The American Chamber of Commerce (AmCham) Cambodia’s Law Committee hosted a landmark event, “Strategic Synergy: Law & Entrepreneurship”, on November 28, 2024, at Topaz TheCommune in Phnom Penh. The event explored how integrating strategic business consultancy into legal services can foster innovation, drive economic growth, and position Cambodia as a competitive destination for global investment. Attended by 30 stakeholders from Cambodia’s business community, the event also shed light on the evolving role of legal professionals in supporting entrepreneurship.
CamEd Business School, a sponsor of the event, played a pivotal role in bringing together professionals from the legal and business sectors to exchange insights on innovation and collaboration.
The Importance of Strategic Legal Support for Entrepreneurs
During the event, speakers highlighted the critical role legal professionals can play in driving business success. Dr. Virak Prum, Chairman of CamEd Business School, emphasized the need for lawyers to go beyond traditional practices. “Legal professionals can add value to entrepreneurial customers by giving some additional advice that aims to help customers reduce operational costs, differentiate themselves from their competitors, and identify ways to better help them protect themselves,” he said.
Mutiah Fauzan, Founder of One HR Hub, underscored the finite nature of time for entrepreneurs and the importance of partnering with legal experts to create actionable plans. “The most valuable asset for entrepreneurs isn’t money or tangible possessions — it’s time. While money can be saved or earned back, time is finite. Partnering with skilled lawyers to create a company and articulate your business vision accelerates success. They equip you with foresight, ensuring you’re not entering the market with delusions or rose-tinted glasses but with a clear, realistic, and actionable plan for growth,” she noted.
Rami Sharaf, Vice Chairman and Shareholder at TSC Global, highlighted Cambodia’s strategic positioning in Southeast Asia and its implications for foreign direct investment (FDI). “Cambodia stands at a pivotal moment, nestled strategically between Thailand and Vietnam—two economic powerhouses of Southeast Asia. To carve out a competitive edge, Cambodian law firms must evolve beyond traditional legal services into dynamic hubs of business innovation and trusted advisory, built with the expertise of hands-on entrepreneurs who can serve the potential planned FDI,” he explained.
Bridging Gaps Between Legal Knowledge and Public Understanding
The role of communication in bridging gaps between legal frameworks and public understanding was another focus of the discussion. Harrison White, Editor of Cambodia Investment Review, highlighted the media’s role in enhancing trust and awareness among investors. “From a media perspective, it was important that the government and media worked together to properly inform as well as provide case studies for how legal rules worked for entrepreneurs and business owners in general to increase the level of understanding and trust amongst the general public and increase both local and foreign investors,” he said.
The event also reflected on the achievements of the AmCham Law Committee, established in 2022 to meet growing demand from its members. The committee’s goals include supporting AmCham’s network on legal issues, advocating for members on legislation and regulatory matters, enhancing professional development, and celebrating the contributions of legal professionals in Cambodia.
Through events like “Strategic Synergy: Law & Entrepreneurship”, AmCham continues to drive meaningful collaboration between the legal and business communities, positioning Cambodia as a premier destination for investment while fostering innovation and economic growth.
