Moscow to Boost Economic Ties with Phnom Penh
Russia is keen to develop its high-level diplomatic relations and strengthen its economic ties with Cambodia, told Russian Ambassador to Cambodia Anatoly Borovik during a press conference held in Phnom Penh on Dec. 26. Photo: Thun Senghong
- By Thun Senghong
- December 26, 2023 8:00 PM
PHNOM PENH – Russia is keen to develop its high-level diplomatic relations and strengthen its economic ties with Cambodia, told Russian Ambassador to Cambodia Anatoly Borovik during a press conference held in Phnom Penh on Dec. 26.
Russia is committed to promoting relations with the new government that took office last August, and to developing partnerships in the economic sector, Borovik said, adding that the Embassy is studying the possibility of signing new cooperation and trade agreements during potential official visits.
The country’s economy is still growing, the ambassador said, despite international sanctions taken following the invasion of Ukraine in February 2022. But according to data from the World Bank, Russia’s GDP decreased by 2.1 percent in 2022, the year when most international sanctions were taken.
Nevertheless, Borovik stressed that Russia is actively trading with many countries, including Cambodia. In 2022, Cambodia’s exports to Russia were worth $13.65 million in 2022, down from nearly $60 million in 2021, according to the United Nations COMTRADE database.
Russia’s exports to Cambodia totaled $37.3 million in 2021, the latest year for which data is available.
In a move to boost economic ties between Russia and Cambodia, Borovik said the National Bank of Cambodia and Russia’s Ministry of Finance engaged in discussions to facilitate cross-border payments and currency exchange.
He also pointed out that Russia provides scholarships to around 40 Cambodian students every year, and said that the country will consider increasing this quota if Cambodia expresses its will to send more students to Russia.
As for the invasion of Ukraine, Ambassador Borovik said Russia respects Cambodia’s decision not to support “Russia’s military operation in Ukraine.”
“Cambodia is an independent country that can fully implement its policies. Therefore, Russia does not interfere with the state’s sovereignty and independence,” he said.
In this sense, the ambassador also explained to the Cambodian side about the country’s reasons for the military operation in Ukraine.
The United Nations COMTRADE database shows that Cambodia’s exports to Russia were worth $13.65 million in 2022, down from nearly $60 million in 2021. Russia’s exports to Cambodia were $37.3 million in 2021.
Meng Seavmey contributed to the story.
