Attending the Australia-ASEAN 2024 Business Forum in Sydney, I had the opportunity to observe high-level discussions between senior Cambodian officials, including H.E. Dr. Sok Siphana and H.E. Dr. Cheunboran Chanborey, and their Australian counterparts.
The event featured over 500 participants, bringing together key figures such as Hon. Don Farrel, Australia’s Minister for Trade and Tourism, and H.E. Dr. KAO Kim Hourn, Secretary-General of ASEAN. The forum focused on deepening trade and investment ties between ASEAN and Australia, with a strong emphasis on digital transformation and sustainable development.
The discussions centered on how Cambodia, as a member of ASEAN and a participant in the Regional Comprehensive Economic Partnership (RCEP), is positioned to benefit from these emerging opportunities. RCEP, which covers 30% of global GDP, was highlighted as a key framework to foster greater economic integration between ASEAN and Australia. It became clear to me that Cambodia is actively seeking to attract more Australian investors by aligning its economic priorities with Australia’s strengths.
Based on the insights gained from the forum and the accompanying bilateral meetings, I identified five key points that both Cambodia and Australia can focus on to better facilitate bilateral and multilateral investments:
- Empowering More Australian “Business Ambassadors”: One of the key recommendations discussed at the forum was the idea of establishing a network of Australian business ambassadors who can promote investment opportunities in Cambodia. These ambassadors would represent various industries, regions, and demographics, sharing both success stories and challenges faced by Australian investors in Cambodia. From my perspective, having Australian voices promoting Cambodia to fellow Australians would be a powerful tool in building trust and attracting more investment.
- Focus on Australia’s Strengths: Another takeaway from the forum was the importance of identifying key sectors where Australia excels and where Cambodia’s needs align, such as education, healthcare, and infrastructure. A more targeted investment strategy that leverages Australia’s expertise would benefit both countries. Cambodia’s development goals align well with Australia’s capabilities, and focusing on these sectors could lead to meaningful, long-term investments.
- Learning from Other Markets: Brunei’s collaboration with Tim Harcourt, also known as ‘The Airport Economist,’ was a successful case study that caught my attention. Brunei developed promotional materials and engaged professionals to represent the country in international investment events. Cambodia could adopt similar strategies, creating high-quality promotional materials and engaging industry leaders to represent the country in Australia. Learning from these types of initiatives could help Cambodia stand out as an attractive investment destination.
- Simplicity in Promotion: While technical details such as economic growth data and investment regulations are important, I believe a simpler approach could be more effective. Highlighting the success stories of businesses that have already invested in Cambodia would resonate more with potential investors. From my experience, investors are more likely to be influenced by practical examples of success rather than overly complex data.
- Investment in Marketing: One of the key themes of the forum was the need for a well-funded marketing strategy to promote Cambodian investment opportunities in Australia. This would involve working with business leaders and influencers to create content that showcases Cambodia’s potential. As an observer, I noted that Cambodia’s investment opportunities need to be more visible in Australia, and a comprehensive marketing plan would be essential to reaching the right audience.
As Cambodia continues its journey toward becoming a high-income country by 2050, fostering strong partnerships with Australia will be essential. Both countries stand to benefit from deeper economic collaboration, and I believe that by focusing on these five key areas, significant progress in bilateral and multilateral investments can be achieved.
Harrison White is Founder and Editor of CIR Media.
