Cambodia deputy PM praises growing trade ties with Malaysia despite pandemic

Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn has praised steadily growing trade relations with Malaysia despite disruptions caused by the COVID-19, a foreign ministry press statement said.

Sokhonn made the remarks during a meeting with a visiting delegation of Malaysian small and medium enterprises, consisting of 53 business representatives and stakeholders, on Wednesday afternoon.

"The deputy prime minister expressed his appreciation for the steady inflow of foreign direct investment (FDI) from Malaysia to Cambodia and for the significant increase of bilateral trade between Cambodia and Malaysia," the statement said. "He emphasized and recalled the commitment of the two countries to enhancing cooperation in trade, investment, health, science and technology, and people-to-people contact with the goal of facilitating and accelerating economic recovery from the COVID-19 pandemic," it added.

As of February 2022, Malaysia is the third largest investor among ASEAN (Association of Southeast Asian Nations) countries in Cambodia with 162 approved investment projects worth 3.2 billion U.S. dollars, the statement said. Bilateral trade between the two ASEAN member states was recorded at approximately 500 million dollars in 2021, a 13 percent increase compared to 2020, it added.

Tokyo's key Nikkei index slipped more than two percent in early trade Wednesday extending a rout on Wall Street where fears grew over a global economic slowdown.

The Nikkei 225 index was down 2.33 percent, or 621.90 points, at 26,078.21 about 10 minutes after the opening bell, while the broader Topix index was down 1.86 percent, or 34.91 points, at 1,843.60.

"Japanese shares are starting with a huge drop following falls on Wall Street" where all three major indexes plunged "due to growing worries over the global economic slowdown as China expanded the lockdown" of Shanghai, senior market analyst Toshiyuki Kanayama of Monex said in a note.

Worse-than-expected US indicators including durable goods orders in March also weighed on the market, he added. -REUTERS