Trade Secretary Alfredo E. Pascual said the priority sectors of Cambodia, which includes logistics, pharmaceutical manufacturing and the business process outsourcing (BPO) are aligned with the priorities of the Philippines.
“For the DTI (Department of Trade and Industry), note the sectors represented by our friends from Cambodia: logistics, hospitality, retail, pharmaceutical manufacturing, IT and business process outsourcing, and start-up development. These very well match our priorities back in the Philippines, too,” Pascual said.
On Thursday, the Trade chief joined President Ferdinand R. Marcos Jr. during the CEO roundtable meeting with Cambodia business leaders.
Pascual said the CEO roundtable meeting is an avenue for business leaders from both countries to “connect and seize a visible surge of development in both economies.”
Representing Cambodia, Rithy Sear, chairman of the Worldbridge Group, a diversified business group firm in Cambodia, said that the two countries could learn from each other and work together.
“Many of the same industries that the Philippines has excelled in can be developed here in Cambodia, not as competition to Filipino companies, but as complementary extensions of existing operations and supply chains; adding resilience and increased capacity to serve Asean and the global markets,” Sear said.
Sear also underscored the strategic location of Cambodia, as it is located between Thailand and Vietnam, two of the members of the Regional Comprehensive Economic Partnership (RCEP).
RCEP, touted as the world’s largest trade pact, is a free-trade agreement (FTA) among Australia, Brunei Darussalam, Cambodia, China, Japan, Lao PDR, New Zealand, Singapore, South Korea, Thailand and Vietnam.
RCEP represents 30 percent of the global gross domestic product (GDP).
“In terms of serving the Asean domestic market, Cambodia is centrally located between Thailand and Vietnam. This provides an advantage for the distribution of goods manufactured in Cambodia, taking advantage of RCEP.”
During the roundtable meeting, Marcos told the business leaders that the country would be needing additional investments in the manufacturing sector.
“We are trying to build up the manufacturing side of the economy and that is why capital-intensive investments will be very, very important for us to be able to do that,” Marcos said.
The President said that investments in agriculture (mechanization and food processing); micro, small and medium enterprises (MSMEs); energy; and low-cost housing, are also being eyed.
Marcos is currently in Phnom Penh, Cambodia to attend the 40th and 41st Association of Southeast Asian Nations (Asean) Summits from November 8 to 13.