Phnom penh: The Ministry of Commerce has officially launched the Cambodia Trade Enterprise (CTE), marking a significant milestone in state-led institutional modernisation aimed at expanding global markets and fostering highly favourable conditions for the Kingdom's private sector.

According to Agence Kampuchea Presse, the CTE represents a strategic rebranding and transformation of Green Trade, a state enterprise with a three-decade history of serving the nation. The launching ceremony was attended by H.E. Kem Sithan, Permanent Secretary of State of the Ministry of Commerce, alongside representatives from relevant ministries and institutions, foreign ambassadors to the Kingdom of Cambodia, development partners, and many private sector representatives.

In his opening remarks, H.E. Permanent Secretary of State praised Green Trade's achievements over the past 30 years in maintaining food security and market stability, especially during challenging times such as the COVID-19 pandemic and for displaced citizens. He emphasized that the establishment of the CTE is a flexible and long-term response, aiming to act as a 'Dynamic Strategic Partner' rather than competing with the private sector. The CTE's role is to pave the way for new business opportunities, develop markets, and create favorable conditions for the Cambodian private sector.

The CTE will expand its intervention scope beyond rice, seeking international market opportunities for other potential agricultural products, including organic and processed agricultural goods. This initiative aims to increase domestic added value and expand export capabilities.

Mr. Lay Chhun Hour, president of the Cambodia Rice Federation, expressed optimism about the initiative, noting that the modernisation into the CTE will provide an essential institutional boost for Cambodian milled rice exports. He stated that the CTE will bridge the gap between smallholder farmers, traders, and buyers, enhancing the reputation of Cambodian premium rice and other agricultural commodities.

During the event, a Memorandum of Understanding (MoU) was signed between CTE and various banking institutions and transport companies. This strategic step is expected to facilitate financial and logistical support for traders and producers.