Cambodia Investment Review

Strengthening Ties: India and Cambodia Establish Joint Business Council to Boost Economic Cooperation

Strengthening Ties: India and Cambodia Establish Joint Business Council to Boost Economic Cooperation

Cambodia Investment Review

The Cambodian Oknha Association (COA) and the Federation of Indian Chambers of Commerce & Industry (FICCI) have inaugurated the India-Cambodia Joint Business Council (ICJBC). This initiative, spearheaded with the support of the Indian Embassy in Phnom Penh, marks a pivotal step forward in fostering economic and commercial partnerships between India and Cambodia.

The formation of the ICJBC is envisioned as a bilateral consultation mechanism, providing a structured platform for business leaders from both countries to engage in dialogue, share insights, and develop strategies to augment trade, investment, and collaboration across key sectors. The council aims to address a range of areas including trade facilitation, industry partnerships, innovation and entrepreneurship, technology transfer, and more. Focus sectors identified for potential growth and cooperation include agriculture, food processing, healthcare, pharmaceuticals, infrastructure, information technology, education, manufacturing, and tourism.

Chaired By Senior Industry Representatives

A cornerstone of the council’s operational framework is its leadership structure, jointly chaired by senior industry representatives from both nations. The council comprises members from a diverse array of sectors, representing private companies with vested interests in the economic development of India and Cambodia. To ensure continuous engagement and momentum, the ICJBC plans to hold annual meetings, with venues alternating between the two countries. Additionally, the council will engage in regular exchanges of information and legislation relevant to trade, investment, and market trends, aiming to foster a conducive business environment through recommendations to the respective governments.

Read more: Embassy Backed Indian Business Chamber in Cambodia (IBCC) Launched, Association Aims to Bolster Bilateral Trade and Investment

The Cambodia Oknha Association (COA) and the Federation of Indian Chambers of Commerce and Industry (FICCI) launched the India-Cambodia Joint Business Council (ICJBC) on February 23, 2024, in New Delh.

At the official launch, key figures expressed their optimism and outlined their vision for the ICJBC’s role in strengthening economic ties. H.E. Devyani Khobragade, Ambassador of India to Cambodia, highlighted the council as a milestone in providing an official platform for top-level private sector engagement. “One-to-one engagement between leading businesses, backed by governments, will surely boost trade and investments between India and Cambodia and strengthen bilateral partnerships,” she stated, expressing her best wishes for the council’s success.

Unlock Opportunities For Mutual Benefit

Neak Oknha Ly Yong Phat, President of the COA, reflected on the significance of the ICJBC in marking a new chapter in Cambodia-India economic relations, emphasizing its potential to address challenges and unlock opportunities for mutual benefit. Echoing this sentiment, Neak Oknha Hun Lak, Member of the Board and Secretary General of the COA, shared his optimism about the council’s future, citing the productive discussions and shared commitment to collaboration evident at the inaugural meeting.

H.E. Mr. TITH Rithipol, Under Secretary of State, Ministry of Commerce, Kingdom of Cambodia, underscored the council’s role in promoting trade, investment, and business activities, expressing confidence in its ability to strengthen business-to-business cooperation and facilitate networking opportunities across various industries.

The establishment of the ICJBC has been met with positive reception from the business communities in both countries, signaling a promising future for economic cooperation and collaborative growth. As the council embarks on its mission, the expectations are high for it to serve as a catalyst for fostering a dynamic and mutually beneficial economic partnership between India and Cambodia.

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