CCC, China’s ACFIC join forces to enhance investment ties
CCC, China’s ACFIC join forces to enhance investment ties
The Cambodian Chamber of Commerce (CCC) and the All-China Federation of Industry and Commerce (ACFIC) have announced the collaboration to strengthen investment ties between the two nations.
The decision was made at a meeting last week co-chaired by CCC President Kith Meng and ACFIC’s President Yang Youzing in Phnom Penh.
A statement from CCC stated that the collaboration signifies a commitment to fostering a more robust and business environment for both Cambodian and Chinese investors.
In the meeting, both parties discussed ways to facilitate increased investment flows in key sectors.
Meng said that the CCC will work together to organize business matching events, trade delegations, and investment forums, connecting businesses and promoting potential partnerships.
“I would like to encourage Chinese investors to invest more in Cambodia, the most suitable location for investment,” Meng said at the meeting.
ACFIC President Yang Youzing underscored the good relation between the government of the two countries, stressing that Cambodia has the potential for investment in key sectors such as agriculture, infrastructure, tourism, and manufacturing.
“The delegation in the visit aims to explore markets and to seek understanding of incentive policies that the Cambodian government offers to investors,” Yang said.
The two parties also highlighted the growing economic ties between Cambodia and China.
Chinese investment has played a vital role in Cambodia’s recent economic boom, contributing to infrastructure development, job creation, and foreign exchange inflows.
The combined efforts of the CCC and ACFIC are poised to create a win-win situation for both countries.
China is a key contributor to Cambodia’s socioeconomic development and poverty reduction. China is the largest source of FDIs (Foreign Direct Investments) to Cambodia, accounting for 42 percent of total FDIs to the country in 2023.
China is also a major trading partner of Cambodia and one of the potential markets for Cambodian products. The world’s second-largest economy is also the largest provider of Official Development Assistance (ODA) to Cambodia.
The two countries are also experiencing a surge in bilateral trade, fuelled by the Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP).
