CDC looks to attract investment from Australia

CDC looks to attract investment from Australia

The Council for the Development of Cambodia (CDC) on Wednesday said that it working towards attracting investment partners from Australia. The CDC would also be exploring with other government departments and business chambers ways to boost semi-finished and processed product exports to Australia.

The CDC in a statement on Wednesday said the Cambodia Investment Committee (CIC) Deputy Secretary-General Soun Sophal had given a speech at the Economic Matching Program (EMP) in Melbourne, Australia, which was well received. This Economic Matching Program was organised by the Association of Investors, Innovation, and Development (IDI) and the Victoria Chamber of Commerce and Industry in Melbourne.

Australia is already a key export partner for Cambodia. As per data with the General Department of Customs and Excise, bilateral trade between Cambodia and Australia amounted to $502 million in 2023. And of this Cambodia exported some $370 million worth of goods to Australia, including gold, clothing, recreational travel items, footwear, and travel goods and bags. Australia’s main exports to Cambodia on the other hand were education-related travel, cereal preparations, recreational travel items, coal and beef. Over a five-year period, showed Cambodia’s exports to Australia had grown 29 percent, while imports had grown 20 percent.

CDC said, that this EMP programme was for improving relationships between Australian investors and other foreign partners, who were based in the country. The programme “aimed at strengthening and expanding networking links on economic transactions,” said the CDC in its statement.

CIC Deputy Secretary-General Sophal in his speech thanked IDI and Victoria Chamber of Commerce and Industry for organising this. He said it was “important to raise awareness of the potential and future of investment, sustainability, and trade of the Kingdom of Cambodia.”

CDC said Sophal also talked about the attractiveness of Cambodia’s investment market being “open and conducive to businesses.” Ease of doing business was higher in the region, and Sophal talked about changes in the domestic investment regime, incentives for investors and reliable investment returns.

CIC in its presentation, also mentioned the existing partnership Cambodia had with the Turkish community. CIC Deputy Secretary-General Sophal also mentioned the care taken by the Cambodian Investment Committee of CDC to ensure investors are supported effectively.

The CIC’s investment pitch is in tandem with Prime Minister Hun Manet’s visit to Australia for the ASEAN-Australia Special Summit; which is commemorating 50 years since Australia became ASEAN’s first Dialogue Partner. This is Prime Minister Hun Manet first visit to Australia as a national leader.

Australia and Cambodia bilateral and regional partnerships outside of exports – extend to other sectors such as health, agriculture, infrastructure and education. Australia has also been involved in the United Nations Transitional Authority in Cambodia (UNTAC), which is towards development projects; and is a party to the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and Regional Comprehensive Economic Partnership (RCEP) agreement. khmertimeskh

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