Phnom Penh: The Hong Kong Trade Development Council (HKTDC) has initiated a significant economic partnership with Cambodia through a high-profile delegation visit from July 30 to 31, aimed at bolstering trade and economic relations between the two regions.

The delegation, comprising 30 leaders from international, Mainland Chinese, and Hong Kong enterprises, represents key sectors including finance, insurance, innovation and technology, professional services, infrastructure, transport and logistics, energy, and hospitality. Their visit underscores Hong Kong's commitment to fostering deeper economic integration with Cambodia.

At a business luncheon held at the Sofitel Phnom Penh on the afternoon of July 31, Peter K N Lam, Chairman of the HKTDC, emphasized the mission's goals. “Our objective is to explore opportunities and forge connections that will strengthen the relationship between Cambodia and Hong Kong,” Lam stated. “Hong Kong is renowned for its prowess in traditional sectors such as finance, trade, logistics, and professional services, which can support the expansion of Cambodian businesses. Additionally, we are advancing in new areas like innovation and sustainability, which presents further avenues for collaboration. We are impressed by Cambodia’s robust economic growth and its ongoing efforts to diversify its economy and promote sustainable development.”

John Lee, Executive Director of the Hong Kong Special Administrative Region, also expressed gratitude towards the Cambodian government for its past support of Hong Kong investors. Lee highlighted the visit's purpose: to reinforce ties between Hong Kong and Cambodia, particularly in trade and interpersonal connections.

“The objective of our mission is to explore opportunities and forge connections that will strengthen the relationship between Cambodia and Hong Kong,” Lee affirmed. “Our city’s strengths in finance, trade, logistics, and professional services can assist in expanding Cambodian businesses. We are also keen to collaborate on innovation and sustainability, areas in which we are making significant progress. Cambodia’s impressive economic growth and efforts to diversify and develop its private sector are commendable.”

In his remarks, Deputy Prime Minister Sun Chanthol, First Vice President of the Council for the Development of Cambodia, highlighted Cambodia's stable economic environment, characterized by low inflation and favorable conditions for investment. He also discussed ongoing infrastructure development projects and trade facilitation efforts that support business growth. Chanthol encouraged Hong Kong investors to contact him directly for investment opportunities in Cambodia, providing his personal phone number for ease of communication.

With the Belt and Road Initiative (BRI) entering its second decade and regional cooperation intensifying through agreements like the Regional Comprehensive Economic Partnership (RCEP), Hong Kong aims to continue its role as a superconnector between the China market, ASEAN, and the broader global economy.

Neak Oknha Kith Meng, President of the Cambodian Chamber of Commerce, expressed optimism about the impact of Hong Kong investment on Cambodia’s economic growth for 2024. Noting that trade between Cambodia and Hong Kong approximates $1 billion annually, Meng encouraged Hong Kong investors to explore opportunities in Cambodia, citing the country's favorable business climate, investment laws, and tax transparency.

The Hong Kong Trade Development Council (HKTDC), established in 1966, is dedicated to promoting Hong Kong’s trade and investment opportunities. With 50 global offices, including 13 in Mainland China, the HKTDC facilitates international business through exhibitions, conferences, and missions, particularly supporting small and medium-sized enterprises (SMEs). The council also provides market insights and updates through research reports and digital channels.