Cambodia Investment Review
The Cambodian government has reflected on its participation in several high-level regional meetings, highlighting key economic outcomes and the nation’s ongoing commitment to regional development. Prime Minister Hun Manet represented Cambodia at the 12th ASEAN-U.S. Summit, the 19th East Asia Summit, the 14th ASEAN-United Nations Summit, and the 2nd Asia Zero Emission Community (AZEC) Leaders Meeting, all held on October 11, 2024, in Vientiane, Laos. The meetings focused on advancing economic partnerships and sustainability initiatives, which align with Cambodia’s long-term economic goals.
Strengthening Trade and Investment with the U.S.
At the 12th ASEAN-U.S. Summit, Hun Manet reaffirmed Cambodia’s commitment to enhancing the ASEAN-U.S. Comprehensive Strategic Partnership (CSP), particularly in terms of economic collaboration. The leaders from both regions expressed satisfaction with the progress made under the current Plan of Action (POA) and outlined future steps to further expand economic ties.
The adoption of the ASEAN-U.S. Trade and Investment Framework Agreement (TIFA) was seen as a critical tool to foster future collaboration. The Prime Minister stressed the importance of implementing the Expanded Economic Engagement Work Plan, which aims to open new markets and opportunities for ASEAN member states, including Cambodia. He welcomed stronger cooperation through initiatives like the ASEAN Digital Master Plan 2025 and the Master Plan on ASEAN Connectivity 2025, which will support the development of digital infrastructure and e-commerce, key areas for Cambodia’s economic growth.
Cambodia, as the country coordinator for ASEAN-U.S. Dialogue Relations, emphasized the need to intensify efforts in promoting trade and investment to drive regional economic integration. Prime Minister Hun Manet highlighted the role that trade can play in improving living standards and fostering sustainable economic development across the region.
East Asia Summit Focuses on Economic Growth
During the 19th East Asia Summit (EAS), the leaders discussed the evolving geopolitical landscape and its impact on economic cooperation. The summit underscored the critical role of EAS as a leader-driven forum for addressing pressing economic issues such as supply chain resilience, digital economy, and sustainable growth.
Hun Manet urged all EAS members to prioritize collaboration in these emerging sectors, stressing that Cambodia sees these industries as essential for long-term economic development. The digital economy, in particular, is a key focus for Cambodia as it seeks to enhance its technological infrastructure and participate more actively in the global digital market.
The summit also reiterated the importance of external partnerships in promoting regional economic stability. Cambodia advocated for stronger ties with external partners to support ASEAN-led mechanisms, helping to navigate the challenges of transitioning to a greener and more sustainable economy while ensuring that economic growth remains robust.
Sustainable Development through ASEAN-UN Cooperation
At the 14th ASEAN-United Nations Summit, economic cooperation between ASEAN and the UN was a key theme, particularly in the area of sustainable energy. The leaders highlighted ongoing efforts to promote energy efficiency and renewable energy development across the region. The ASEAN-UN Comprehensive Partnership, which runs until 2025, has been critical in promoting regional economic integration with a focus on green energy.
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Hun Manet emphasized Cambodia’s interest in expanding energy cooperation and welcomed efforts to implement clean and renewable energy initiatives. He noted that Cambodia’s economic development plans are closely aligned with these sustainability goals, particularly as the country seeks to improve its energy security while also contributing to global climate change mitigation efforts.
The summit also discussed broader economic issues, including overcoming environmental challenges to sustain long-term growth. Cambodia’s role in peacekeeping and mine clearance was mentioned, contributing to stability and development, which is essential for attracting foreign investment into the country.
These discussions, held across multiple forums, underscored Cambodia’s active role in driving regional economic cooperation, fostering investment, and promoting sustainable growth.
