exchange experiences on businesses and to co-invest in other potential sectors and to create more profits and employment opportunities for the citizens as well as to contribute to Cambodia’s economic growth,” he added.

Japan sees Cambodia as an attractive market for the services; for instance, they have invested in the AEON Mall 1 & 2, launched the Japan ANA’s direct flight from Tokyo to Phnom Penh and opened the Japan restaurant in the Phnom Penh Special Economic Zone, he underlined.

For his part, H.E. Hidehisa Horinouchi said Cambodia’s rapid and steady economic growth with political stability are the keys to attract Japanese investors. “I believe this MoU will help promote the ‘Win-Win’ relations among Japanese and Cambodian young entrepreneurs,” said H.E. Ambassador.

According to data provided by the International Trade Centre (ITC), the two-way trade between Cambodia and Japan amounted to US$173 million in 2013, US$516 million in 2014, and US$666 million in 2015.

Amongst US$$7.2 billion shared on Foreign Direct Investment (FDI) in the Cambodian real estate sector, between January and August 2016, Japan was ranked third after China and South Korea.

Source: Agency Kampuchea Press