Cambodian PM Encourages More French Businessmen To Invest In The Kingdom

date_range 08-Jul-2024
visibility 5

Phnom Penh, July 08, 2024 --

Prime Minister Samdech Moha Borvor Thipadei Hun Manet has encouraged more French businesspeople to invest in Cambodia as many French companies, including Vinci, Total, Bred Bank, and some SMEs, have been doing well their businesses in the Kingdom.

In his keynote address to the opening ceremony of France-Cambodia Business Forum held here this morning, Samdech Thipadei Hun Manet said France is one of the important trade partners and foreign investors in Cambodia.

“Last year, bilateral trade between both nations has reached some US$515 million and during the first five months of this year, the two-way trade was valued at about US$206 million,” he underlined. “France is a major trading partner and investor in Cambodia among European countries.”

French investment has contributed to job creation, skills transfer and structural economic development, contributing to the stabilisation of Cambodia's economic growth, recorded at 5 percent in 2023 and expected to rise to 6 percent in 2024, he said.

Samdech Thipadei Hun Manet added that in this situation, Cambodia is one of the emerging investment destinations in Southeast Asia.

In the last decade, he continued, Cambodia has always been among the least developed countries to receive the largest amount of foreign direct investment.

The Council for the Development of Cambodia’s report shows that in 2023, Cambodia attracted 268 investment projects worth about US$4.9 billion.

In the first half of 2024, a total of 190 investment projects worth US$3.2 billion were registered in Cambodia, the Premier pointed out.

Neak Oknha Kith Meng, President of the Cambodia Chamber of Commerce and Chair of ASEAN-BAC Cambodia said this three-day forum is designed to further strengthen the economic and social ties between Cambodia and France by fostering trade and investment opportunities, facilitating meaningful engagement between French companies, both regional and those already operating in Cambodia, with their Cambodian counterparts.

“It is our hope that today’s forum will serve as a catalyst for new partnerships, collaborations, and mutually beneficial business ventures, driving economic growth and development for both Cambodia and France,” he said.

Neak Oknha Kith Meng said France has been a key trade and investment partner for Cambodia in various sectors such as infrastructure, water management, energy, and hospitality.