Prime Minister Hun Manet has encouraged the US-ASEAN Business Council (US-ABC) to work with the relevant Cambodian authorities to promote investment in the Kingdom.

He also welcomed more interest from US investors to expand their investment, saying the nation is ready to assist them. 

Manet met with Brian McFeeters, the US-ABC’s new senior vice-president and regional managing director, on February 28.

A social media post by the premier said McFeeters offered his appreciation of the rapid growth of Cambodia’s economy in all sectors.

He also shared that representatives of 17 major US firms have expressed their interest in expanding their businesses in Cambodia or entering the market, and requested that investment policy be shared with them. 

The requests were welcomed by Manet, as he stressed the Kingdom’s openness to foreign investment.

He explained that the government can ensure a favourable investment environment, as the country is at peace and enjoys political stability and good public order, as well as through its incentive policies and new models of investment, such as special economic zones (SEZ).

“The private sector plays a crucial role, not only in contributing to socio-economic development, but also in promoting bilateral relation between the state and the private sector,” said Manet.

The prime minister suggested that the US-ABC work closely with relevant Cambodian government institutions to devise an action plan to promote their relations.

US ambassador to Cambodia W Patrick Murphy also led a delegation to meet with Sun Chanthol, first vice-president of the Council for the Development of Cambodia (CDC). 

A CDC statement said the delegation requested increased facilitation for investment, business operations and trading for all American businesses in Cambodia, a request 

which Chanthol said he was prepared to accept. He noted that the investment environment in Cambodia is open to investors from all countries.

Cambodia Chamber of Commerce (CCC) vice-president Lim Heng welcomed the interests of the US companies. He noted that among the 17, some are already doing businesses in the Kingdom, while others are keen to begin.

Heng believes increased interest in investment reflects the success of Cambodia’s economic diplomacy and investment incentives.

“Cambodia is in a convenient geographic location, is peaceful and politically stable, and enjoys high economic growth, all of which increases the confidence of risk-averse investors. The World Bank has predicted that our economic growth will be between 5 and 6 per cent this year. We also have good investment law. All of these factors are attractive to American investors,” he said.

He noted that the CCC is ready to facilitate investment by the US firms, both for the existing ones and those who wish to enter the Cambodian market.

In addition to encouraging American investment, he also called on the US to consider renewing the Generalised System of Preferences (GSP) tariff exemption scheme for Cambodia. 

According to the General Department of Customs and Excise (GDCE), the US was the Kingdom’s second-largest trading partner in 2023, with bilateral trade volume of $9.16 billion.

Cambodian exports to the US accounted for $8.9 billion, while imports from the world’s largest economy totalled $257 million.