Thai businesses urged to invest more in Cambodia

Speaking to more than 300 Thai and Cambodian businessmen, he pointed out that Cambodia is an area of opportunity for global traders and investors, including Thailand, due to its stable politics, various free trade agreements, skilled technical talent, supportive infrastructure, and ease of doing business with simple but effective regulations.

He then highlighted some ongoing megaprojects developed by the Royal Government of Cambodia to support trade and investment from Thai and other foreign investors, such as motorways, highways, and an airport.

“We are enhancing infrastructure connectivity to connect and facilitate trade between our nations," he said, highlighting Cambodia's advantageous location as the centre of the south border economic corridor in the Mekong subregion, which connects Thailand, Vietnam and Laos.

He also pointed out several trade and investment opportunities where two countries' business sectors can collaborate, including the tourism industry, digital economy, infrastructure development, and agriculture.

Cambodia Prime Minister Hun Manet

Citing the "Two Kingdoms, One Destination" marketing initiative, Cambodia's prime minister said that promoting tourism, cross-border travel packages, and infrastructure development could unlock untapped potential while also attracting tourists from other destinations.

“Both countries have distinct cultures and natural treasures that have boosted tourism to new heights. Thai investment in Cambodian hospitality, as well as participation in cross-border travel initiatives, are creating exciting opportunities," he said.

To further support seamless tourism between Thailand and Cambodia, Hun Manet noted that the government is currently working to improve 'KHQR', its domestic e-payment system, so that it can be employed for cross-border payments in the ASEAN region.

Regarding the digital economy, he pointed out that embracing the digital revolution together will help foster innovation and create new opportunities for Cambodian and Thai citizens.

“Cambodia warmly welcomes Thai investors to explore business opportunities in digital technology, which is considered a powerful engine for growth and progress, " he said, adding that the transformative potential of digital inclusion in the economy would be the driving force behind economic recovery, poverty eradication, and sustainable development.

In terms of agriculture, Cambodia’s prime minister emphasised the importance of the two nations working together because Cambodia and Thailand are bound together by the Mekong River.

This natural connection contributes to both countries automatically sharing agricultural resources and incomes and enhances the enormous business potential for the two countries to thrive together.

To reassure Thai investors and entrepreneurs, Prime Minister Hun Manet promised that his government would continue to work on improving regulations, incentives, trade, and investment measures to make it easier for the Thai private sector to conduct business in Cambodia.

He revealed that his government is now proposing a new initiative to the Thai government to establish a connecting special economic zone between the two countries, using Thailand's Eastern Economic Corridor (EEC) as the foundation.

His commitments at the forum 2024 reiterated his discussions and agreements with Thailand's Prime Minister Srettha Thavisin earlier in the day.

As guests of the Thai government, Hun Manet and his cabinet members met with Thai administrative officials at Government House on Wednesday. The meeting yielded fruitful results, as the two countries agreed to increase strategic collaboration in all areas, including trade, investment, tourism, agriculture, and the environment.

"Today, we have elevated our relationship to that of a strategic partner, which opens the door to more opportunities to strengthen our border cooperation in all sectors, including the private sector," Hun Manet told the forum.

 

Sanun Angubolkul, chairman of the Thai Chamber of Commerce, expressed his gratitude to Cambodia's leader for attending the forum, which helped assure both private sector parties of continued cooperation.

He pointed out that Cambodia's remarkable economic growth and infrastructure development over the last decade, fuelled by Cambodian innovations and visionary efforts, as well as foreign direct investment, have been noteworthy.

Sanun Angubolkul

"Thailand is looking forward to enhancing its investment in Cambodia and fostering stronger border trade to boost the overall trade and investment," Sanun said.

Thai entrepreneurs will continue to strengthen the warm relationship, providing opportunities for mutual economic growth and development, he added.

The Thai Chamber of Commerce reports strong bilateral trade with Cambodia. Bilateral trade stood at 8 billion dollars in 2023, reflecting a 22% growth rate. Thailand's exports to Cambodia increased by only 22.5%, while its imports from Cambodia increased by 25.6%.

Citing the aforementioned number as a significant indicator of success, the Thailand-Cambodia Chamber of Commerce aims to increase bilateral trade volume to $15 billion by 2025.

To achieve that ambitious goal, he said that both parties have agreed to collaborate to bridge the gap and serve as each other's representatives in each government, allowing them to identify areas for improvement and growth.

Neak Oknha Kith Meng, president of the Cambodia Chamber of Commerce, spoke of the successes of Thai companies in his country, which reflects the deep ties between two neighbours, where people connect on a personal level and share common interests.

“While the world faces challenges, Cambodia and Thailand can leverage our strong partnership to create opportunities for trade and investment, fostering regional stability and prosperity. I invite you to consider the treasures that await your discovery in Cambodia,” he said.

Indicating a commitment to open, rules-based trade and investment in accordance with multilateral principles and international agreements, he said that Cambodia can promise a stable and predictable business environment, backed by a government dedicated to transparency and efficiency.

He then urged Thai and Cambodian businesses to work together and invest more in Cambodia.

"Cambodia can be a strategic export-oriented manufacturing hub for Thai investors. We invite you to explore the potential of Cambodia's thriving manufacturing sector and unlock new avenues for growth," he concluded.