Cambodia Investment Review
In a landmark development for the strengthening of economic ties between the United Kingdom and Cambodia, the inaugural Joint Trade and Investment Forum was held in Phnom Penh today (26 May). Both nations used this platform to reaffirm their commitment to fostering mutual economic growth through closer collaboration.
Read more: UK Government unveils new Developing Countries Trading Scheme in Cambodia
The Forum was jointly presided over by HE Pan Sorasak, Cambodia’s Minister of Commerce, and HE Dominic Williams, His Majesty’s Ambassador to Cambodia. Also in attendance was Sam Myers, His Majesty’s Deputy Trade Commissioner for Southeast Asia, reflecting the UK’s strategic interest in deepening its engagement in the region.
In an attempt to institutionalise this dialogue, both nations signed a Memorandum of Understanding (MoU) that aims to regularise these forums. They will serve as a platform to assess the state of trade and investment relationships, devise strategies for their further strengthening, and offer businesses an avenue to interact directly with policymakers.
A robust recovery of trade
The UK-Cambodia trade relationship, currently worth £1 billion, has witnessed a robust recovery, with growth of 51.4% in current prices in 2022. The Forum underlines the potential and range of trade and investment opportunities in one of ASEAN’s fastest-growing markets.
The Forum provided a platform for the British Chamber of Commerce and the Cambodian Chamber of Commerce to share business highlights and priorities. The discussions were centred around the role of British businesses in contributing to a sustainable, resilient, and diverse Cambodian economy.
Furthermore, the UK’s Department for Business and Trade introduced the UK’s Developing Countries Trading Scheme, from which Cambodia is one of the top ten beneficiaries globally. The scheme offers Cambodian businesses a unique opportunity to export to the UK duty-free and quota-free. The Forum concluded with both the UK and Cambodia agreeing to a series of pragmatic follow-up actions on policy developments and challenges.
UK increasing engagement with Southeast Asia
Commenting on the event, Sam Myers, His Majesty’s Deputy Trade Commissioner for Southeast Asia, said, “This first Joint Trade and Investment Forum is a key milestone reflecting our increasing engagement with Southeast Asia. I eagerly anticipate the opportunities this will bring for businesses in the UK and Cambodia, and look forward to strengthening our £1bn trade relationship, which has more than doubled over the past decade.”
Expressing his delight over the launch of the Forum, Dominic Williams, His Majesty’s Ambassador to Cambodia, said, “Trade and investment are potent tools for promoting economic growth and creating high-quality jobs for our people. They are instrumental in forging new connections and enhancing our overall relationship.”
“I’m thrilled that we have launched the Cambodia-UK Joint Trade and Investment Forum to work together to stimulate even greater collaboration between our businesses, to the benefit of both our peoples,” he added.
