New Dehli (FN), Feb. 24 – The Cambodian Oknha Association (COA) and the Federation of Indian Chambers of Commerce & Industry (FICCI) launched the India-Cambodia Joint Business Council (ICJBC).
This initiative, has been facilitated by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, India, and Ministry of Commerce of Cambodia, with the objective of boosting trade and investment between India and Cambodia by providing a crucial platform for discussions and collaboration between the private sector from the two countries.
Devyani Khobragade, Ambassador of India to Cambodia stated, "It is an immense pleasure to see the launch of the India-Cambodia Joint Business Council. The JBC will provide an official platform for private sector engagement at the top level. One-to-one engagement between leading businesses, which the governments back, will surely boost trade and investments between India and Cambodia and strengthen bilateral partnerships. I wish them every success."
Neak Oknha Ly Yong Phat, President of the Cambodian Oknha Association stated, "The launch of the ICJBC marks a new chapter in Cambodia-India economic relations. This platform will enable us to identify and address challenges while unlocking new opportunities for mutual benefit."
The ICJBC aims to create a bilateral consultation mechanism where business leaders from both nations can discuss and propose solutions to enhance trade, investment, and collaboration across various sectors. This includes promoting trade facilitation, fostering industry partnerships, boosting innovation and entrepreneurship, and facilitating technology transfer. Specific focus areas include agriculture, food processing, healthcare, pharmaceuticals, infrastructure, information technology, education, manufacturing, and tourism.
Neak Oknha Hun Lak, Board Member and Secretary General, Cambodia Oknha Association said, "The India-Cambodia Joint Business Council has taken its first giant leap, and the success of this inaugural meeting fills me with immense optimism. The open and productive discussions held here today are a testament to the shared commitment of Cambodian and Indian businesses to unlock new levels of collaboration and growth. I am confident that the ICJBC will serve as a powerful platform to translate this enthusiasm into tangible results, fostering mutually beneficial trade, investment, and innovation for years to come."
The Federation of Indian Chambers of Commerce and Industry (FICCI) and the Cambodian Oknha Association (COA) are the secretariats for the ICJBC in India and Cambodia, respectively. The first meeting was hosted by FICCI in New Delhi, India. The Cambodian delegation was led by H.E. Rithipal Tith, Under Secretary of State, Ministry of Commerce, and comprised of representatives of top business conglomerates in Cambodia. From the Indian side, Mr. Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India, participated in the inaugural session.
This event included business matching from both parties inlcuing seven business groups from Cambodia and twelve groups from India. Indian businesses from Skill Development, Mining, Health-care, Food Processing, Infrastructure, Educational Research, Real Estate sectors participated in the JBC.
The FICCI and COA also signed a Terms of References, making the JBC an institutional mechanism with annual meetings in India and Cambodia alternatively. The other key attributes of the India-Cambodia Joint Business Council include:
● Jointly chaired by a senior industry representative from each country.
● It comprises members from diverse sectors representing private companies interested in India-Cambodia's economic development.
● Regularly exchange information and legislation related to trade, investment, and market trends.
● Recommendations submitted to respective governments to improve the business environment.
The launch of the ICJBC is expected to generate significant interest from businesses and stakeholders in both countries. It signals a promising future for India-Cambodia economic cooperation and paves the way for collaborative growth and prosperity.
=FRESH NEWS
