February 2, 2024
PHNOM PENH – The American business community in Cambodia commends the government for its support in facilitating US enterprises in the Kingdom, as Prime Minister Hun Manet has pledged to ensure a favourable investment environment in the country.
The American Chamber of Commerce in Cambodia (AmCham), represented by its president Devin Barta, engaged in discussions with the premier at the Peace Palace in Phnom Penh on February 1, focusing on the state of US business in Cambodia.
“Barta expressed gratitude to the government for creating an enabling environment and a positive atmosphere for American businesses operating in Cambodia. He also praised the openness and effective cooperation between the relevant ministries, institutions and AmCham,” stated a post on Manet’s official social media.
Barta informed Manet of AmCham’s efforts to foster connections between American and Cambodian financers, to highlight opportunities to American investors and to support female entrepreneurs.
He noted that the chamber is committed to bolstering and broadening cooperation in foreign direct investment (FDI) in Cambodia, focusing on the business sector, real estate and support for women on small and medium-sized enterprises (SMEs), vocational skills and financial training.
Manet expressed gratitude to the US business community for their confidence in investing in Cambodia and their cooperative spirit, noting their important contribution to the country’s socio-economic development.
“The prime minister also emphasised to the AmCham president the government’s dedication to maintaining a favourable investment climate in Cambodia and to strengthening economic and financial resilience,” the post stated.
It also noted that Manet highlighted Cambodia’s efforts to expand its online interbank payment system, Bakong, under the free trade agreement (FTA) with regional and global partners.
Manet outlined the appeal of Cambodia’s investment law and the government’s incentive policies for investors and businesses, which are designed to be realistic, favourable and flexible.
He also shared opportunities for investment in a high-tech industrial park, contributing to the development of the country’s digital sector.
On the same day, the prime minister also met with a delegation from the Japan-Mekong Business Cooperation Committee, led by its chairman Yoshihisa Suzuki, to discuss investment opportunities in Cambodia for Japanese financers.
The committee, part of the Japan Chamber of Commerce and Industry (JCCI), is responsible for gathering information, conducting surveys and researching the business environment in the Mekong region.
During the meeting, Suzuki expressed interest in investing in Cambodian original equipment manufacturers (OEMs) in the textile sector, with the end products featuring “Made in Cambodia” branding.
Manet detailed the investment potential in Cambodia and expressed hope that Suzuki and his delegation had gained insight into the opportunities.
He affirmed that Cambodia is prepared to collaborate with all investors, including those from Japan, to establish the Kingdom as a key regional investment hub.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), said that AmCham has closely collaborated with partners in the country to organise business forums, resulting in an increase in their membership.
He highlighted the success of the Cambodia-US Business Forum, which was facilitated by AmCham.
Heng noted that the country’s exports to the US are substantial, and highlighted the Generalised System of Preferences (GSP), which is advantageous for both Cambodian and American companies operating in the Kingdom, facilitating their export of products to the US.
He emphasised the key role that AmCham plays in attracting American businesses through the US embassy in Phnom Penh and other channels, and also noted the similar role played by the Japan-Mekong Business Cooperation Committee in Cambodia.