President of Cambodia Chamber of Commerce, Kith Meng, called on Singaporean investors to invest in some other untapped potential areas to further build a strong economic tie between the two ASEAN nations.
Addressing the Cambodia-Singapore Business Forum in Singapore on Wednesday, Meng, who is also the Chair of ASEAN-BAC Cambodia, said the forum serves to strengthen and expand the existing collaborations between dynamic business communities.
Cambodia-Singapore Business Forum was held with participation from some 500 businessmen from 348 companies including top officials of the two countries.
“For decades, Singapore has been a steadfast supporter and partner and one of our earliest and most significant investors in Cambodia. Your expertise in manufacturing, services, and other key sectors has been instrumental in increasing Cambodia’s economic growth,” he said.
Meng further said that Cambodia and Singapore celebrated their shared achievements and laid the groundwork for a future of greater mutual success.
Meng urged the ASEAN leaders to push for ASEAN Energy Connectivity, a transformative initiative with the potential to significantly enhance energy security and economic growth for the entire region.
Cambodia continues to attract a large range of Singaporean businesses and there are many opportunities for investment and partnership in Cambodia, particularly in key sectors such as infrastructure assets, finance, renewable and alternative energy, food and tourism.
“Cambodia is a safe, welcoming and vibrant nation full of potential. Come to Cambodia and witness first-hand and discuss to learn about the success stories of other Singaporean companies already booming in our market” Meng stressed.
“Let us build meaningful connections, exchange ideas and explore shared ventures. I am confident that together, we can unlock a new chapter of sharedprosperity in the heart of Southeast Asia.”
According to the Cambodia Chamber of Commerce (CCC), over the past 15 years, since 2009, bilateral trade has consistently surpassed $1 billion annually, increasing to over $3 billion in 2023.
Meng underlined that this remarkable growth demonstrates the strength of [our] economic partnership and serves as evidence to a successful intra-ASEAN cooperation. “Our thriving economy, propelled by a youthful and motivated workforce, strategic geographic location within ASEAN, and a government dedicated to fostering a business-friendly environment, is ideal for investment.”
On Cambodia’s conducive environment, Meng said that under the dynamic leadership of Prime Minister Hun Manet, Cambodia has cultivated a stable and predictable environment conducive to long-term business success.
The country 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 for the development of a skilled workforce.
In the keynote address, Prime Minister Hun Manet also asked investors to consider exploring new opportunities in the country. “I would like to invite all Singaporean investors to seek opportunities in Cambodia’s market which is progressing in sustainability,” the premier said.
Underlining the Kingdom’s guarantee for investors, Mr Hun Manet said that Cambodia stands as the most attractive investment destination in the ASEAN region with peace, economic and political stability, the government’s full support, an energetic young workforce and a strategic location.
Jean François Tan, Cambodian Delegate Minister, at the press conference on Wednesday, said that the discussions of Mr Hun Manet and Singaporean Prime Minister Lawrence Wong primarily focused on trade, investment and food security.
He added that Mr Hun Manet urged the Cambodian Ministry of Commerce and the Singaporean Embassy in Phnom Penh to maintain regular dialogue and exchange information on the economy, trade, and investment.
