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Cambodia and US Chamber of Commerce commit to better economic cooperation

Sam Oudom

The Cambodian Chamber of Commerce has confirmed its American counterpart the US Chamber of Commerce has accepted all three of its proposals and agreed to publicize the country’s potential to American investors and business owners.

The agreement was made after the Cambodian business community led a delegation to Washington during the recent US – ASEAN summit with the purpose to strengthen economic ties between the two nations.

The three proposals included:

  • An agreement to increase bilateral trade and investment through a signed memorandum of understanding.
  • An invitation for the US and Cambodian Chamber of Commerce to conduct regular exchange visits.
  • Support in the November 2022 ASEAN Business and Investment Summit in Cambodia.

Speaking to Cambodia Investment Review, Oknha Lim Heng Vice President of the Cambodian Chamber of Commerce said the US side has agreed with Cambodia to lead a delegation to visit Cambodia regularly, with the aim to attract more investors to Cambodia.

Lim Heng explained the two sides decided to jointly promote business and investment between the two countries – with the aim to be stronger and more prosperous.

“2022 is a great year for Cambodia as chair of ASEAN and this is another success for Cambodia in attracting the flow of investors from the United States to Cambodia,” Lim Heng said.

“The Cambodian side will also be ready to help all American businesses facing any legal and documentary issues when they plan to invest in Cambodia,” he added.

The Chamber also promoted the opportunity for US and international investors to utilize Cambodia’s new Law on Investment as well as several multilateral and bilateral trade agreements. To read more about Cambodia’s new Law on Investment click here.

Oknha Lim Heng, Vice President of the Cambodian Chamber of Commerce in Washington DC.

“The Cambodian Chamber of Commerce has always worked closely with the Cambodian government, especially the Council for the Development of Cambodia, to attract foreign investors,” Lim Heng said.

“After the confirmation from the US Chamber of Commerce, Cambodia will be ready to tackle the problems that American businesses face we can also facilitate investment in Cambodia for export to international markets, especially the Chinese market under the Cambodia-China free trade agreement,” he added.

Better access to regional and international markets 

The Cambodia-China FTA extends across a wide range of sectors, including trade, tourism, investment, transportation, and agriculture. China will provide duty-free status to some 98 percent of imports from Cambodia whereas Cambodia has agreed to exemptions of up to 90 percent of its imports from China.

In addition, the recently enacted Regional Comprehensive Economic Partnership (RCEP) also has the potential to boost export options via Cambodia under the rules of origin allowances. To read more about RCEP rules of origin click here.

During the recent Washington trip the Cambodia Chamber of Commerce also conducted meetings with the ASEAN-US Business Council and with foreign investors and companies doing business in the United States, including Chinese companies.

Lim Heng commented that all the foreign companies were very interested in the opportunities for investment in Cambodia to export to the United States, China, Europe and the ASEAN community under the free agreements and other international trade benefits.

He added that the Chamber of Commerce is ready to accept all these businesses and is ready to coordinate some characteristics because all the companies have confirmed that they will come to invest in Cambodia soon.

Sam Oudom is a Prince Foundation Young Business Journalist

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