Cambodia Investment Review

2024 Singapore Business Delegation Concludes with Productive Agreements and Strong Future Potential

2024 Singapore Business Delegation Concludes with Productive Agreements and Strong Future Potential

Cambodia Investment Review

The Cambodia-Singapore Business Forum, a significant event during Prime Minister Hun Manet’s official visit to Singapore, underscored the strengthening economic ties between Cambodia and Singapore.

Jointly organized by the Cambodia Chamber of Commerce (CCC), the Singapore Business Federation (SBF), the Singapore Chamber of Commerce in Cambodia (SCC), and the Singapore Alumni Association of Cambodia (SAAC), the forum was presided over by the Prime Minister and attended by approximately 500 high-level participants, including deputy prime ministers, ministers, senior government officials, and business leaders from both nations.

The Singapore Cambodia Business Forum 2024.

Neak Oknha Kith Meng, President of the CCC and Chair of the ASEAN Business Advisory Council (ASEAN-BAC) Cambodia, highlighted the unique aspects of Singaporean investments in Cambodia. “The success stories of Singaporean companies in Cambodia are a testament to the favorable investment environment and the strong bilateral ties between our nations,” Kith Meng remarked.

He emphasized the robust state of bilateral trade and the promising opportunities awaiting Singaporean investors in Cambodia.

Agreed Increased Trade & Economic Cooperation

A key moment of the forum was the signing of three Memoranda of Understanding (MOUs), marking significant business agreements between economic organizations and financial institutions from both countries. These MOUs are anticipated to pave the way for increased trade and economic cooperation.

Read More: Cambodia and Singapore Launch Financial Transparency Corridor to Boost SME Trade

During the presentation sessions, Oknha Sok Piseth, Vice President of the Cambodian Chamber of Commerce, provided an overview of the ‘Current Status of the Cambodian Economy and Investment Environment.’ He emphasized the stability and growth potential of Cambodia’s economy, inviting Singaporean investors to explore the myriad opportunities available.

The Singapore Cambodia Business Forum 2024.

H.E. Soun Sophal, Deputy Secretary General of the Cambodian Investment Board, presented on ‘Cambodia’s Investment Environment and Incentives,’ offering detailed insights into the incentives and support available to foreign investors.

In his closing remarks, Andrew Tay, President of the Singapore Chamber of Commerce in Cambodia, expressed optimism about the future of Cambodia-Singapore relations. “Today’s discussions illuminated many opportunities available in Cambodia and highlighted the enduring, prosperous relationship between Cambodia and Singapore. I want to extend an earnest invitation to explore Cambodia, a land of burgeoning business opportunities and rich cultural heritage,” he said.

“The Singapore Chamber of Commerce (SCC) in Cambodia stands ready to be your bridge, guiding you through the promising landscapes of Cambodian business and ensuring that your interests are well looked after and guided,” Tay added.

Ongoing Potential For Prosperous Ventures In Cambodia

The forum concluded with acknowledgments of the co-organizers and sponsors, including SBF, CCC, SAAC, and SCC.

Read More: Singapore-based Think Tank AMRO: Cambodia Needs to Rebuild Fiscal Buffers and Ensure Financial Stability Amid Growth Projections in 2024

Generous sponsors such as Diamond Sponsor, Fura Investment Holdings Pte Ltd, and Silver sponsors, including Global Schools Group, Royal Group of Companies, Wing Bank (Cambodia), Maybank Cambodia, Philip Capital Cambodia, Singapore Airlines Limited, Icon Cancer Center Singapore, Pathfinder Travel, Himawari Hotel Apartments, TWPR, Tribe Hotel, BTM and Urban Village by Goldfame Group, were also recognized. Tay expressed gratitude for the participants’ engagement and highlighted the potential for prosperous ventures in Cambodia.

Prime Minister Hun Manet’s official visit to Singapore.

The Cambodia-Singapore Business Forum not only reinforced the existing economic bonds but also set the stage for future collaborations, promising a stronger and more prosperous relationship between the two nations.

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