Economy: Cambodia and Indonesia express their satisfaction with trade developments

Cambodia and Indonesia expressed satisfaction at the steady growth in trade between the two countries, which exceeded one billion US dollars in 2023, and agreed to speed up the conclusion of a memorandum of understanding on rice trade.

5th meeting of the Cambodia-Indonesia Joint Commission for bilateral cooperation, held in Phnom Penh on 21 August under the co-chairmanship of H.E. SOK Chenda Sophea, Deputy Prime Minister, Minister of Foreign Affairs and International Cooperation of Cambodia, and H.E. Mrs Retno L.P. Marsudi, Minister of Foreign Affairs of the Republic of Indonesia.

According to a press release from the Ministry of Foreign Affairs and International Cooperation, the two ministers stressed ‘the importance of food security and undertook to speed up the implementation of the memorandum of understanding on agricultural cooperation, signed in September 2023, and that concerning cooperation on small and medium-sized enterprises (SMEs)’.

To improve connectivity and facilitate economic and cultural exchanges, the two sides agreed to try to increase the number of direct flights between tourist cities in the two countries, to conclude an agreement on cultural cooperation as soon as possible, to renew cooperation between the sister provinces of Siem Reap and Central Java and to establish relations between those of Phnom Penh and West Sumatra.

To further promote investment, the two ministers agreed to expand cooperation between the Council for the Development of Cambodia (CDC) and the Indonesian Ministry of Investment. They also welcomed the intention of the Indonesian company Perum BULOG to develop agricultural activities, namely rice mills and warehouses in Cambodia.

In terms of political cooperation, the two sides welcomed the activities and celebrations organised to commemorate the 65th anniversary of the establishment of diplomatic relations between Cambodia and Indonesia this year.

The ministers also stressed the importance of maintaining and promoting frequent interaction between the executive and legislative bodies of the two countries at all levels, and underlined the strategic importance of exchanges between senior leaders.

With regard to defence and security cooperation, the two sides agreed to continue the productive engagements underway, namely military-to-military talks, scholarships and training and other exchange activities, such as the recent stopover of the Indonesian navy training ship KRI Bima Suci with 212 crew members in the port of Sihanoukville from 16 to 19 August 2024.

Finally, the two ministers reaffirmed their commitment to strengthening the excellent cooperation in the fight against transnational crime, in particular human trafficking.

The meeting gave rise to discussions on other key areas of cooperation, including energy, ICT, health, cooperation on river basin management, industrial cooperation, cooperation on digitisation, and cooperation on labour and vocational training.

The meeting ended with the signing of the agreed minutes of the 5th JCBC meeting. The 6th meeting will be held in Indonesia in 2026.