Cambodia Investment Review

IBC Unveils 2024 Board Election Results and Showcases Robust Financial Health at AGM

IBC Unveils 2024 Board Election Results and Showcases Robust Financial Health at AGM

Cambodia Investment Review

The International Business Chamber (IBC) of Cambodia has shared important updates regarding its strategic direction, the appointment of its 2024 board, and financial outcomes for 2023. These developments highlight the chamber’s dedication to enhancing collaboration between international and local businesses in Cambodia, reflecting its commitment to fostering a supportive business environment.

IBC’s membership grew to 143 companies from 20 countries, spanning 12 different industry sectors in 2023. This broadened membership base demonstrates IBC’s appeal across the global business landscape and its increasing involvement with the local Cambodian business community, which now includes 15 Khmer-owned and operated businesses.

2023 Marked Escalation In Member Engagement And Activities

Paul Clements, Chairman of IBC, offered an extensive review of the chamber’s endeavors over the past year, emphasizing the collective efforts that spurred IBC’s progress. “Throughout 2023, we experienced a marked escalation in member engagement and activities, a testament to the robust support from our sponsors, members, the IBC Executive Office, and our Board,” Clements noted. He highlighted the significant role played by the chamber’s monthly meetings, which not only served as a platform for insightful discussions on a variety of pertinent topics but also facilitated meaningful interactions among members.

Further elaborating on the contributions of IBC’s Working Groups, Clements shared, “Our Working Groups have been at the forefront of advancing our agenda, particularly the Private Sector Working Group D on Law, Tax, and Governance under the adept leadership of Mr. Arnaud Darc, which has been instrumental in resolving several critical issues with the Royal Government of Cambodia. This effort is a clear reflection of our commitment to fostering a conducive business environment and advocating for policies that benefit our members.”

Read more: IBC Update on the 19th Government-Private Sector Forum – Key Reforms & Trends

Arnaud Darc, Chairman & CEO – Thalias Hospitality Group delivered the economic review for 2023.

Clements also shed light on the achievements of other Working Groups, including the Road Safety Working Group, the Supply Chain Working Group, the Institute of Director’s Working Group, and those focusing on Education and Health. “These initiatives underscore our ambition to serve as a ‘Thought Leader’ and ‘Advocate’ for the international business community in Cambodia. It’s gratifying to see our membership grow as a result of these efforts, and we anticipate this momentum to continue into 2024,” he added.

Clements reaffirmed IBC’s dedication to collaborative progress, stating, “In these challenging times, it’s heartening to witness the business community coming together to enhance relationships, share knowledge, and collaboratively work with the Royal Government to identify and eliminate barriers to our collective success. Our ongoing strategy, ‘IBC 2.0 – 2020 and Beyond’, is designed to further this ethos, fostering growth and integration within Cambodia’s international business sphere.”

The board for 2024 is comprised of the following distinguished members:

  • Anne de Graaf, Corporate Affairs Director – Heineken Cambodia
  • Arnaud Darc, Chairman & CEO – Thalias Hospitality Group
  • Daniel Simon, Managing Director – Rosewood Phnom Penh
  • Evangeline Liu, General Manager – Jardine Schindler Cambodia
  • Paul Clements, Managing Partner – Joint Asian Development Enterprises
  • Paul Dodd, Director/Senior Consultant – Infinity Financial Solutions (Cambodia)
  • Paula Nicholas, Cambodia Country Head – Talentnet (Cambodia)
  • Lim Socheat, CEO & Founder – Laksmi Prime Investment
  • Trevor Sworn, Director – Enduring Consultancy

IBC Closed 2023 With Total Revenues Of $237K

On the financial front, IBC closed 2023 with total revenues of $237,216.37, attributed to diverse income streams including membership dues, event ticket sales, sponsorships, and donations. The projection for 2024 anticipates slightly lower total revenues at $234,100. Membership fees and event ticket sales are expected to continue as significant revenue sources, indicating active engagement within the IBC community. However, a projected decrease in sponsorship revenue to $26,000 in 2024 suggests a strategic realignment of funding sources and resource allocation.

IBC Financial Review.

The expenditure for 2023 was reported at $230,862.97, with a modest decrease anticipated for 2024. The budget allocation highlights the chamber’s commitment to efficiency, with a significant portion directed towards event expenses and payroll. This reflects IBC’s focus on delivering quality programs and maintaining an effective workforce. Despite these financial shifts, IBC reported a profit of $6,353.40 in 2023 and forecasts a profit of $4,530 for 2024, illustrating careful financial management and a cautiously optimistic outlook.

As IBC continues to advance, its collaborative efforts with the Royal Government, the Cambodian Chamber of Commerce, and national business chambers are set to enhance trade and investment initiatives, contributing positively to Cambodia’s economic framework. The strategic vision of its board, alongside the active participation of its members and sound financial strategies, places IBC in a pivotal position to support and drive forward the interests of Cambodia’s international and local business communities.

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