PHNOM PENH: Cambodia's business potential took center stage last week at the 2024 JCI ASPAC Business Dialogue and Matching event held in Siem Reap. The event, co-chaired by H.E. Mrs. Cham Nimul, Minister of Commerce (MOC), and H.E. Sok Soken, Minister of Tourism (MOT), brought together relevant stakeholders to discuss “Business Opportunities in Cambodia.”

In her keynote address, H.E. Cham Nimul highlighted Cambodia's vibrant and promising business climate. She emphasized the country's remarkable economic growth, averaging over 7% annually for the past two decades. This success, she attributed to a strong foundation of political stability, sound economic policies, and a government that actively fosters public-private dialogue.

The MOC, working collaboratively with the MOT, is actively developing frameworks to facilitate competitive business operations and enhance the overall business environment.

Cambodia's foreign direct investment (FDI) is projected to surge in 2024, reaching an estimated US$4.25 billion, which translates to roughly 9.0% of the country's GDP. This optimistic forecast comes amidst a flurry of investment activity in key sectors.

Minister Cham Nimul encouraged investors to explore the vast potential Cambodia offers, from its growing economy and strategic location to its advancements in the digital sphere.

Cambodia's commitment to digital transformation was also a key focus. The Minister highlighted several government initiatives, including the Cambodia Data Exchange (CAMdx), verify.gov.kh, the National Single Window, CambodiaTrade.com, the Digital Economy and Society Policy Framework, the Digital Skill Development Road Map, and digital payment systems like Bakong.