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US embassy to hold investment webinar

The US embassy in Phnom Penh intends to hold a web-inar on doing business in Cambodia, providing information on the benefits and challenges of working in the country for US firms.  

“This is the first webinar that will focus on investment opportunities and an overview of  Cambodia’s current business climate,” Sean McIntosh, the US embassy’s public-affairs officer, told the Post yesterday.

“The US embassy’s purpose is to promote exports and investment between the two nations; especially, we want to see more US firms set up shop in Cambodia.”

US ambassador to Cambodia William Todd will host the web-based seminar. He will be joined by American Cambodian Business Council chairman Brett Sciaroni.  

In recent years, economic ties between Phnom Penh and Washington have broadened. The US is Cambodia’s second-biggest export market after the ASEAN bloc.

In 2012, Cambodia’s exports to the US were worth about $2 billion, 36 per cent of the Kingdom’s total exports, according to figures from the Ministry of Economy and Finance.

Furthermore, figures from the Council for the Development of Cambodia (CDC) show that from 2005 to 2011, US investment reached about $922 million.

Lim Heng, vice-president of the Cambodian Chamber of Commerce, welcomed the webinar and said he hoped it would bring more US comp-anies to the Kingdom.

“US companies, including those that have been active in Cambodia and potential newcomers, will be looking at possible investment in the Kingdom and to boost their investment activity,” Heng told the Post yesterday.

Last year, a US-ASEAN business forum was held in Siem Reap, the largest event of its kind ever held in Cambodia.

It was attended by former US secretary of state Hillary Clinton and representatives of nearly 200 US firms.

Frances Zwenig, who co-led the US-ASEAN business mission, said it reflected Cambodia’s progress in improving its business environment.

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