Logo of Phnom Penh Post newspaper Phnom Penh Post - Overseas commerce chambers proposed

Overseas commerce chambers proposed

Overseas commerce chambers proposed

The government has submitted a new draft sub-decree to Prime Minister Hun Sen that would amend the mandate of the Cambodian Chamber of Commerce, allowing the business association to establish representative offices abroad to promote trade and investment, an official said yesterday.

Soeng Sophary, spokesperson for the Ministry of Commerce, said that if approved, the sub-decree would allow Cambodians living and doing business abroad to become members of the Cambodian Chamber of Commerce (CCC) and officially represent the chamber overseas.

“The amendment to the sub-decree is an official way for getting permission to establish the CCC in other countries to promote the business sector,” she said. Sophary said an overseas presence would promote trade by building networks to attract investment.

“We see there are a lot of foreign chambers of commerce in Cambodia that work to benefit their country’s investment,” she said. “We need to have this for us in their countries as well. ”The representative offices would be established in the capitals of countries or areas that have a high population of Cambodian expatriates, she added.

Lim Heng, vice president of CCC, said that while the organisation is fully recognised as Cambodia’s only business chamber, it has yet to establish an international footprint that would increase the flow of investment.

“It is really important to set up CCC offices in other countries that show a potential for trade,” he said. “[The overseas offices] would collect trade and investment information and build networks to attract investment.”

Heng said that initially, top destinations for potential CCC offices would be the US, Canada, EU, South Korea, Japan and China – all of which are among Cambodia’s largest trading and investment partners.

“The offices would also allow us to cooperate with Cambodians living in other countries,” he said. “It is also a way for investors looking for Cambodian partners to do business without being cheated, because they would be protected by the CCC.”

Heng added that the CCC counts nearly 5,000 locally registered firms as members.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Schools drawn into Manet degree row

    Prime Minister Hun Sen stepped into the Hun Manet-Sam Rainsy war of words over the validity of Manet’s degree from the US Military Academy at West Point, set off by Rainsy’s claims that Manet had received a “second-class degree” or “honorary degree”. Hun

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished