Phnom Penh, July 9, 2024 – Prime Minister Hun Manet presided over the French-Cambodian Business Forum held this morning at the Sofitel Hotel in Phnom Penh.
In his keynote speech, the Prime Minister highlighted the robust Cambodian-French cooperation, noting that it extends beyond politics and development assistance. French economic collaboration remains significant, with France being one of Cambodia’s largest trade and investment partners in Europe. Bilateral trade reached $515.21 million in 2023 and $206.41 million in the first five months of 2024. Numerous French companies, from multinationals like Vinci, Total Energies, Accor, and BRED Bank, to small and medium enterprises, have established operations in Cambodia. French investments have contributed to job creation, skill transfer, and infrastructure development, underpinning Cambodia’s sustainable economic growth.
The Prime Minister invited all French investors to explore the vast investment opportunities in Cambodia and capitalize on the strong bilateral relations between the two countries. He welcomed the strategic decisions of investors, particularly French investors, who choose to invest directly in Cambodia or form partnerships with local investors.
Prime Minister Hun Manet reiterated Cambodia’s readiness to support and warmly welcome all investors and businessmen from around the world. The Royal Government of Cambodia is committed to the well-being of investors, addressing their challenges, and strengthening relationships with the private sector to resolve emerging issues efficiently. The government’s principle of "thinking together, acting together, and taking responsibility together" has led to the development of mechanisms such as the Royal Government-Private Sector Forum, which facilitates the expression of concerns and suggestions from the private sector.
In recent months, significant progress has been made in improving the business environment. The government has reduced the burden on the private sector in areas such as business registration, licensing, employment compliance, and accounting and auditing compliance. High priority has been given to comprehensive tax reform, with the development and implementation of standard operating procedures to address concerns related to audits and tax assessments. These reforms aim to enhance the efficiency, predictability, and transparency of tax administration.
Trade facilitation has also been promoted through measures such as reducing logistics and transportation costs, introducing the National Single Window system, and completing customs clearance before goods arrive (pre-arrival processing).
The Prime Minister expressed gratitude to the French Chamber of Commerce and Industry in Cambodia, the French Foreign Trade Adviser in Cambodia, and the Cambodian Chamber of Commerce for their joint efforts in organizing the prestigious event for the second time. He emphasized that this forum is a valuable opportunity to strengthen the friendship and explore the economic partnership potential between Cambodia and France.
