PHNOM PENH-March 04, 2024: Cambodia and Australia are set to boost trade and investment ties through the establishment of a new Cambodia-Australia Business Council.
This key development comes after a meeting between Cambodian Prime Minister Hun Manet and Australian business leader Bran Black on the sidelines of a major ASEAN summit, the ASEAN-Australia Special Summit to commemorate the 50th Anniversary of ASEAN-Australia Dialogue Relations. The council will serve as a platform to coordinate and promote bilateral trade and investment activities between the two countries.
Prime Minister Hun Manet expressed his strong support for the initiative and encouraged collaboration between the new council, Cambodia’s Ministry of Commerce, and the Cambodian Chamber of Commerce to get it up and running.
This council is significant because it represents Australia’s strong commitment to Cambodia’s economic growth. Mr. Black highlighted that the Business Council of Australia represents over 120 major companies employing over 1 million people. Their intention to expand cooperation with Cambodia signifies significant potential for increased investment and job creation in the Kingdom.
The Cambodian Prime Minister welcomed this commitment and reaffirmed Cambodia’s openness to foreign investment. He emphasized the government’s efforts to create a favorable investment climate through new policies and laws, as well as Cambodia’s participation in various free trade agreements.
He also highlighted priority sectors for investment, including digital technology, electrical and automotive components, agriculture, and tourism, which will contribute to Cambodia’s economic development.
