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Cambodia Ready to be a Strategic Partner of Businessmen and Investors

Phnom Penh, April 2, 2024 – Prime Minister Hun Manet has announced the country's readiness to become a strategic ally for businessmen and investors. This declaration came during the official opening ceremony of the Cambodia-ASEAN Business Summit, signaling Cambodia's commitment to fostering a resilient, sustainable, and competitive ASEAN Economic Community (AEC) for the collective benefit of the region.

Cambodia's advantageous geographical location is a key asset in providing seamless connectivity and fostering an ecosystem that prioritizes mutual benefits and regional well-being, according to Prime Minister Hun Manet. The country's involvement in major regional and international trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP) and the World Trade Organization (WTO), further cements its role as an integral player in the global marketplace. Products bearing the "Made in Cambodia" label, including textiles and bicycles, have gained international acclaim for their quality and affordability, showcasing Cambodia's expanding footprint in the global market.

The Prime Minister emphasized Cambodia's conviction that a robust, resilient, and integrated ASEAN Economic Community would lead to shared prosperity among member states. In line with this vision, the Royal Government of Cambodia has been advocating for the implementation of the "Plus-One Strategy." This approach aims to attract investment in the production of spare parts or semi-finished products to supply larger factories in neighboring ASEAN countries. Furthermore, the recent approval of the new Investment Law offers numerous incentives for strategic and potential investment projects in priority sectors.

Highlighting the country's infrastructural developments, Hun Manet noted significant investments in highways, deep-sea ports, international airports, and modern logistic centers. These endeavors are geared towards enhancing regional connectivity to Cambodia's key economic corridors and the broader ASEAN region. Such strategic investments are expected to reduce logistics costs and boost the efficiency of businesses operating within Cambodia, leveraging the substantial potential of the regional market.

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