On Wednesday, a significant gathering unfolded in Phnom Penh as over 20 Indian companies specializing in the production and trade of dyes, dye intermediates, organic and inorganic chemicals, agrochemicals, specialty chemicals, and cosmetics convened with Cambodian businesses to discuss potential collaborations. This meeting, spearheaded by the Basic Chemicals, Cosmetics & Dyes Export Promotion Council (Chemexcil), aimed to bolster the chemical trade between the two nations, drawing participation from more than 80 Cambodian delegates.
The event, supported by the Embassy of India in Phnom Penh and the Indian Business Chamber in Cambodia (IBCC), featured addresses from key figures such as Siddhartha Kumar, Regional Director of Chemexcil; Dr. Devyani Khobragade, the Indian Ambassador to Cambodia; Suon Sophal, Deputy Secretary General of the Cambodia Investment Board; and Lam Kim Leng, Under Secretary of State, Ministry of Industry, Science, Technology, and Innovation of Cambodia, among others.
Kumar, who led the Indian delegation, highlighted the significant role of the chemical industry in India’s industrial and agricultural sectors, noting its current valuation at $220 billion in 2022, with projections reaching $300 billion by 2025 and $1 trillion by 2040. He emphasized India’s position as the sixth-largest chemical producer globally and the third-largest in Asia.
Ambassador Khobragade underscored the strong political ties between India and Cambodia, advocating for the enhancement of trade, commerce, and investment through bilateral cooperation. She outlined various initiatives aimed at fostering economic interactions, including the establishment of a Joint Working Group, a Bilateral Investment Treaty, direct air connectivity, and a Joint Business Council.
Suon Sophal emphasized Cambodia’s conducive business environment, highlighting the nation’s efforts to streamline investment processes, adopt international investment guarantees, and offer competitive incentives. He expressed the Cambodia Investment Board’s readiness to collaborate with the Embassy of India and other stakeholders to attract Indian foreign direct investment.
Lam Kim Leng projected Cambodia’s economic growth, particularly in the industrial sector, and recognized the event as an opportunity to introduce direct sellers to the Cambodian market, enhancing access and competition within the chemical industry.
The event also addressed the significance of food additives and agrochemicals in Cambodian agriculture, with Chea Pisey from the Department of Agro-Industry advocating for their importance.
The gathering concluded with a series of business-to-business and matchmaking meetings, with Babulal Parihar of the IBCC expressing gratitude to participants and reinforcing the chamber’s commitment to promoting India-Cambodia trade and investment partnerships.