Phnom Penh (FN), Mar. 15 – An Indian delegation comprising more than 20 companies engaged in the manufacturing and trading of Dyes, Dye intermediates, Organic & Inorganic chemicals including Agro chemicals, Specialty chemicals and Cosmetics held a business meeting with Cambodian businesses on 13 March 2024 in Phnom Penh.
Basic Chemicals, Cosmetics & Dyes export Promotion Council-Chemixcil, as an endeavour to enhance trade in Chemical Sector between India and Cambodia mounted the delegation of industry players from India for a business meeting with Cambodian industry. More than 80 delegates from Cambodia participated in the event. The event was supported by the Embassy of India, Phnom Penh and Indian Business Chamber in Cambodia (IBCC).
The event began with the playing of the national anthems of India and Cambodia. Siddhartha Kumar, Leader of the delegation & Regional Director of Chemexcil, delivered the welcome address and made a presentation. The gathering was addressed by Devyani Khobragade, Ambassador of India to Cambodia; Suon Sophal, Deputy Secretary General of Cambodia Investment Board; Lam Kim Leng, Under Secretary of State, Ministry of Industry, Science and Technology and Innovation, Kingdom of Cambodia; Chea Pisey, Deputy Director of Department of Agro-Industry (DAI), Ministry of Agriculture, Forestry, and Fisheries of the Kingdom of Cambodia; and Babulal Parihar, President of Indian Business Chamber in Cambodia.
Siddhartha Kumar in his address extended a warm welcome to all the participants and elaborated on the Indian chemical sector. He mentioned that the chemical industry is the backbone of India’s industrial and agricultural development. The Industry, which is currently estimated to be worth USD 220 Billion in 2022 and is anticipated to grow to USD 300 Billion by 2025 and USD 1 Trillion by 2040.India is the 6th Largest producer of Chemicals in the world and 3rd in Asia after Japan contributing 7 per cent to India’s GDP.
Devyani Khobragade, Ambassador of India to Cambodia, said that India and Cambodia enjoy warm and cordial political relations and it is an opportune time to leverage mutual goodwill to boost trade, commerce, and investments between our two countries. Ambassador urged Indian companies to look at Cambodia for business opportunities as well as Cambodian businesses to make use of opportunities in India. Ambassador mentioned that various measures, including India-Cambodia Joint Working Group on Trade and Investment, finalisation of Bilateral Investment Treaty, establishment of direct air connectivity, Joint Business Council between India and Cambodia will facilitate enhanced trade & investments between India and Cambodia. Ambassador expressed confidence that impressive economic growth in both India and Cambodia will provide multiple opportunities for businesses from our two countries to expand in each other's territories and to forge partnerships.
Suon Sophal, Deputy Secretary General of Cambodia Investment Board, said in his address that the event signifies the interest of the business community from India in Cambodia. He conveyed that Cambodia offers a business-friendly environment, affordable labour costs, connected trade infrastructure, and generous incentives including full ownership of companies in almost all the sectors. He added that Cambodia has improved its investment climate by simplifying and digitising investment application procedures, strengthening investment facilitation, adopting international investment guarantees, and by providing competitive incentive regimes. He conveyed that the CDC stands ready to engage with the Embassy of India in Cambodia and other stakeholders to promote Indian FDI in Cambodia.
Lam Kim Leng, Under Secretary of State, Ministry of Industry, Science and Technology and Innovation said that the industry, science, technology, and innovation sector play a huge role in propelling Cambodia's economy forward and it is predicted that in 2024, Cambodian economy will have a GDP growth rate of around 6.6 per cent, with the industrial sector expected to grow at 8.5 per cent. He added the event provides a significant opportunity with the prospect of having direct sellers in Cambodia, as their presence will for sure contribute to a more accessible, and competitive chemical market.
Chea Pisey, Deputy Director of Department of Agro-Industry (DAI), Ministry of Agriculture, Forestry and Fisheries, in his address impressed upon the importance of food additives and agro chemicals.
Babulal Parihar, President of Indian Business Chamber in Cambodia in his vote of thanks expressed gratitude to all the participants of the event. Conveying the willingness of the IBCC to work towards fostering India-Cambodia trade and investment, he invited various businesses to join the IBCC.
=FRESH NEWS
