Two chambers of commerce from the Hong Kong Special Administrative Region of China are keen on expanding business relations in Cambodia, a move that may result in more investments for the country from abroad.
Kith Meng, President of the Cambodia Chamber of Commerce (CCC) organised a meeting with the Hong Kong delegation led by Ben Li, Founder and Honorary Chairman of the Cambodia Chinese Commerce Association (CCCA) in Phnom Penh on October 28.
During the meeting, Meng and Ben signed a memorandum of understanding (MoU) to jointly promote business cooperation. The MoU was signed in the presence of Catherine Chan, Founder and Executive Director of Urban Village, along with numerous business leaders and stakeholders from both sides.
Addressing the signing ceremony, Meng, also the Chairman of the ASEAN Business Advisory Council, underlined that this partnership reflects the joint efforts to promote economic development and prosperity in Cambodia.
He said that the cooperation aimed at attracting Chinese investors to Cambodia, especially by paving the way for Hong Kong businessmen to explore potential sectors and seize the benefits from the BRI Initiative, China-ASEAN FTA, Cambodia-China FTA and the Regional Comprehensive Economic Partnership (RCEP) agreement.
In his remarks, Li emphasised that the MoU is a positive step towards increasing trade and investment flow by improving Cambodia’s business climate and this can attract more Hong Kong investors.
Based on a CCC press release, both sides agreed on a series of collaborative initiatives, including identifying commercial opportunities, sharing information and resources, and co-organizing business programs.
Speaking with Khmer Times, the CCCA Founder noted that the purpose of this MoU is to attract more overseas investors to Cambodia and demonstrate our commitment to supporting various business communities from China, Hong Kong, Taiwan, Singapore, and Malaysia.
He continued that CCCA is fully affiliated with its Hong Kong headquarters which operates as a twin association dedicated to showcasing Cambodia’s investment potential both regionally and globally.
“It was established to facilitate connections for local and foreign investors to build lasting business networks and expand their operations,” Ben added.
“CCCA takes pride in creating strong connections between Cambodian companies and their counterparts across the Greater Bay Area of China, ASEAN, Asia, and the broader network of overseas Chinese entrepreneurs. Their mission is to foster collaboration and investment opportunities within Cambodia,” he noted.
Currently, the association has over one thousand members, representing an investment portfolio of $1.8 billion while generating over 100,000 job opportunities across the Kingdom, the CCCA Founder added.
On the same day, CCC President Kith Meng also met with Dewan Saiful Alam, Chairman of the Asia-Africa-Middle East Committee of Hong Kong General Chamber of Commerce (HKGCC) who organised a mission for the business delegation to explore investment and trade opportunities in the Kingdom’s priority sectors.
In his welcome remarks, Meng appreciated the presence of the delegation which proved their commitment to collaborate with local businessmen to enhance trade and investment activities for the benefit of both countries.
He further briefed the incentive policy issued by the Royal Government of Cambodia (RGC) and the accessibility to overseas markets, encouraging Hong Kong investors to seize these opportunities timely.
The business delegation that attended the meeting came from various sectors such as trade, energy, legal services, real estate, tourism and health, aiming to boost economic ties between Cambodia and Hong Kong.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
