Cambodia, US explore investment possibilities

Cambodia, US explore investment possibilities

The Royal Government of Cambodia (RGC) yesterday hosted a meeting for the Cambodian Oknha Association (COA) and a California business delegation aimed at fostering investment partnerships and strengthening economic ties between the two nations.

Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of the Council for the Development of Cambodia (CDC) presided over the meeting with representatives of 20 American companies in Phnom Penh.

The California business delegation was led by Kim Chahout, Honorary Consul General of Cambodia in California and also Head of the Cambodia Chamber of Commerce (CCC) office in California.

Hun Lak, Secretary General and Spokesperson of COA, led the COA members and representatives from various chambers of commerce in the Kingdom.

In his welcome remarks, Chanthol highlighted the ongoing development in the country, particularly the policy of promoting economic diversification, to achieve high-income status by 2050.

He also provided an overview of the establishment of the CDC, outlining its mission and role as the primary point of contact for private investment and the management of special economic zones (SEZs).

Chanthol said, “The RGC has been continuously striving to improve the business and investment environment, particularly through the digitalisation of public service delivery.

“Notably, the introduction of the CDC Investment Project Management System (cdcIPM) allows investors to apply for investments anytime and from anywhere via the Internet,” he added.

The COA Secretary-General provided an overview of the mission and core role of the organisation, which represents the private sector in the Kingdom. “It is composed of businessmen and entrepreneurs with significant potential, investing across various sectors to create jobs for citizens nationwide,” Lak said.

According to CDC announcement, the American business delegation expressed interest in the Kingdom’s remarkable progress and highly appreciated the efforts of the RGC and CDC in coordinating and supporting the private sector.

The delegation also evinced interest in exploring opportunities to strengthen bilateral cooperation between California and Cambodia, particularly in the areas of economic and investment relations, the statement added.

During the meeting, the Deputy Prime Minister also highlighted several key factors that make the country a potential investment destination.

Chanthol said that Cambodia boasts a highly favourable geographical location and abundant renewable energy resources making it an ideal destination for investment.

“The country also benefits from a stable macroeconomic environment, alongside peace, political stability, and flexible, preferential investment laws which further enhance its attractiveness as an investment hub.”

He continued that Cambodia has a young workforce that is ready for digital transformation and eager to embrace new training opportunities.

“The government prioritises the growth of the private sector, actively fostering collaboration through government-private sector forums to drive development.”

Furthermore, Cambodia’s diversified and well-developed intermodal transport and logistics infrastructure, which includes land, water, rail, and air, aimed to improve integration both within the country and across the region, promoting greater connectivity and economic growth, he added.

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