Harrison White
The International Business Chamber (IBC) of Cambodia marked its 30th anniversary with a grand gala dinner, commemorating three decades of fostering foreign investment, facilitating dialogue between the private sector and the Royal Government, and contributing to Cambodia’s economic development.
The event took place at the Sofitel Phnom Penh Phokeethra, organized by Katherine McLean, IBC Executive Director and her team, she welcomed top government officials, foreign ambassadors, over 400 leading businesspeople, and the evening’s special guest, Dr. Hun Manet.
VIP attendees also included: H.E. Sok Chenda Sophea, H.E. Dr Heng Sokun, H.E. Kong Vibol, H.E. Dr. Chea Serey, H.E. Pan Sorasak and H.E. Rath Sovannorak. Foreign ambassadors from Australia, the Republic of Korea, Japan, Singapore, and the United Kingdom, as well as Board Members from the Cambodian Chamber of Commerce, the National Business Chambers, and the International Chamber of Commerce of Cambodia, were also present.
A commitment to supporting businesses in Cambodia
IBC Chairman Paul Clements expressed his pride in the chamber’s achievements, stating, “As IBC Chairman, I’m proud of our 30-year legacy in promoting business and trade, and our close collaboration with the Royal Government of Cambodia to foster investment and economic well-being.” Clements also shared the IBC’s commitment to working with stakeholders, anticipating a golden era for Cambodia under Prime Minister Hun Sen’s leadership.
Read more: IBC Turns 30 & Elects 2023 Executive Committee
Vice-Chairman Sanjay recounted the IBC’s growth, noting that it had expanded from just thirteen international companies in 1993 to over 140 member companies today. He highlighted the importance of the IBC’s various initiatives and working groups, tackling critical issues like the skills gap and medical affordability, and launching new working groups in collaboration with the Royal Government of Cambodia.
Sanjay also touched on the IBC’s forward-looking strategy, “IBC 2020 and Beyond,” and its commitment to supporting businesses in Cambodia. “The chamber is dedicated to helping our members embrace digital transformation, emerging technologies, and sustainable business models. We also aim to forge strategic alliances with international partners and organizations, strengthening the exchange of knowledge, resources, and expertise, ultimately benefiting the Cambodian business community,” he said.
Significant strides in development since the IBC’s inception
His Excellency Dr. Hun Manet highlighted Cambodia’s economic progress and the role of the IBC in fostering dialogue between the private sector and the government. “Cambodia has made significant strides in development since the IBC’s inception, attracting approximately $45 billion in Foreign Direct Investment (FDI) over the past 30 years from many countries worldwide. This figure has more than doubled since 2014 when it was recorded at approximately $20 billion,” Dr. Manet shared.
Read more: Foreign Direct Investment into Cambodia hits $41B since 1994
He emphasized the importance of sustainable development and environmental stewardship, as well as the Cambodian government’s commitment to maintaining stability. “We must also remember to prioritize sustainable development, ensuring that our growth trajectory aligns with the principles of environmental stewardship and social responsibility. By embracing innovation, technology, and the talents of our people, we can create a Cambodia that is ready to meet the challenges and opportunities of the 21st century,” he added.
Dr. Manet encouraged the IBC and its members to maintain close collaboration with the Royal Government of Cambodia. “I encourage the IBC and its members to maintain close collaboration with the Royal Government of Cambodia, sharing knowledge and expertise, and providing valuable feedback on policies and regulations that impact the business community. Together, we can ensure that Cambodia’s economy remains robust, diversified, and competitive on the global stage,” he said.
A strong partnership between the CCC and the IBC
The 30th-anniversary gala dinner not only celebrated the IBC’s accomplishments and the strong partnership between the Cambodian Chamber of Commerce and the IBC but also highlighted the promising future of Cambodia’s economy. The event served as an opportunity for networking, exchanging ideas, and fostering further collaboration among the attendees.
Read more: International business community realizing Cambodia’s true investment potential
Paul Clements acknowledged the importance of partnerships, stating, “The collaboration between the Cambodian Chamber of Commerce and the IBC has been crucial for our mission. We are grateful for Prime Minister Hun Sen’s unwavering leadership in driving Cambodia’s growth and are excited for the opportunities presented by the ASEAN Summit and Games to showcase Cambodia as an attractive place for business.”
In light of the ASEAN Summit and Games, Cambodia is expected to gain international attention, further solidifying its position as an attractive destination for trade and investment. The IBC will continue to play a pivotal role in this development, working closely with the Royal Government of Cambodia and private sector stakeholders to support the growth of the Cambodian economy.
The International Business Chamber’s 30-year anniversary gala dinner not only paid tribute to its past successes but also set the stage for future endeavors. The IBC’s commitment to supporting businesses, promoting foreign investment, and facilitating dialogue between the private sector and the Royal Government has made a significant impact on Cambodia’s economic development. As the organization looks forward to the next 30 years, it will continue to play a critical role in shaping Cambodia’s economy and fostering a prosperous future for the nation.
