Regional Free Trade Agreements such as ASEAN and RCEP, bilateral agreements with China and Korea and bilateral agreements with China and Korea have created massive markets for Cambodia for new investments, said Kith Meng, President of the Cambodia Chamber of Commerce.
The Kingdom has been one of the fastest growing economies in the region and is expected to continue to grow as a country eager to join forces with investors on a journey towards shared prosperity, he said.
“Our extensive network of the Regional Free Trade Agreements such as ASEAN and RCEP and bilateral agreement with China and Korea, as well as the Comprehensive Economic Partnership Agreement with the UAE, ensures seamless access to major Asian markets,” Meng said during his opening remarks at the Cambodia-France Business Forum in Phnom Penh on Monday.
Combined with the government’s solid commitment to transparency and efficiency, Cambodia offers a stable and predictable business environment for your investments, he added.
Cambodia is not just a strategic export-oriented manufacturing hub, but also a nation that is committed to a pro-business environment, investment-friendly policies and investment principles, following the rule of law and the development of a skilled workforce, CCC president underlined.
“We value and prioritize our existing investors while simultaneously attracting new ones, ensuring a thriving and supportive business ecosystem for all,” Meng said.
Cambodia is a member of the RCEP agreement that is engaged with 15 Asia-Pacific countries, and the Kingdom also has bilateral FTAs with China, South Korea and the United Arab Emirates.
RCEP comprises 15 Asia-Pacific countries, including the 10 ASEAN (the Association of Southeast Asian Nations) member states of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, and their five trading partners, namely China, Japan, South Korea, Australia, and New Zealand.
Last year, the Council for the Development of Cambodia approved 268 investment projects worth nearly $4.9 billion.
The Council for the Development of Cambodia approved 190 investment projects worth $3.2 billion, a threefold increase compared to the same period in 2023.
With RCEP and FTAs now in effect, Cambodia is well-positioned to witness a significant uptick in foreign investment, propelling the nation’s economic growth and diversification.
