Germany Pledges to Provide Over US$60 Million for Economic Development in Cambodia

The Federal Republic of Germany has pledged to provide approximately US$66 million to Cambodia to support the projects on socio-economic development.

The information was shared by H.E Andreas Pfeil, Head the Central Asia, East Asia of the Federal Ministry of Economic Cooperation and Development Germany (BMZ) in a meeting held in Germany on Oct. 18 with H.E. Chheang Yanara, Senior Minister in charge of Special Mission and Second Vice President of the Council for the Development of Cambodia.

According to a press release, the assistance includes both financial cooperation and technical cooperation for 2023-2024.

Besides, the German government has continued its cooperation with Cambodia in the development of a number of key areas, said the source.

The two sides have agreed to continue developing sustainable economic sector, health and social protection, as well as energy-climate and other sectors that are in line with the priorities of national development as set out in the Pentagonal Strategy-Phase I and Germany’s 2030 Agenda.

H.E. Chheang Yanara lauded the German Government’s assistance in contributing to Cambodia’s development efforts.

From January to September 2023, the trade volume between Cambodia and Germany reached US$778 million, a year-on-year decrease of 17.7 percent, shiw the trade statistics of the General Department of Customs and Excise.

Cambodia’s exports to Germany were recorded at about US$620 million and its imports from the country were valued at US$159 million.

Most of Cambodia’s exports to the German market are garments, footwear, travel goods, agricultural products, electrical parts and bicycles, while the main imports are vehicles, construction materials and furniture.

Germany is the seventh largest trading partner of Cambodia.