According to a MOC release, the American multinational retail corporation Walmart has sought to collaborate with the Ministry of Commerce (MoC) in studying the potential in Cambodia to expand its business operations in the market and to release more orders of international-standard goods from local suppliers in the Kingdom.
During a video conference meeting with Pan Sorasak, Minister of MoC, Anbinh Phan, a representative of Walmart, stated that the US-based chain-of-hypermarket operator intends to expand its business operations and strengthen cooperation with partners in doing business and investment to create more jobs in Cambodia, particularly for women, to help boost the country’s economy and reduce poverty.
Anbinh praised Cambodia’s Royal Government for effectively managing the Covid-19 pandemic, as well as the Commerce Ministry for achieving new free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the Cambodia-China Free Trade Agreement, and the Cambodia-Korea Free Trade Agreement.
Sorasak also thanked Walmart for releasing the purchase order for Cambodian clothes and travel goods, and he welcomed the company’s intention to expand its business operations in the Kingdom, which has reopened its economic activities, as the ministry will assist the company in increasing exports to the US market.
“The ministry will continue to cooperate with the company, private sector, ministries, and relevant institutions to increase exporting agricultural products to [that] market,” Sorasak said, adding that the MoC has worked to improve Cambodia’s business environment, particularly export market diversification, which includes negotiating bilateral and multilateral free trade agreements with other countries.
The commerce minister went on to say that the ministry has also improved its institutional capacity by developing legislation, modernizing public services, and facilitating trade in order to make doing business in Cambodia simpler. The minister also stated his support for Walmart’s aim to purchase more Cambodian items like as furniture, electronics, and agricultural products.
Anbinh Phan, director of Walmart’s Global Government Affairs, stated in a virtual meeting with Ith Samheng, Minister of Labour and Vocational Training, in late June last year that the company would increase orders of Cambodian garments and footwear products in the coming year, as well as begin purchasing fruits, food products, and electronics.
Walmart is an American international retail firm headquartered in Bentonville, Arkansas that operates a chain of hypermarkets (also known as supercenters), cheap department stores, and grocery shops in the United States. It is still a good trading partner with Cambodian manufacturers of clothing, textiles, and agriculture.