The primary objective of the meeting was to review and refine the draft strategy, which includes a comprehensive analysis of the benefits and risks associated with dollarization in Cambodian business operations.

The IMF’s Technical Assistance Advisor, Mr. Yury Achkasov, emphasized the importance of private sector input in developing effective strategies to promote Riel usage.

Participants shared valuable insights and recommendations, such as encouraging retail stores to accept Riel exclusively and urging foreign businesses and investors to adopt the local currency, particularly in the tourism sector.

Neak Oknha Lim Heng, representing the private sector, pledged the CCC’s full support for the government’s efforts to promote Riel usage, especially those led by the National Bank of Cambodia.

The IMF’s Technical Assistance Working Group and Experts provided valuable perspectives, drawing on experiences from other countries in Latin America and ASEAN that have successfully adopted their national currencies. These insights will inform Cambodia’s approach to promoting Riel usage.

The technical team will carefully consider the recommendations from the meeting participants and incorporate them into the draft strategy. Further research and analysis will be conducted to ensure the strategy’s effectiveness in boosting Riel usage and supporting Cambodia’s economic development.

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Neak Oknha Kith Meng, President of the CCC and Chairman of the Business Advisory Council to the Prime Minister, hosted outgoing JETRO Cambodia President Marisa Haruta and incoming new President Wakabayashi Kohei.

Neak Oknha Kith Meng expressed gratitude for Haruta’s contributions to enhancing economic and trade relations between the two countries.

He also welcomed Wakabayashi, emphasizing the strong and growing partnership between the CCC and JETRO. This includes joint business and investment promotion events and a Memorandum of Understanding signed in 2022 to foster a favorable investment climate for Japanese businesses in Cambodia.

Highlighting the deep-rooted economic, trade, investment, and people-to-people ties between Cambodia and Japan, Meng noted the elevation of bilateral relations to a Comprehensive Strategic Partnership in 2023. He underscored Cambodia’s economic aspirations, aiming to become a high-middle-income country by 2030 and a high-income country by 2050.

Cambodia’s strategic location, free trade agreements, and attractive investment climate were emphasized as key factors for Japanese businesses. Meng proposed increased collaboration between the CCC and JETRO to capitalize on these opportunities.

Haruta expressed her appreciation for the CCC’s support during her tenure. She highlighted the successful Cambodian Investment Seminar in Tokyo, chaired by Prime Minister Hun Manet, and emphasized the untapped potential for Japanese investment in Cambodia. JETRO has produced promotional videos to showcase the country’s opportunities.

Wakabayashi expressed his enthusiasm for continuing the strong partnership between JETRO and the CCC.

The meeting concluded with a shared commitment to promoting trade cooperation, business partnerships, and strengthening the overall strategic partnership between Cambodia and Japan.

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According to the announcement from the Cambodian Chamber of Commerce (CCC), during the 43rd ASEAN Summit and Related Summits in the Republic of Indonesia, Duke Kith Meng, CCC President and Chairman of the ASEAN Business Advisory Council for Cambodia, to sign a Memorandum of Understanding (MOU) for the Cambodia-Philippines Agricultural and SME Development Partnership with Mr. Jose Ma. A Concepcion III, Chairman of the ASEAN Business Advisory Council for the Philippines.

The MOU will be signed during the summit in the presence of Hun Manet, Prime Minister of the Kingdom of Cambodia, and H.E. Ferdinand “Bongbong” Romualdez Marcos Jr., President of the Philippines.

The MOU promotes cooperation between Cambodia and the Philippines in agriculture, small and medium enterprises (SMEs), and rural development. The two countries will work together to exchange information and expertise, develop joint projects, and attract investment.

The signing of the MOU is a significant milestone in the relations between Cambodia and the Philippines. It reflects the strong commitment of the two countries to work together to promote economic development and improve the lives of their people.

Cambodia’s trade with the Philippines rebounded by nearly 28% in 2022, following a brief decline due to the COVID-19 pandemic.

This was according to Philippine Ambassador to Cambodia Maria Amelita C. Aquino, who also noted that the Philippine private sector is already active in Cambodia, particularly in the pharmaceuticals and agro-products manufacturing sectors. There are an estimated 5,000 to 7,000 Filipinos living in Cambodia at present.

The post Cambodia and Philippines sign MOU to boost agricultural and SME development during ASEAN summit first appeared on Estatedia | Economy & Real Estate Media in Cambodia.