Cambodia Investment Review

Investment firm TRIPROVIDENT funds Cambodian ventures to reduce greenhouses gases: Indonesian Business Week

Investment firm TRIPROVIDENT funds Cambodian ventures to reduce greenhouses gases: Indonesian Business Week

To celebrate Indonesia’s 76th Anniversary of Independence from August 17 – 24 Cambodia Investment Review will be highlighting business and investment opportunities for Indonesian’s in the Kingdom of Cambodia.

A recent U.N. climate panel report has found the Earth is likely to hit the 1.5C warming limit within 20 years, “which is the most that the world could handle without widespread economic and social upheaval”. The report has highlighted the need for Cambodia and the world look to transition to a more environmentally sustainable economy.

In response, local firm TRIPROVIDENT has decided to help in the fight to combat climate change by investing in Cambodian businesses that can achieve a net negative carbon footprint and reduce the current level of greenhouses gasses in the atmosphere.

Chairman of TRIPROVIDENT and Indonesian national Mr. Chandra Satya told ‘Cambodia Investment Review Indonesian Business Week’ that the company was established as a consolidated vision of three businessmen to make a difference for the future.

“TRIPROVIDENT is focused on businesses that have a net negative carbon footprint or reducing greenhouse gases emission, on a large scale and Cambodia became a natural choice due to her success in recent years. In just the first year of establishment, TRIPROVIDENT has invested in businesses that have been estimated will reduce 2,406,375 metric tonnes of greenhouse gases emissions – which is just the tip of the iceberg of Cambodia’s potential,” Chandra said.

According to the Chairman, Cambodia has been growing from strength to strength, governed by an experienced government and supported by a younger generation. He added, that the dual generation government has seen unprecedented growth in Cambodia.

“This growth, coupled with stability has seen huge investments from all over the world, especially from China companies who were quick to tap on to the massive opportunities that Cambodia still possesses,” he said.

“Having been in Cambodia in the last decade we have seen first-hand the difficulties faced by a developing country and that has made us appreciate the hard-fought success of our Indonesian forefathers since the Proclamation of Independence on 17 August 1945,” he added.

Discussing the opportunities for Indonesian investors in Cambodia, Chandra believes it is important that Indonesia, Cambodia, and the entire ASEAN community work to assist each other economically and in the fight against climate change.

“The world now is closely knitted, being fellow members in The Association of Southeast Asian Nations makes Indonesia and Cambodia share a common vision, identity, and community. This has also allowed businesses in both Indonesia and Cambodia to work closely together from preferential custom taxes to legal conventions such as the New York Convention,” Chandra said.

The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, commonly known as the New York Convention, was enacted in 1959. The Convention requires courts of contracting states to give effect to private agreements to arbitrate and to recognize and enforce arbitration awards made in other contracting states.

“These [conventions] should give peace of mind to Indonesian-based companies to venture into Cambodia. There is an established circle of Indonesian businesses in Cambodia and efforts can be made to reach out to them to better understand the Cambodia market or to co-venture. We believe unity is strength, together, we can make it,” Chandra added.

Cambodia has an approved national policy and strategic plan for green growth in the 2013-2030 period, aiming at developing the economy with consideration for environment and natural resources sustainability.

The national policy targets a balance between economic development and environmental protection, culture preservation, social stability and sustainable consumption of natural resources to improve people’s living conditions and welfare, said the press release after the meeting.

In addition, the 2013-2030 green growth plan aims at developing a green economy by the effective use of natural resources, environmental sustainability, green jobs, green technologies, green finance, green credit, and green investment.

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