The British Embassy in Phnom Penh is set to enhance Cambodia’s visibility in the UK through a series of strategic initiatives aimed at fostering increased investment and strengthening trade relations between the two nations.
During a ‘Breakfast Talk’ hosted by the British Chamber of Commerce in Cambodia, British Ambassador Dominic Williams detailed the embassy’s plan to elevate the Kingdom’s profile among UK investors and businesses. He highlighted the lack of awareness about Cambodia in the UK, noting the potential that becomes evident to British visitors due to the Kingdom’s dynamic economy.
Ambassador Williams outlined the embassy’s commitment to initiatives designed to draw British investment into Cambodia, including trade missions, exchange programs, and study visits to stimulate bilateral engagement. Additionally, he addressed the proactive steps being taken to resolve challenges faced by British enterprises operating within Cambodia.
The inaugural Joint Trade and Investment Forum, co-led by the Ambassador and the Cambodian Minister of Commerce, marked a positive start to these efforts, with plans for a second forum slated for the latter part of the year.
Williams underscored the opportunities for Cambodian businesses to expand trade with the UK, particularly highlighting the benefits of the UK Government’s new Developing Countries Trading Scheme (DCTS). This scheme allows tariff-free exports for 99% of goods from Cambodia to the UK, offering more favorable terms than the previous Generalised System of Preferences (GSP). The UK Export Finance scheme was also mentioned as a beneficial resource for Cambodian enterprises.
The Ambassador also pointed to the potential for capacity building in Cambodia using UK expertise, with the design work for the Techo International Airport serving as a prime example. Furthermore, the British Embassy is collaborating with the Cambodian government on legislative efforts, such as establishing a legal purchase age for alcohol.
Investment opportunities in the education sector were highlighted, with a prestigious British university having already established a campus in Phnom Penh, signaling a promising market for further British educational investments in Cambodia.
Williams expressed enthusiasm about a proposed green Special Economic Zone, which could serve as an attractive venture for British companies, particularly in the electronics and automotive industries. Discussions about this significant project are currently underway.
Addressing taxation concerns, the Ambassador acknowledged the issues but noted the new Cambodian government’s business-friendly stance and willingness to address such challenges, emphasizing the importance of equitable tax practices for the prosperity of businesses.
