Harrison White
In a flagship initiative poised to reshape Indian-Cambodian economic relations, the Indian Business Chamber in Cambodia (IBCC) Association has emerged as a beacon of cooperation and growth. Spearheaded the Indian Ambassador to the Kingdom of Cambodia, the IBCC’s formation signals a strategic move to deepen trade and investment ties between the two nations at a juncture where India’s economy showcases an impressive growth spurt, with an 8.4% rise in Gross Domestic Trade (GDT) in the third quarter of 2023-24, far exceeding expectations.
Launched on January 17, 2024, the IBCC launch saw the participation of esteemed dignitaries including H.E. Dr. Devyani Khobragade, Ambassador of India to Cambodia, and H.E. Pich Rithi, Secretary of State at the Ministry of Commerce, brought together a notable gathering of over 250 leaders and representatives from the business and government sectors.
Strong Collaboration With The Indian Embassy
Reflecting on the chamber’s inception, Babulal Parihar, the chamber president and Director at Lochan & Co (Cambodia) Company Limited told CIR Leader Talks, “The formation of the IBCC under the guidance of Ambassador Khobragade is a landmark step towards realizing the full potential of Indo-Cambodian economic ties. Our aim is to build a platform that not only facilitates business exchanges but also cultivates deep, enduring partnerships between the two countries.”
Despite operating as an independent legal entity in Cambodia, the chamber’s collaboration with the Indian Embassy injects a layer of credibility and trustworthiness into its operations, essential for fostering business confidence among Indian and international entities alike. Babulal highlighted the symbiotic relationship between the chamber and the embassy, stating, “Our partnership with the Indian Embassy is instrumental. Together, we’re creating a vibrant ecosystem for businesses to thrive, through joint events, sharing connections, and providing essential market insights.”
Membership in the IBCC is deliberately inclusive, extending beyond Indian nationals to anyone with an interest in the Cambodian market. With a low barrier to entry for both Corporate and Individual memberships, the chamber aims to democratize access to its network and resources. “We want to lower the thresholds for engagement and participation. Our diverse array of business events in 2024, which members can attend few specific events for free, is just one of the many benefits we offer to support our members’ growth and success in Cambodia,” Babulal shared.
Unlocking Mutual Benefits For Both Countries
When asked about the current dynamics of Cambodian-Indian business relations, Babulal painted an optimistic picture of progression and potential. “While India currently stands among Cambodia’s top 20 trading partners, our ambition at the IBCC is to elevate this relationship into the top 10. We see immense opportunities for collaboration in sectors like Medical, Tourism, Education, Digital, and Agriculture. These areas hold the key to unlocking significant mutual benefits for both countries.”
The establishment of the Indian Business Chamber in Cambodia is more than just a new chapter in business cooperation between India and Cambodia; it’s a strategic endeavor to catalyze long-term economic growth and partnership. With the concerted efforts of the IBCC and the Indian Embassy, along with the proactive engagement of the business community, the pathway towards a more integrated and prosperous economic relationship between India and Cambodia is being forged, one step at a time.
