Cambodia Investment Review
Cambodia’s Prime Minister Hun Manet has welcomed a high-profile delegation from the European Union led by Mr. Jens Ruebbert, aimed at exploring investment opportunities and expanding existing investments in Cambodia. The 70-member delegation was organized in partnership with Bower Group Asia and included staff from the EU-ASEAN Business Council (EU-ABC) and member companies like AirBus, KPMG, Shell, Lidl, and Kaufland. The meeting was part of the delegation’s fourth business mission to Cambodia since the EU-ABC was founded in 2014.
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In his dialogue with the delegation, the Prime Minister reaffirmed the Royal Government of Cambodia’s (RGC) stance on welcoming investments from all around the world, including the European Union. He elaborated on the government’s incentive policies aimed at attracting foreign investments. Jens Ruebbert, Chairman of EU-ABC, found the meeting with the Prime Minister “very informative,” stating that Dr. Hun Manet “clearly outlined his priorities for the economic and social development of the country.” He added that the discussions covered various important areas including health, education, environment, foreign policy, trade, and investment opportunities, aligning well with the general economic outlook and positive growth perspectives of Cambodia.
The Prime Minister also emphasized the role of foreign investments, particularly from the private sector, as pivotal to Cambodia’s ambitions of becoming a middle-income country and beyond. He provided many practical recommendations in line with the Pentagonal Strategy of the Royal Government of the 7th legislature of the National Assembly. These insights were highly regarded by the EU business community, as they raised concerns and questions related to the RGC’s priority program for the private sector during the meeting.
Importance Of EU And Cambodia’s Economic Partnership
As for the delegation’s agenda, their busy schedule reflected the importance that both the EU and Cambodia place on their economic partnership. Starting on October 24th, the delegation had an audience with the EU Ambassador at the EU Delegation, followed by key meetings with The Council for the Development of Cambodia (CDC), the Ministry of Environment (MoE), the Ministry of Industry, Science, Technology & Innovation (MISTI), the National Bank of Cambodia (NBC), and the Ministry of Agriculture, Forestry, and Fisheries (MAFF).
For their second day in Cambodia, the delegation continued its comprehensive exploration of potential areas for investment and cooperation. They engaged in pivotal dialogues with the Ministry of Economy and Finance (MEF), the Ministry of Post and Telecommunications (MPTC), the General Department of Customs & Excise of Cambodia (GDCEC), the Ministry of Health (MoH), and finally, the Ministry of Commerce (MoC). These activities highlight the EU’s broad-ranging interest in Cambodia’s growth sectors and its intent to explore multi-faceted partnerships.
Help Cambodia Grow To Be A Middle-Income Country
Tassilo Brinzer, EuroCham Chairman, expressed his optimism about Cambodia’s future. “The Prime Minister has laid out a measured path for reform for the near future, and I think that this approach is well tailored to the Cambodian circumstances,” he said. “He made it clear that making business easier in Cambodia and becoming more attractive and better connected as a centrally located investment destination in the region, is key to the ambition of becoming a higher-income country.”
Chris Humphrey, Executive Director of EU-ABC, also emphasized the Prime Minister’s focus on human capital. “The meeting with the Prime Minister was very informative, with the PM clearly outlining his priorities for economic and social development of the country; how he sees the deepening involvement of the foreign private sector as a means to help Cambodia grow to be a middle-income country and beyond. Clear emphasis on developing and nurturing human capital across Cambodia is very welcome,” he said.
Overall, the EU-ABC, supported by EuroCham Cambodia and co-organized by consultancy firm Bower Group Asia, has brought more than 70 delegates in total from some 30 organizations to Cambodia, signaling the country’s growing attractiveness as an investment destination for European businesses. Both sides expect that this engagement will lead to future collaborations and make a significant impact on Cambodia’s development goals.
