An Indian delegation comprising over 20 companies engaged in the manufacturing and trading of dyes, dye intermediates, and organic & inorganic chemicals including agrochemicals, specialty chemicals and cosmetics on Wednesday held a business meeting with their Cambodian counterparts in Phnom Penh.
Basic Chemicals, Cosmetics & Dyes Export Promotion Council- Chemixcil, as an endeavour to enhance trade in the chemical sector between India and Cambodia, led a delegation from India for a business meeting with Cambodian industry. More than 80 delegates from Cambodia participated in the event.
The event was supported by the Embassy of India, Phnom Penh and the Indian Business Chamber in Cambodia (IBCC).
Siddhartha Kumar, Regional Director of Chemexcil, who led the delegation delivered the welcome address and made a presentation. The gathering was addressed by Dr. Devyani Khobragade, Ambassador of India to Cambodia; Suon Sophal, Deputy Secretary General of Cambodia Investment Board; Lam Kim Leng, Under Secretary of State, Ministry of Industry, Science and Technology and Innovation, Kingdom of Cambodia; Chea Pisey, Deputy Director of Department of Agro-Industry (DAI), Ministry of Agriculture, Forestry and Fisheries of the Kingdom of Cambodia; and Babulal Parihar, President of Indian Business Chamber in Cambodia.
Extending a warm welcome to all the participants, Siddhartha Kumar elaborated on the Indian chemical sector. He said that the chemical industry is the backbone of India’s industrial and agricultural development. The industry is currently estimated to be worth $220 billion in 2022 and is anticipated to grow to $300 billion by 2025 and $1 trillion by 2040.
India is the sixth largest producer of chemicals in the world and third in Asia after Japan contributing 7 percent to India’s GDP.
Dr Khobragade said that India and Cambodia enjoy warm and cordial political relations and it is an opportune time to leverage mutual goodwill to boost trade, commerce, and investments between our two countries. She urged Indian companies to look at Cambodia for business opportunities as well as Cambodian businesses to make use of opportunities in India.
Ambassador mentioned that various measures, including India-Cambodia Joint Working Group on trade and investment, finalization of the Bilateral Investment Treaty, establishment of direct air connectivity, and Joint Business Council between India and Cambodia will facilitate enhanced trade & investments between India and Cambodia. She expressed confidence that impressive economic growth in both India and Cambodia will provide multiple opportunities for businesses from our two countries to expand in each other’s territories and forge partnerships.
Suon Sophal, Deputy Secretary General of Cambodia Investment Board, said that the event signifies the interest of the business community from India in Cambodia. He conveyed that Cambodia offers a business-friendly environment, affordable labour costs, connected trade infrastructure, and generous incentives including full ownership of companies in almost all sectors.
He went on to add that Cambodia has improved its investment climate by simplifying and digitising investment application procedures, strengthening investment facilitation, adopting international investment guarantees, and providing competitive incentive regimes. He conveyed that the CDC stands ready to engage with Embassy of India in Cambodia and other stakeholders to promote Indian FDI in Cambodia.
Lam Kim Leng, Under Secretary of State, Ministry of Industry, Science and Technology and Innovation said that the industry, science, technology and innovation sectors play a huge role in propelling Cambodia’s economy forward and it is predicted that in 2024, Cambodian economy will have a GDP growth rate of around 6.6 percent, with the industrial sector expected to grow at 8.5 percent. He added the event provides a significant opportunity with the prospect of having direct sellers in Cambodia, as their presence will for sure contribute to a more accessible, and competitive chemical market.
Chea Pisey, Deputy Director of Department of Agro-Industry (DAI), Ministry of Agriculture, Forestry and Fisheries, in his address impressed upon the importance of food additives and agrochemicals.
Babulal Parihar, President of Indian Business Chamber in Cambodia in his vote of thanks expressed gratitude to all the participants of the event. Conveying the willingness of the IBCC to work towards fostering India-Cambodia trade and investment, he invited various businesses to join the IBCC. The inaugural event was followed by a B2B and matchmaking meetings. khmertimeskh
