The Council for Development of Cambodia (CDC) is gearing up for an official trip to the United States to highlight the favourable investment climate that exists in Cambodia and attract potential investors from American companies to Cambodia.
Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, will lead the CDC delegation to the United States this month to engage with potential investors.
The CDC’s US trip is one of the ‘knock-on-door’ missions, which is aimed to showcase Cambodia’s investment potential and attract investors, Chanthol said during a meeting with Bridgette L.
Walker, Charge d’Affaires of the US Embassy in Cambodia on Tuesday.
Cambodia wants more investment from the United States and Europe, he underlined.
“The Council for the Development of Cambodia’s mission to the US is scheduled to take place in September which aims at promoting the investment climate in Cambodia and seek investment from US companies in Cambodia,” Chanthol said.
Under the investment facilitation of the Cambodian Government and Cambodia’s openness to foreign investors, Chanthol placed high hopes that US direct investment in Cambodia would increase in the near future.
Currently, there are a number of large US companies that have been successful in investing in Cambodia, such as Coca-Cola in the Royal Phnom Penh Special Economic Zone and RMA Automotive (Cambodia) Co., Ltd, which assembles FORD vehicles in Pursat province.
Other key sectors include automobiles, components, electronics and agro-industry, are potential for investors, he added.
Walker expressed optimism about Cambodia’s efforts to attract investors and wished the Council for the Development of Cambodia success in its future mission to the United States.
“Cambodia and the United States will continue to work together to further strengthen and expand the relationship to another level that will contribute to supporting the economic and social development of Cambodia,” she said.
The US continued to be the biggest export destination for Cambodian products despite the trade preference scheme, Generalized System of Preference (GSP).
Figures from the General Department of Customs and Excise showed that the Kingdom exported $8,897 million worth of goods to the US in 2023, which inched down 0.8 percent over that in 2022.
Products such as garments, footwear, and light manufacturing products are subject to pay tariffs under the Most Favoured Nation (MFN) treatment to the US market.
Both Cambodia and the US appear committed to addressing challenges and fostering a thriving trade relationship. Ongoing dialogue, investment initiatives and efforts to diversify trade flows will be crucial in solidifying this partnership.
