UAE–Cambodia CEPA to Drive Non-Oil Trade Beyond $1bn by 2030

The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates (UAE) and Cambodia, which came into effect earlier this year, is anticipated to elevate non-oil trade between the two nations to over $1 billion by 2030. This projection was shared by Neak Oknha Kith Meng, the President of the Cambodia Chamber of Commerce. Kith Meng characterized the CEPA as a crucial policy framework aimed at enhancing bilateral trade and creating new opportunities for both countries. He emphasized that the agreement serves as a significant economic conduit for the UAE to access the vibrant ASEAN market, which comprises approximately 680 million consumers, while simultaneously providing Cambodia with preferential access to diversify its economic dependencies and integrate into the Gulf Cooperation Council (GCC) region. The recent visit of a delegation from the Dubai Chamber to Phnom Penh, part of the "New Horizons" initiative, was highlighted as a demonstration of the mutual commitment to strengthening economic relations and fostering joint investments. Kith Meng noted that Cambodia is entering a new era of openness and international collaboration, which is reflected in the diverse sectors represented by the Emirati delegation, including oil and gas, construction materials, food and beverages, and healthcare. He pointed out key sectors for potential UAE investment, such as infrastructure and logistics, where Cambodia is making strides to establish itself as a regional transport hub. Additionally, the tourism sector is experiencing a surge in demand from the UAE and the broader Middle East, while renewable energy initiatives are being pursued to lower industrial power costs and enhance competitiveness. Furthermore, Kith Meng mentioned the growing momentum in digital economy cooperation, particularly in financial technology (FinTech), which supports cross-border trade finance and payment systems. This development is complemented by the establishment of vocational training centers aimed at cultivating a skilled workforce for Cambodia's manufacturing and services industries. He concluded by affirming Cambodia's strong economic growth, underpinned by financial stability and favorable policies, including a new investment law that offers extensive incentives and streamlined processes for foreign investors. Kith Meng portrayed Cambodia as a strategic gateway to ASEAN markets and a participant in significant regional trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP). He encouraged UAE investors to explore the opportunities available and assured them of the Cambodia Chamber of Commerce's support in navigating the market, expressing gratitude to the Dubai Chambers for their role in enhancing bilateral cooperation.

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