Cambodia Investment Review

Cambodia-UK Trade and Investment Conference Highlights Investment Opportunities

Cambodia-UK Trade and Investment Conference Highlights Investment Opportunities

Cambodia Investment Review

The recent UK-Cambodia Trade and Investment Conference, held from June 28 to July 3, 2024, at KPMG Canary Wharf, marked a significant event in fostering bilateral trade and investment between Cambodia and the United Kingdom. Led by H.E. Dr. Sok Siphana, Senior Minister in charge of Special Missions and Chairman of the Trade Policy Advisory Board, the Cambodian delegation highlighted the country’s burgeoning investment landscape and explored avenues for enhanced economic collaboration with the UK.

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At the invitation of the UK Government, the conference brought together key figures including H.E. Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific, H.E. Dominic Williams, Ambassador of the United Kingdom to Cambodia, H.E. Tuot Panha, Ambassador of Cambodia to the United Kingdom, and H.E. Suon Sophal, Deputy Secretary General of the Council for the Development of Cambodia. Over fifty British companies, business leaders, and potential investors participated in the event, which was jointly organized by KPMG and the UK Department for Business and Trade.

Commitment To Creating A Favorable Investment Climate

In his keynote address, Dr. Sok emphasized Cambodia’s commitment to creating a favorable investment climate through business-friendly reforms. “The Royal Government of Cambodia has been actively implementing reforms to attract investment, characterized by incentives under the new Investment Law,” he stated. Dr. Sok described Cambodia as a dynamic economy with significant opportunities across sectors such as food processing, agro-industries, automobile assembly lines, electronics, and electrical parts and components. “Our strategic location in Southeast Asia, coupled with access to over 2.3 billion consumers under the Regional Comprehensive Economic Partnership (RCEP), positions Cambodia as an ideal gateway for investment and regional trade,” he added.

H.E. Dominic Williams, Ambassador of the United Kingdom to Cambodia.

Bilateral trade between Cambodia and the UK currently stands at a modest one billion US dollars, but Dr. Sok highlighted the substantial potential for growth. “The Garment, Footwear, and Travel Goods industry is a leading export to the UK, incentivized by generous trade preferences under the UK Developing Countries Trading Scheme,” he noted. He pointed out prime opportunities for UK investments in alignment with Cambodia’s economic diversification efforts, particularly in manufacturing and green technology. “Cambodia’s abundant raw materials and the UK’s advanced manufacturing capabilities create a perfect synergy for joint ventures,” Dr. Sok explained.

Education, Financial Services, Architecture, And Construction

Dr. Sok also underscored the importance of inbound Foreign Direct Investments in services sectors where the UK excels, such as education, financial services, architecture, and construction. On the margins of the conference, he engaged in productive discussions with various stakeholders, including Mr. Matthew Findlay, Head of the South East Asia Department of the Foreign, Commonwealth & Development Office, Mr. Ian Gibbon, Chief Executive of the UK-ASEAN Business Council, and Mr. Matthew Hayhurst, Partner at Foster & Partners.

A notable session was held with Mrs. Anna Heracleous, Managing Partner of M&C Saatchi, focusing on communication strategies to enhance Cambodia’s standing in global investment, trade, and tourism. “Effective national branding is crucial for positioning Cambodia as a competitive destination in the world arena,” Mrs. Heracleous commented.

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