India-Cambodia joint business council launched

PHNOM PENH: The India- Joint Business Council (JBC) was launched with the first meeting of the JBC taking place in New Delhi, India, according to a press release from the Indian Embassy in Cambodia.

The JBC has been established with facilitation from the Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce and Industry, India, and the Ministry of Commerce of Cambodia, to boost trade and investment between India and Cambodia by providing a crucial platform for discussions and collaboration between the private sector from the two countries.

By establishing a bilateral consultation mechanism, the JBC will facilitate interaction between business leaders from both sides to deliberate and suggest ways to enhance trade and investments, as well as to forge partnerships.

The Federation of Indian Chambers of Commerce & Industry (FICCI) and the Cambodian Oknha Association (COA) are the secretariats for the ICJBC in India and Cambodia respectively.

The first meeting was hosted by FICCI in New Delhi, India. The Cambodian delegation was led by H.E. Rithipal Tith, Under Secretary of State, Ministry of Commerce, and comprised of representatives of top business conglomerates in Cambodia.

From the Indian side, Mr. Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India participated in the inaugural session. Indian businesses from Skill Development, Mining, Healthcare, Food Processing, Infrastructure, Educational Research, and sectors participated in the JBC.

H.E. Ms. Devyani Khobragade, Ambassador of India to Cambodia expressed pleasure on the launch, stating, “It is an immense pleasure to see the launch of the India-Cambodia Joint Business Council. The JBC will provide an official platform for private sector engagement at the top level. One-to-one engagement between leading businesses, which the governments back, will surely boost trade and investments between India and Cambodia and strengthen bilateral partnerships. I wish them every success.”

Neak Oknha Ly Yong Phat, President of the Cambodian Oknha Association said, “The launch of the ICJBC marks a new chapter in Cambodia-India economic relations. This platform will enable us to identify and address challenges while unlocking new opportunities for mutual benefit.”

The FICCI and COA also signed a Terms of References, making the JBC an institutional mechanism with annual meetings in India and Cambodia alternatively. The other key attributes of the India-Cambodia Joint Business Council include:

● Jointly chaired by a senior industry representative from each country.
● It comprises members from diverse sectors representing private companies interested in India-Cambodia's economic development.
● Regularly exchange information and legislation related to trade, investment, and market trends.
● Recommendations submitted to respective governments to improve the business environment.
As a key platform for private sector interaction supported by the governments in India and Cambodia, the ICJBC is poised to play an important role in forging ties between the private sector for enhancing trade and investments between India and Cambodia.

Post Comment