The CDC leadership present Cambodia’s investment potential to a business delegation from California, on March 3. CDC
Sun Chanthol first vice-president of The Council for the Development of Cambodia (CDC), stated that Cambodia is continuing to push for improvements in all sectors to enhance the business environment and increase the potential to attract more foreign direct investment.
He shared his sentiment at the CDC headquarters on March 3 during a working meeting and with a delegation from California, the US.
The delegation was led by Kim Chha Hout, honorary consul of Cambodia to California and president of the Representative Office of the Cambodia Chamber of Commerce in California.
Chanthol emphasised that Cambodia’s economic and political situation is progressing well, especially with the policy aiming to achieve Cambodia's Vision 2050, which aims to make the country a high-income nation.
He noted that, as the primary government entity responsible for managing private investment and special economic zones (SEZs), the CDC continues to strive to improve all aspects to enhance the business and investment climate, particularly in the area of digital transformation in public service provision.
He confirmed that the recent introduction of the Cambodia Investment Project Management System (cdcIPM) has greatly facilitated investors in submitting investment applications, allowing them to apply from anywhere and at any time via the internet.
“Cambodia has many positives that should be considered for direct investment, such as a highly productive geographic location, a source of renewable energy, peace and political stability, a favourable macroeconomic environment, a young workforce ready for digital transformation and openness to new training programmes,” he said.
“The government supports the growth of the private sector through the government-private sector platform, flexible and highly favourable investment laws and developed infrastructure, including road, water, rail and air transport systems, all aimed at promoting nationwide connectivity and improving regional development,” he added.
The California business delegation praised Cambodia’s notable progress and highly valued the government's attention and the CDC’s efforts in facilitating and supporting the private sector.
They expressed their interest in exploring possibilities to strengthen bilateral cooperation between California and Cambodia, especially in economic and investment relations.
According to the Cambodian Okhna Association, the 20 companies from California come from diverse sectors such as agriculture, education, transport and logistics, energy, information technology, tourism and hospitality, legal and tax services, healthcare, banking and finance, insurance, real estate, construction, engineering, and food and beverages.
Hong Vannak, an economist at the Royal Academy of Cambodia, told The Post on March 3 that the California business delegation's visit to Cambodia will positively impact Cambodia's economy.
He believed that the investors, whether few or many, will have seen firsthand the progress in Cambodia and will better understand the benefits of Cambodia’s investment laws.
Through this visit, some American companies may also form partnerships with Cambodian investors to co-invest.
“Visiting and directly discussing the situation is definitely more effective than continuing promotional campaigns. Therefore, Cambodia will benefit from this visit, whether the investment is small or large,” he said.
“Investment in Cambodia will be highly profitable for investors because the Kingdom has favourable investment laws, many export markets and most importantly, trade agreements and tax incentives for exports to many countries worldwide,” he added.
