Cambodia Investment Review

Indonesian Ambassador Encourages Cambodian Youth Entrepreneurs to Seek Business Opportunities with Indonesia

Indonesian Ambassador Encourages Cambodian Youth Entrepreneurs to Seek Business Opportunities with Indonesia

Cambodia Investment Review

To bolster trade and investment ties between Indonesia and Cambodia, the Indonesian Ministry of Trade and the Indonesian Embassy in Phnom Penh organized a Business Matching event that convened young entrepreneurs from Cambodia with Indonesian companies. This initiative, held at the Indonesian Ministry of Trade’s Permanent Trade Exhibition on February 29, underscored the untapped potential for business cooperation between the two nations, especially among the younger entrepreneurial sectors.

The event saw the participation of twenty-three Cambodian entrepreneurs, all members of the Cambodia Youth Entrepreneurs Association for Development (CYEAD). Their visit to Jakarta from February 29 to March 1 aimed to explore opportunities for trade and investment cooperation, highlighting the proactive steps being taken by both countries to foster economic collaboration.

The Importance Of Young Cambodian Entrepreneurs

Indonesian Ambassador to the Kingdom of Cambodia, Santo Darmosumarto, emphasized the importance of young Cambodian entrepreneurs as key players in strengthening bilateral business relations. “Entrepreneurs from both countries have yet to fully leverage the untapped potential for business cooperation,” Darmosumarto stated, expressing the Indonesian Embassy’s view of these young entrepreneurs as crucial to the efforts to enhance this cooperation.

Read more: Indonesian Ambassador and Cambodian Minister of Economy Foster Bilateral Economic Ties

The business matching session, attended also by five Indonesian companies specializing in commodities, household equipment, and food trading, is part of a broader strategy to diversify the trade portfolio between the two countries. Arief Wibisono, the Director of Market Development and Export Information at the Indonesian Ministry of Trade, lauded CYEAD’s visit, emphasizing its role in introducing the Cambodian business ecosystem to Indonesian entrepreneurs.

Trade Between Cambodia & Indonesia Reaching $961M

The bilateral trade figures from 2023 underscore the growing economic ties, with trade between Cambodia and Indonesia reaching US$ 961.2 million, a 21.9% increase from the previous year. Indonesian exports to Cambodia stood at US$ 856 million, marking a 10.16% growth. These figures represent a significant upward trajectory in the economic relations of the two countries, with the Indonesian Embassy in Phnom Penh seeking to further diversify Indonesian export products, moving beyond the current dominance of coal exports.

The year 2024 marks the 65th anniversary of diplomatic relations between Indonesia and Cambodia, an occasion that both countries plan to commemorate with various initiatives aimed at enhancing and broadening economic cooperation. The Indonesian Embassy in Phnom Penh, along with partners from both countries, is committed to undertaking initiatives that will pave the way for increased trade and investment opportunities, underlining the importance of fostering a vibrant and dynamic business environment for the future generations of entrepreneurs.

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