Cambodia Investment Review
The Canadian Chamber of Commerce in Cambodia (CanCham) has announced its new board for 2024, with Emily Yu taking over as Chairwoman. CanCham, which represents Canadian businesses and entrepreneurs, is on a mission to become a critical resource for trade, investment, and business information in Cambodia, while also promoting Cambodian opportunities to Canadian investors.
As part of CanCham’s reactivation, a membership drive has begun, aiming to attract 50 to 100 members during its upcoming social event on September 26th. The new board went through several adjustments after some members dropped out due to commitment issues earlier this year. Yu explained the selection process: “We sought volunteers and assessed their dedication through organizing the CanCham Canada Day event at Dinosaur’s Alive this summer. We are grateful for those who helped make that event possible and are proud to have selected members for our Board via a community event.”
Canada’s Role In Cambodia’s Economic Development
While the 2024 board has been established, CanCham is still recruiting additional members. Current board members include Vice Chairwoman Yein Ngo, Secretary and Treasurer Denis Barre, Event Coordinator Victor La, David Stevenson who heads Marketing and Communications, and Matthieu Tremblay the local Siem Reap Representative.
The CanCham Board Meet & Greet, held on September 19th 2024 in Phnom Penh, introduced the new leadership to the community. Emily Yu highlighted CanCham’s intention to collaborate with other business chambers in Cambodia: “CanCham is excited to strengthen our ties with each of the chambers. We believe that by working collaboratively, we can create an ecosystem that not only benefits our businesses but also enhances the visibility of Canadians and friends of Canada here in the Kingdom.” Yu further explained the gathering’s importance: “The purpose of the event is to introduce the new Board and encourage open dialogue and communication.”
Canada’s role in Cambodia’s economic development continues to grow, with the country ranked as the third-largest source of foreign direct investment (FDI) in Cambodia in 2023, contributing 9.5% of the Kingdom’s total FDI, according to the Council for the Development of Cambodia (CDC) and the National Bank of Cambodia (NBC).
Bilateral Trade Has Also Expanded to $2.4 billion in 2022
Bilateral trade has also expanded significantly, growing from $1.8 billion in 2021 to $2.4 billion in 2022, with Cambodia benefiting from Canada’s Market Access Initiative for least-developed countries. The initiative allows Cambodian exporters duty-free access to the Canadian market, further strengthening economic ties. Canada remains one of Cambodia’s top export destinations, with key imports from Cambodia including apparel, footwear, and textiles, while Canada exports vehicles, aircraft parts, and industrial machinery to Cambodia.
Canadian direct investment in Cambodia reached $2.6 billion in 2022, underscoring the strength of the commercial relationship between the two countries. “Canada’s engagement with Cambodia has spanned many decades, and we see great potential for continued growth in trade and investment,” said Bunleng Men, Trade Commissioner of the Embassy of Canada to Cambodia.
As CanCham reactivates, its leadership is optimistic about the future, aiming to become a key platform for fostering business relationships between Cambodia and Canada. For more information about CanCham, visit: www.canchamcambodia.org.
