Logo of Phnom Penh Post newspaper Phnom Penh Post - Investor charm campaign planned for major ASEAN business summit

Investor charm campaign planned for major ASEAN business summit

Content image - Phnom Penh Post
The 93rd ASEAN Business Advisory Council (ASEAN BAC) Meeting on June 29 discusses preparations for ASEAN Business and Investment Summit (ABIS) 2022 and ASEAN Business Awards (ABA) 2022. CCC

Investor charm campaign planned for major ASEAN business summit

Cambodia aims to make the most of ASEAN Business and Investment Summit (ABIS) 2022 this year to convince as many new investors as possible to enter the burgeoning local market, a key preparatory meeting affirmed on June 29.

The gathering is scheduled for November in conjunction with the 4th ASEAN Summit, both of which are to be hosted by Cambodia – this year’s ASEAN chair.

ABIS is one of the bloc’s major annual events, which brings together regional and global leaders, along with CEOs of major companies, to discuss and share experiences on important socio-economic topics and developments in the region.

June 29’s conference, the 93rd ASEAN Business Advisory Council (ASEAN BAC) Meeting, organised in collaboration with the Cambodia Chamber of Commerce (CCC), discussed preparations for ABIS 2022 and ASEAN Business Awards (ABA) 2022.

This year’s ABIS will be held in mixed format – online and in-person – due to Covid-19 concerns, and ABA will distinguish outstanding ASEAN businesses that help improve people’s lives and promote the bloc’s prestige, CCC vice-president Lim Heng explained to The Post on June 30.

Heng is convinced that Cambodia will garner a more prominent role in ASEAN and the world and otherwise “benefit greatly” from organising ABIS this year, which he hailed as a “national honour”.

As the host of this year’s edition, “we will take this opportunity to further promote our economic potential, considering that we are not just part of ASEAN, but also ASEAN Plus Six, which encompasses Australia, China, Japan, [South] Korea, India and New Zealand too.

“This is our chance to project an image and present investment opportunities in Cambodia to the ASEAN Economic and wider international community,” he said.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, agreed, suggesting that the Kingdom also concentrate on showcasing its investment potential to participants of ABIS from non-ASEAN countries.

He highlighted that the government has undertaken a slew of reforms to create a conducive investment climate for those who may be keen to establish or expand their presence in any of Cambodia’s promising markets, leading to a rise in foreign direct investment (FDI) inflows.

“FDI has played an important role in the development of the Cambodian economy before and during Covid-19,” he told The Post on June 30.

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10