PUTRAJAYA (Feb 27): The bilateral trade between Cambodia and Malaysia is showing a promising upward trend, with untapped potential still remaining, said Cambodian Prime Minister Hun Manet.

Speaking at a joint press conference with Prime Minister Datuk Seri Anwar Ibrahim here on Tuesday, he said to further bolster economic partnership, both leaders emphasised the importance of the active role of their countries' private sectors in fostering economic collaboration and development initiatives.

"[This will be done through] the immediate implementation of two MOUS [memoranda of understanding] between our respective private sectors that will be signed later today [Tuesday]," he said.

Hun Manet noted that he will also address the Cambodia Malaysia Business Forum later on Tuesday to showcase potential and investment opportunities awaiting Malaysian businesses.

Earlier, both leaders witnessed the exchange of a MOU on Cooperation in Financial Innovation and Payment Systems between Bank Negara Malaysia and the National Bank of Cambodia.

Hun Manet said Cambodia invited Malaysia to consider the possibility of establishing a Joint Trade Committee, which was discussed by the two leaders, to explore additional values and inject new energies into economic and trade relations.

He said they also discussed the deepening of collaborations in the fields of education and training, customs, halal industry and possibility of expanding import of agricultural products.

"Recognising the importance of enhanced connectivity, we discussed the possibility of collaboration further in terms of tourism and additional direct flights like Prime Minister [Datuk Seri] Anwar [Ibrahim] mentioned, especially for more destinations between our two countries to facilitate the visit between our peoples, as well as tourists from third countries," he said.

Under the defence and security cooperation, he said, both leaders reaffirmed their commitment to strengthen cooperation and sustaining collaborations, including through information exchange and tackle regional challenges posed by online scams.

On the construction of the undersea power transmission cable between Laos, Cambodia and Singapore crossing Malaysia's seabed, he said Cambodia invited Malaysia to consider participation in the project to strengthen regional energy security.

Concluding his remarks, Hun Manet said he and Anwar were optimistic about the future of relations between the two countries and will continue to meet and consult regularly to bolster relationships to new heights.

Hun Manet arrived on Tuesday  morning for his maiden visit to Malaysia at the invitation of Anwar. He was appointed to the post in August 2023 to replace his father, Hun Sen.

According to Wisma Putra, in 2023, Cambodia ranked as Malaysia's ninth largest trading partner in the Asean region.

The value of bilateral trade between Malaysia and Cambodia stood at RM3.02 billion, with exports from Malaysia to Cambodia valued at RM2.35 billion, representing a 1.6% increase from the previous year.

Malaysian companies have implemented 162 projects in Cambodia, with investments totalling RM14.4 billion.