Friday marked a significant milestone in the economic relationship between India and Cambodia with the official inauguration of the India-Cambodia Joint Business Council (ICJBC). The launch event, held in New Delhi, India, signifies a new era of collaboration between the business communities of both countries.
The formation of the ICJBC, facilitated by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Indian Ministry of Commerce and Industry, alongside the Ministry of Commerce of Cambodia, aims to create a robust platform for dialogue and partnership between Indian and Cambodian businesses. This council is expected to play a critical role in identifying and leveraging opportunities to enhance bilateral trade and investment flows.
The Federation of Indian Chambers of Commerce and Industry (FICCI) in India and the Cambodian Oknha Association (COA) in Cambodia have been appointed as the coordinating bodies for the ICJBC, responsible for its secretariat functions. The inaugural meeting hosted by FICCI witnessed the presence of high-profile delegates from both countries, signifying the high level of commitment towards this initiative.
The Cambodian delegation was led by Rithipal Tith, Undersecretary of State to the Ministry of Commerce, and included prominent business figures from Cambodia. Representing India, Rajesh Kumar Singh, Secretary of DPIIT, played a pivotal role in the proceedings of the inaugural session.
Dr Devyani Khobragade, the Indian Ambassador to Cambodia, expressed her optimism about the council’s potential to foster stronger business ties between the two nations. She highlighted the council’s role in facilitating direct engagement between leading businesses, supported by both governments, as a key factor in boosting bilateral trade and investments.
Ly Yong Phat, President of the Cambodian Oknha Association, also emphasized the council’s potential to unlock new avenues for collaboration that are mutually beneficial. The commitment of FICCI and COA to the success of the ICJBC was further demonstrated by the signing of a Terms of Reference, establishing a formal framework for cooperation.
The council plans to organize annual meetings alternately in India and Cambodia, ensuring continuous dialogue and cooperation between the business sectors of the two countries. The ICJBC will be co-chaired by senior industry leaders from both nations and will include members from a wide range of sectors. It aims to facilitate the regular exchange of information on trade, investment, and market trends, and to provide recommendations to the respective governments to enhance the business climate.
With the backing of both the Indian and Cambodian governments, there is a strong belief that the ICJBC will become an essential platform for private sector engagement, significantly contributing to the growth of trade and investment between the two countries.
Despite India being Cambodia’s 18th largest trading partner with trade volumes at $440 million in 2022, there is immense potential for growth. Indian investments in Cambodia have been primarily in sectors like pharmaceuticals, automobiles, and mining, while Cambodia’s exports to India, mainly consisting of agricultural products, garments, and footwear, were valued at $197 million in 2022. The ICJBC is poised to play a vital role in expanding these economic exchanges and building lasting economic partnerships.
