Cambodia and Thailand pledge to strengthen investment ties
Cambodia and Thailand pledge to strengthen investment ties
The Council for the Development of Cambodia (CDC) and the Board of Investment (BOI) of Thailand have agreed to enhance cooperation in promoting investment in Cambodia.
The commitment was made during a meeting held on Wednesday chaired by Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of the CDC and Patcharada Nawakawongkarn, Executive Director of BOI with participation from relevant officials from the two government and private sectors.
In the meeting, both sides discussed ways to facilitate cross-border investments, streamline regulatory processes and promote information sharing between the two countries.
Both Chanthol and Nawakawongkarn highlighted the potential for increased collaboration in sectors such as manufacturing, agriculture, tourism and services.
Chanthol briefed about the progress of private investment in Cambodia and the government’s policies on enhancing a better investment environment to facilitate and attract more investment.
He urged the Thai side to continue to work together to promote the Plus-One Strategy.
“Cambodia-Plus-One or Thailand-Plus-One will support the private sector in supplying chains in line with the potential and resources that both countries can provide to investors,” Chanthol said.
Thailand-Plus-One is a business model in which foreign companies operating in industrial clusters in Thailand can transfer the labour-intensive parts of their production processes to special economic zones (SEZs) in Cambodia, Laos and Myanmar.
Nawakawongkarn expressed optimism about business matching forums between the two countries to promote mutual investment, especially to encourage Thai investors to invest more in Cambodia.
“BOI accepted Cambodia’s request on the Plus-One Strategy and will consider the possibilities of promoting and organizing collaborations to promote the implementation of the Plus-One strategy,” she said.
The Thai delegation is composed of representatives of the Board of Investment of Thailand, the Thai Business Council and investors from 20 companies visiting Cambodia to learn more about the Kingdom’s investment environment and explore opportunities for further business cooperation between the two countries.
Earlier, the delegation held talks with relevant ministries and institutions to understand and explore opportunities for further business ties in Cambodia.
For the first half of this year, the two-way trade between Cambodia and Thailand reached $5.19 billion, a year-on-year increase of 20.52 percent. Both nations are committed to achieving their bilateral trade target of $15 billion by 2025.
