Tokyo (FN), Dec. 19 – Neak Oknha Kith Meng, President of the Cambodian Chamber of Commerce (CCC) and Chairman of the ASEAN Business Advisory Council, highlighted Cambodia’s potential factors for Japanese investors, who are looking to expand their presence in the kingdom.
The president of the CCC spoke at the Cambodia Investment Seminar 2023 on Tuesday (Dec. 19), jointly organized by the CCC, the Japan External Trade Organization (JECTRO), the Council for the Development of Cambodia (CDC), and Mizuho Bank, under the chairmanship of Cambodian Prime Minister Hun Manet.
Neak Oknha Kith Meng briefed the historical friendship and cooperation between Cambodia and Japan. He pointed out that 2023 marks the 70th anniversary of diplomatic relations between the two nations, which have evolved into a comprehensive strategic partnership reflecting years of collaboration, trust, and cooperation.
Kith Meng underscored Japan's significance as one of Cambodia's major trade and investment partners and a substantial contributor to the country's socio-economic development. As of November 2023, Japan has invested USD 2.9 billion in Cambodia across 151 investment projects. Notable Japanese companies, including Toyota, Minebea Mitsumi, Sumi Wiring, Honda, Canon, AEON Malls, and Panasonic, operate in Cambodia. The bilateral trade volume reached USD 1.5 billion in the first 10 months of 2023, with Japan playing a crucial role in Cambodia's exports.
Highlighting the 50th anniversary of ASEAN-Japan relations in 2023, Kith Meng underlined the shared vision for a prosperous region with peace, stability, and crisis resilience. He positioned Cambodia as an essential player in this vision, being a member of both ASEAN and the Regional Comprehensive Economic Partnership (RCEP) with strategic proximity in Southeast Asia.
Kith Meng outlined Cambodia's impressive economic growth, with a sustained annual growth rate of 7.7% for over two decades. Cambodia serves as a market base for RCEP countries, strategically located next to populous neighbours such as Thailand (71 million) and Vietnam (98 million), boasting a young and skilled workforce.
Regarding the potential benefits for Japan in terms of markets, economic cooperation, and strategic partnerships, Kith Meng encouraged Japanese and Cambodian companies to seek partnerships and increase their investments in Cambodia. He specifically urged ANA Company to consider reopening direct flights from Japan to Cambodia to promote business and tourism activities.
Addressing recent legislative initiatives, Kith Meng mentioned the enactment of the Fiscal Law in May 2023, aiming to create a transparent, predictable, and investment-friendly environment while preventing tax evasion. Additionally, the 2021 Investment Law focuses on establishing a favorable legal framework for quality and efficient investments to support socio-economic development.
Under the leadership of Samdech Thipadei Hun Manet, the Royal Government of Cambodia has set ambitious goals through the Pentagonal strategy, aiming to transform Cambodia into a high-middle-income country by 2030 and a high-income country by 2050.
Kith Meng expressed optimism that the Cambodia Investment Seminar 2023 provides a timely opportunity for exchanging views, seeking new opportunities, and fostering partnerships between Japanese and Cambodian companies. He believes that the seminar will serve as a catalyst for increased trade and investment flows, business cooperation, innovation, and mutual understanding and friendship between the two countries.
=FRESH NEWS
