Logo of Phnom Penh Post newspaper Phnom Penh Post - Malaysian business community wants robust trade with Kingdom

Malaysian business community wants robust trade with Kingdom

Content image - Phnom Penh Post
Guests celebrate ​MBCC’s 25th anniversary in Phnom Penh on September 29. Supplied

Malaysian business community wants robust trade with Kingdom

After maintaining a robust trade ties with Cambodia for almost a quarter century, Malaysian business community remains upbeat about the Kingdom’s economic growth and wants to take bilateral relations to a new height.

The Malaysian Business Council of Cambodia (MBCC) that has been instrumental in cementing business ties between both countries since 1993, continues to see Cambodia as a potential trading partner, as the domestic economy flourishes under development-friendly investment policies.

The council’s President Teh Sing said Malaysian companies operating in Cambodia have been part of the nation’s growth story and are ready to share their expertise to further advance the economic progress of the country with over 15 million people.

The two-way relations of both the trading nations have stood the test of time and continue to thrive over the decades.

“MBCC is as old as the government of Cambodia, having been formed in 1993. That itself is a testament that Malaysia, be it the government or the private sector sees Cambodia as a strong ASEAN partner and sees Cambodia’s potential, and wants to be a part of her new history,” said Teh. 

He said MBCC is optimistic of Cambodia’ growth under Prime Minister Hun Sen’s leadership and aspires to assist more Malaysian businesses and impart best practices, while being a good role model for foreign businesses here through its contribution in business and community work.

Content image - Phnom Penh Post
Teh speaks at the event. Supplied

Nearly 200 guests from the business circle celebrated MBCC’s 25th anniversary in Phnom Penh on September 29th.    

“Twenty five years is a very historic milestone for a company but even more meaningful for a business council like MBCC, which is run by volunteering members. 

“The business council and how the Malaysians run their businesses here demonstrates the ‘Malaysia Boleh’ spirit or translated as ‘Malaysia Can’, the unwavering spirit; not giving up and striving to achieve greatness, which the Malaysian business community hold dear to. 

“You can see it here because many of the Malaysian businesses are successful and making a positive impact in Cambodia,” said Teh.

Malaysia-Cambodia trade relations have been on a positive trajectory, with trade volume growing steadfastly as Malaysia is now the Kingdom’s 16th largest trading partner.

Last year, total trade between both nations touched $455.7 million, an increase of seven percent from the previous year. While, the total value of Malaysia’s investments in Cambodia reached $3.39 billion until end of last year. 

Malaysian businesses in the Kingdom are very much diversified — banking, accounting and tax consultants, telecommunications, energy, manufacturing, food and beverage sector. 

In October this year, the World Bank projected that Cambodia’s economic growth will hover around a healthy seven percent in 2018, largely driven by garment, travel goods, and footwear exports, and also tourism. 

Besides business, the Malaysian community has also been active in local community projects, improving the lives of many Cambodians through sustainable charity work and community services. 

“We share our experiences and knowledge from Malaysia and try to add value where we can,” added Teh. 

In the past, the council’s members have been active in various areas to improve and develop good business governance, trade and tax laws, and labour laws in Cambodia – mainly by participating in public-private sector forums, working groups, dialogues and talks organised by the government.

MOST VIEWED

  • US imposes sanctions on Oknha Pheap and Kun Kim

    The Ministry of Foreign Affairs and International Cooperation expressed strong dismay on Monday over the designation of Cambodian tycoon Oknha Try Pheap and General Kun Kim under the US’ Global Magnitsky Act. “It is very disturbing when the public figures of a country become the

  • Mother, daughter killed in hotel fire

    The bodies of a mother and daughter were found locked in an embrace after they were killed in a hotel fire in Phnom Penh at around 3:30am on Wednesday at the Phkar Chhouk Tep 2 Hotel and Restaurant in Phsar Doeum Kor commune, in the capital’

  • EBA withdrawal a destruction of EU achievements, PM says

    Prime Minister Hun Sen said the EU’s possible suspension of its Everything But Arms (EBA) agreement amounted to a destruction of its achievements in the Kingdom and the demise of the opposition group. Hun Sen made the remarks while addressing more than 6,700 students during

  • US told to refrain from interfering in Sokha case

    Senior Cambodian officials said on Thursday that the US can monitor Kem Sokha’s trial as it wishes but would not be allowed to interfere in court procedures. The point was made in response to US Secretary of State Mike Pompeo’s comments on Wednesday

  • Europe expected to consider EBA efforts, impact

    The government said it expects the European Commission to consider its efforts to comply with the “Everything But Arms” (EBA) regulations and the impact on one million workers should access to the agreement be suspended in February. The Ministry of Foreign Affairs and International Cooperation

  • Sri Lanka’s LOLC Holdings plans to sell Cambodian unit

    LOLC Holdings Plc, Sri Lanka’s second-largest publicly traded company by revenue, plans to sell its 70 per cent stake in Prasac Microfinance Institution Ltd, which also counts Hong Kong’s Bank of East Asia Ltd. as a shareholder, LOLC deputy chairman Ishara Nanayakkara said. Nanayakkara