Walmart, the world’s largest retailer intends to learn more about Cambodia’s trade and investment potential, potentially expanding its business in a future collaboration with the Ministry of Commerce.
In an January 5 online meeting with Minister of Commerce Pan Sorasak, Anbinh Phan, a representative of Walmart, complimented the Cambodian government for bringing the Covid-19 situation under control. She also congratulated the commerce ministry for its recent accomplishments, including the RCEP Cambodia-China and Cambodia-Korea free trade agreements.
She added that Walmart intended to expand its business and strengthen partnerships, investment and business activities, in Cambodia. This would create jobs for Cambodians, especially women, stimulating economic growth and reducing poverty.
“We remain a good business partner with Cambodian manufacturers in the garment, textile and agricultural sectors. The company plans to expand orders for products from Cambodia to help improve job opportunities and the livelihoods of the Cambodian people,” she continued.
Walmart is a leading exporter of clothing, footwear, travel accessories and seasonal entertainment products. In the future, Walmart plans to export fruit and food products, electronics and furniture from Cambodia, providing these products meet international standards.
Sorasak welcomed Walmart’s intention to seek the cooperation of the commerce ministry for its business expansion, and appreciated Walmart’s current orders for garments and travel accessories.
“Walmart’s intention to purchase more Cambodian products has the full support of the ministry, especially key agricultural products,” he said.
He added that increased orders would contribute to job creation, poverty reduction and the economic development of Cambodia. The ministry will continue to work with Walmart, the rest of the private sector and other relevant institutions to further boost exports of agricultural products from Cambodia to the US.
The Textile, Apparel, Footwear & Travel Goods Association in Cambodia (TAFTAC) said that as one of the top ten buyers of garments from the Kingdom, Walmart is a major buyer of Cambodian products. The Cambodian Footwear Association also confirmed that Walmart was one of the top five buyers of footwear from Cambodia.
Established in 1962, Walmart is the largest retailer in the world. Headquartered in Arkansas, USA, the company employs 2.3 million staff and operates in 24 countries.
Data from General Department of Customs and Excise of Cambodia shows that exports to the US in the first five months of 2022 were worth more than $ 8,217 million, up more than 40 per cent from the same period in 2021. Most of the products exported to the US were garments, shoes, bags and travel accessories.
Source : Phnom penh
