Turkey aims to have $500 million in Cambodian foreign trade by 2020

Turkey aims to have $500 million in Cambodian foreign trade by 2020

Turkey has increased its operations in recent years in order to improve its trade relations in the Far East. The Turkish-Cambodia Business Council Establishment agreement signed between DEIK and cambodian Chamber of Commerce aims to increase foreign trade between the two countries to $500 million by 2020. Turkey exports products such as oils, cotton mensucat, mainly derived from oil oils and bitumen minerals to Cambodia, while importing clothing and accessories from this country, textiles and shoes.

Turkey wants to be closer to the Far East in its trade relations in recent years. Turkey, which is trying to improve relations with many countries in the region, is increasing its contacts in order to increase the volume of trade with Cambodia that does not reach the expected level. Although there have been high levels of growth in trade relations in recent years, the distance and cultural differences between the two countries are still limited to foreign trade. For this reason, the Turkish-Cambodia business council establishment agreement was signed between the DEIK and the Cambodian Chamber of Commerce in February 2013

and then there was an increase in trade relations, albeit relatively.

Turkey’s main export products to Cambodia are oils derived from oil oils and bitumen minerals, cotton mensucat, passenger-carrying vehicles and glassware. This country also sells stone coal tar, crude oil products, vitamins, hormones, alcoholics, antibiotics, drugs, medical goods, textile fibers and products, non-metal mineral products. Mainly clothing and accessories, textiles and shoes are imported from Cambodia. Turkey, which last traded in foreign trade with Cambodia in 2003, has been constantly open since then. The increase in trade volume between the two countries is due to the increase in products imported by Turkey from Cambodia. In this context, Turkey-Cambodia 1. The two countries held the Joint Economic Commission Meeting in Punom Pen on February 11, 2015, agreeing to increase the volume of trade between the parties to $500 million by 2020.

Five companies with Turkish capital are in Cambodia

While Cambodia does not have direct capital investment in Turkey, direct capital investment in turkey to this country has reached approximately $13 million. 5 Companies with Turkish capital operat
ing in Cambodia are working in various fields. In addition, the total cost of road construction, information equipment assistance and school construction in the country has been signed through the Turkish Cooperation and Coordination Agency (TIKA) to projects worth up to $717,000. The project, which includes the completion of the tourism office of the Preah Vihear Temple requested by cambodian authorities and the meeting of the basic medical needs of a hospital in Preah Vihear, was also accepted by TIKA.