Cambodia Investment Review
The 2024 Australia-ASEAN Business Forum, set to take place in Sydney on August 29-30, is expected to be Australia’s largest business summit centered on ASEAN nations, drawing around 500 delegates. With Canopy Sands Development as a major sponsor, the forum will emphasize Australia’s renewed economic engagement with Southeast Asia, particularly highlighting its growing relationship with Cambodia.
Cambodia’s Strategic Role in ASEAN’s Economic Landscape
This year’s forum aligns with the 50th anniversary of the Australia-ASEAN partnership, a significant milestone that reflects the deepening economic ties between Australia and the region. In 2023, Australia’s two-way trade with ASEAN reached $183.4 billion, surpassing its trade with major economies such as Japan, the United States, and the European Union. ASEAN, collectively the world’s fifth-largest economy, continues to rise in global prominence, and Cambodia is emerging as a key player within the bloc.
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A major highlight of the forum will be the keynote address by ASEAN Secretary-General H.E. Dr. Kao Kim Hourn, a prominent Cambodian diplomat. Dr. Kao’s leadership within ASEAN underscores Cambodia’s growing influence in regional economic affairs. His participation is anticipated to draw attention to Cambodia’s role in shaping ASEAN’s economic strategies, particularly as the region navigates global challenges and seeks to capitalize on new opportunities.
Organising Chairman Francis Wong expressed his excitement about the forum, particularly the potential within Cambodia. “ASEAN is the world’s fifth-largest economy, and it is coming to Sydney. Investors, businesses, and innovators will be able to immerse themselves in the opportunities of one of the world’s most dynamic economic regions, including Cambodia, which is rapidly evolving as a market of significant interest,” Mr. Wong remarked. He emphasized that the forum will play a crucial role in facilitating connections and partnerships, especially in areas where Cambodia is making significant progress, such as digital transformation and agricultural development.
Key Sectors of Focus for Cambodia at the Forum
Cambodia’s involvement in the forum is expected to be particularly prominent in discussions surrounding the Green Economy and Energy Transition, Agriculture and Food Security, and Digital Transformation and Innovation. These sectors align closely with Cambodia’s national development priorities as the country seeks to position itself as a leader in sustainable development within ASEAN. The forum’s agenda will also cover topics such as Start-Up and Venture Capital, Medical and Health Resilience, and Diaspora Empowerment, all areas where Cambodian businesses and entrepreneurs are increasingly active.
One of the event’s key highlights will be the business matching showcase on the second day, providing a platform for Cambodian businesses to connect directly with Australian investors. This initiative is designed to facilitate investment and market access, supported by existing free trade agreements like the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP). These agreements are pivotal in promoting Cambodia as an attractive destination for Australian investors, particularly in sectors like agriculture, where Cambodia shows strong potential for growth.
Strengthening NSW’s Economic Ties with ASEAN and Cambodia
New South Wales (NSW) Minister for Industry and Trade, Anoulack Chanthivong, also highlighted the strategic importance of ASEAN, including Cambodia, for NSW. “ASEAN as a bloc is NSW’s third-largest trading partner, with two-way trade in goods worth a combined $36.4 billion. The region is projected to become the world’s fourth-largest economy by 2040. Cambodia, with its expanding economy and focus on sectors like green energy and digital innovation, presents significant opportunities for NSW businesses to collaborate and grow,” Minister Chanthivong stated. He emphasized that sectors such as sustainability, education, skills development, and the green and digital economies are areas where NSW businesses excel and can partner with Cambodian enterprises for mutual benefit.
The forum is backed by key partners, including Austrade, Investment NSW, Business NSW, HSBC, Canopy Sands Development, and Apeirogon Group. Canopy Sands Development, with strong ties to Cambodia, is particularly invested in fostering stronger economic relations between Australia and Cambodia. Their involvement underscores the growing interest of Australian businesses in Cambodia’s burgeoning market.
Speaking to Cambodia Investment Review – Michael Truong, Head of Business Development at Canopy Sands Development said: “Cambodia’s ascending role within ASEAN creates fertile ground for strategic partnerships, exemplified by the synergy between Australian investors and forward-thinking Cambodian firms like Canopy Sands Development. Our 934-hectare Bay of Lights coastal township in Sihanoukville not only showcases Cambodia’s burgeoning economic potential but also opens doors for Australian businesses to play a pivotal role in shaping the region’s sustainable future.”
With its comprehensive agenda and high-level participation, including significant Cambodian representation, the 2024 Australia-ASEAN Business Forum is poised to be a pivotal event. It will not only strengthen economic ties between Australia and ASEAN but also highlight Cambodia’s rising role in the region, opening new avenues for trade and investment that will benefit both nations.
