Phnom Penh (FN), Nov. 13 – The British Embassy Phnom Penh and the Ministry of Commerce of the Kingdom of Cambodia hosted the 2nd UK-Cambodia Joint Trade Investment Forum (JTIF) on 12 November 2024 at the Rosewood Hotel in Phnom Penh, presided over by Dominic Williams MBE, British Ambassador to Cambodia, and Cham Nimul, Minister of Commerce of Cambodia. This year's theme, "The Road to 2030," underscores the commitment of both nations to foster sustainable economic growth and strengthen their trade and investment partnership over the next five years.
The forum succeeded in its aims to:
• Assess progress, through measuring advancements in trade policy, investment for development, and business successes between the UK and Cambodia.
• Enhance partnerships by raising awareness of the UK-Cambodia economic relationship by positioning the private sector as our key partner in delivering growth.
• Represent industry by highlighting the role of the British Chamber of Commerce in Cambodia as our first partner in advocating for UK commercial interests in Cambodia, whereby the Cambodia Chamber of Commerce plays important role in spearheading Cambodian private sector’s interest vis-à-vis UK partners.
• Plan for the future, by exploring possibilities and prospects for the year 2030 and beyond, setting the direction for our partnership, offering necessary development assistances, and preparing for upcoming challenges and opportunities.
• Align strategically, with a focus on key areas for economic growth, utilising tools such as Investment Partnerships, Trade Missions, and the UK-ASEAN Economic Integration Programme.
• Resolve challenges, through candid discussion and addressing trade barriers from both UK and Cambodian perspective
The 2nd JTIF attracted key UK businesses and investors to Cambodia from the region, including Singapore and Vietnam. The forum served as a platform to showcase a joint commitment to boost trade between the two countries and highlight a number of initiatives designed for that purpose. These include UK development programmes supporting Cambodia’s economic diversification and green transition, driving growth in both countries; partnering with Cambodian exporters get their goods to the UK market, and to take advantage of the Developing Countries Trading Scheme; promoting Cambodia as an investment destination; and the both sides’ intention to establish a double taxation agreement and other necessary trade-related agreements.
Dominic Williams MBE, British Ambassador to Cambodia said, “I firmly believe that the UK-Cambodia trade and investment relationship brings huge benefits to both sides and plays a significant role in supporting Cambodia’s development goals. The UK is a top ten export market for Cambodian goods, and we are keen to help even more Cambodian producers to sell their amazing products to UK consumers. This will support key sectors of Cambodia’s economy to grow, and support jobs for hard-working Cambodians. I am also keen to help UK businesses expand their presence in Cambodia, especially in education, infrastructure and financial services. The UK has firms with exceptional experience in these sectors, which they can deploy both to generate revenue for the UK and to enhance Cambodia’s global competitiveness.”
The focus on 2030 aligns with several critical milestones. It coincides with the target date for the UN Sustainable Development Goals, which guide both nations' economic planning. Cambodia's Vision 2030 aims to achieve Upper-Middle Income Status, potentially diversifying opportunities for UK businesses. 2030 marks a crucial deadline for global climate action, with implications for sustainable practices in Cambodia's key sectors.
Cham Nimul, Minister of Commerce said, "Today’s forum is both timely and essential, serving as a crucial platform to deepen our practical, resilient, and forward-looking partnerships, not only by creating opportunities for frank and open discussion but also by facilitating strategic business partnerships that drive sustainable and inclusive growth. I wish to underscore the significance of Cambodia’s trade integration into the region and the world. Cambodia has benefited greatly from regional and bilateral relations that have shaped and reinforced Cambodia’s commitment to inclusive multilateralism. Looking ahead, the path to sustainable prosperity requires steadfast commitment from all stakeholders, including sound public private partnership mechanisms, the development of tailored regulations and policies, and support for the private sector to fully capitalize on existing advantages, particularly preferential and incentivized benefits."
The 2nd UK-Cambodia JTIF represents a significant opportunity for both nations to strengthen their economic ties, address shared challenges, and plan for a sustainable future. The path to 2030 is clear: a dynamic, resilient, and mutually beneficial partnership that will drive progress, create jobs, and unlock new potential for businesses and citizens in both nations.
=FRESH NEWS
