As trade barriers between US and China increase, investors from US will look away from China to set up their factories. Cambodia can take advantage of this situation by improving its competitiveness through reduction in power and transportation costs and streamlining trade procedures, Vongsey Vissoth, secretary of state at the ministry, told reporters during the annual meeting of the Asian Development Bank in Manila last week.
Talking about the recent tax reform in the US, Vissoth said it will boost the US economy, and thereby create several new opportunities for Cambodian exporters. He expects this could help the Cambodian GDP to grow by 0.5 per cent.
“A buoyant economy in the US multiplies opportunities for exporters in Cambodia,” he said, adding that the US has recently extended its GSP programme, which grants Cambodian companies access to duty-free privileges when exporting to the US, a Cambodia media report said. (RKS)
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