Prime Minister Hun Manet said that Cambodia’s economic and business landscapes gave prominence to partnerships and Asean is a beacon of stability and power.
Addressing the inaugural session of the ‘Cambodia-Asean Business Summit 2025’ yesterday at Sofitel Phnom Penh Phokeethra in the capital, Mr Hun Manet described the summit as a “dynamic platform to foster economic cooperation and development within the Asean region”.
The summit held under the theme ‘Accelerating Asean’s Connectivity: People, Infrastructure and Trade’ was attended by over 800 representatives from 26 countries alongside senior government officials, top private sector executives and other key stakeholders.
“As of now, Asean grouping stands as the fifth largest economy and we have a collective aspiration of creating a deeply connected Asean. Free Trade Agreements (FTAs) between countries have led to more regional integration,” the Premier said, adding that the “Asean economic trajectory is strong with an annual growth rate of 4.8 percent and an inclusive Asean offers significant investment opportunities for the global markets.”
Mr Hun Manet said that the Kingdom will grow at a rate of 6.3 percent in 2025 and is expected to grow between 6-7 percent in the medium term. “Cambodia has an open policy towards trade and investments and both local and foreign investors have been benefiting from the economy,” he said.
Quoting a recent article published in the Financial Times, Mr Hun Manet said that Cambodia was highlighted “as a top destination for FDI.
The country provides the most conducive environment for businesses and investors and we value collaboration”.
On the new measures introduced by the Royal Government to attract investment, the Premier highlighted tax reforms, close cooperation between the ministers and the private sector, special incentives for investors, comprehensive vocational training programmes and an expanding digital ecosystem as key elements to further boost the growth saga.
Kith Meng, President of Cambodia Chamber of Commerce and Chair of Asean Business Advisory Council (BAC), said the summit sends a strong message of shared spirit and strong connections of the Asean Economic Community (AEC).
He lauded the efforts of former Prime Minister and Senate President Hun Sen and Prime Minister Hun Manet in achieving the country’s major economic milestones. “Former Prime Minister and Senate President Hun Sen transformed Cambodia from an insignificant nation to a respected developing country within Asean and Prime Minister Hun Manet is building on the strong foundation to champion Asean unity.”
Meng said the summit lays special emphasis on Asean power grid, infrastructure development and adopting digital technologies.
“Upskilling workforces is also of great importance as the Asean region is all set to embrace the Fourth Industrial Revolution. Poised to become the fourth largest economy in the world in 2050 at $10 trillion, Asean region will be the major driving region within the larger global economy.”
Cambodia, which has showcased consistent economic growth during the past two decades offers the best opportunities to explore for investors within the Asean region and beyond, he said.
Chair of Asean BAC 2025 Nazir Razak said, “Gradual disintegration of the US-led system is leading towards greater opportunities for regional collaboration and boosting intra-Asean trade is one of the ways to make meaningful changes.”
Underscoring the importance of working towards the concepts of ‘Asean Business Entity’, ‘Asean IPO’ and ‘Asean Single Window for Business Documentation’, Razak said, “Asian Business Entity will provide a single product base for businesses in the region while Asean IPO will offer platforms for investors to raise funds from any of the Asean markets.
“Once implemented, the concept of Asean Single Window for business documentation will be a key milestone for the region in terms of economic integration.”
Nazir said he has never been this optimistic regarding the growth prospects of Asean region alongside the economic integration. “The changing global order is very well favouring the Asean region as it has always stood for neutrality.”
Keo Rottanak, Minister of Mines and Energy, said the Kingdom welcomes investors in the country’s energy sector as partners of development.
The first panel discussion titled ‘Building Asean’s Future: Infrastructure, Development and Regional Connectivity’ explored the vital role of infrastructure development in driving economic growth and regional integration within Asean. It dwelled into the importance of physical infrastructure, digital connectivity, and Asean Energy Grid (AEG) connectivity.
The second panel discussion titled ‘Driving Prosperity Through Trade and Investment’ examined as to how Asean as a whole is leveraging trade and investment to drive economic growth and development across the region and the third one titled ‘Human Capital: Key to Trade and Infrastructure Development’ focused on the critical role human capital plays in driving trade and infrastructure development across the Asean region.
Bringing together prominent voices from Asean member states, the discussion explored how investing in human capital can unlock the region’s economic potential.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
