To promote Shandong enterprises to actively integrate into the "Belt and Road" Initiative by leveraging Cambodia's global market channel advantages, an exchange conference titled “Exploring the ASEAN Market - Cambodia Business Opportunities” was held in Jinan on September 26th.
Liu Xiaojiang, a member of the Party Group and Vice President of the CCPIT Shandong Sub-council, as well as Vice President of the Shandong Chamber of International Commerce, explained that over the past decade, the “Belt and Road” Initiative has evolved from a mere concept to a tangible reality. Currently, Shandong is under pressure to transform and upgrade its industrial structure, while Cambodia and other ASEAN countries are in urgent need of industrialization. As such, both sides have ample opportunities for mutually beneficial cooperation.
As of July 2022, 767 enterprises from Shandong have invested in and established factories in ASEAN countries, making it the most active region for Shandong's outbound investment. Shandong Province has extensive cooperation areas with Cambodia and strong industrial complementarity. The total import and export trade volume between Shandong and Cambodia reached 9.54 billion yuan in 2022, with a year-on-year increase of 55.5%, according to statistics. Numerous enterprises from Shandong province have invested in Cambodia to establish factories in various fields such as textile and clothing, light industry, household appliances, food processing, hardware machinery, metallurgy, and building materials. Some of the top enterprises in these industries have even established economic zones in Cambodia, creating a consortium to expand overseas market and attract upstream and downstream enterprises to settle in these economic zones, with the aim of achieving mutual development.
The conference drew the participation of over 130 companies, business associations, and institutions, with more than 200 representatives in attendance. During the event, entrepreneurs spoke openly about the future potential for Shandong enterprises to expand into Cambodia and the wider ASEAN market. They offered innovative ideas and solutions for how Shandong enterprises can proactively adjust to the new trend of global industrial transfer, respond to structural changes in the province's industrial transformation and upgrading, and establish a presence in overseas markets.