Promoting Trade, Investment, and Collaboration for a Prosperous Future
On January 17, 2024, a momentous occasion took place in Cambodia as the Indian Business Chamber in Cambodia (IBCC) was inaugurated. The launch event was graced by the esteemed presence of H.E. Dr. Devyani Khobragade, Ambassador of India to Cambodia, and H.E. Pich Rithi, Secretary of State, Ministry of Commerce, who added grace to the proceedings as chief guests. This event brought together over 250 distinguished guests, including influential figures from Cambodia’s business community, government officials, and representatives from various business chambers in Cambodia, Indian businesses in Cambodia, and the Indian community in Cambodia.
The President of the IBCC, Mr. Babulal Parihar, warmly welcomed all attendees and emphasized that the establishment of the Indian Business Chamber in Cambodia signifies more than just the strengthening of economic ties between India and Cambodia. He highlighted the Indian business community’s commitment to contributing to the growth and development of Cambodia. The IBCC’s mission focuses on promoting and facilitating trade and investment between both nations, with a key objective of aiding Indian businesses entering or considering entry into the Cambodian market by providing essential information about the business and legal environment.
Mr. Parihar emphasized IBCC’s collaboration with the government, business associations, and stakeholders to address challenges, offer solutions, and advocate for policies that create a favorable business environment. The Chamber will work closely with the Embassy of India to enhance and expedite trade and investment opportunities between the two nations.
H.E. Dr. Devyani Khobragade, the Ambassador of India, highlighted the deep historical connections between India and Cambodia, emphasizing the favorable regard India holds in both leadership and public spheres. She urged harnessing this goodwill to elevate trade, commerce, and investments. The launch of the IBCC was applauded as a positive stride, with strategies such as the Duty Free Tariff Preference 2 Scheme, Joint Working Group, negotiation for a Bilateral Investment Treaty, preferential trade agreement, Double Taxation Avoidance Agreement, and plans for an India-Cambodia Joint Business Council and Digital Payment Connectivity being unveiled.
H.E. Mr. Pich Rithi, Secretary of State at the Ministry of Commerce, expressed profound appreciation and congratulations to the Embassy of India and the IBCC for their official establishment. He emphasized that this milestone will undoubtedly enhance trade, investment, and other business activities between Cambodia and India. Mr. Rithi emphasized that the official launch of the Indian Business Chamber in Cambodia will bolster business-to-business cooperation, offering valuable networking opportunities for individuals across various industries.
The event concluded with a Vote of Thanks from Mr. Niraj Gupta, a Board of Director at IBCC, as he expressed his gratitude to all attendees and extended a warm welcome to the chief guests. He highlighted the visionary leadership of Mr. Babulal Parihar, President of IBCC, and the Board of Directors. The occasion featured vibrant cultural performances from both Cambodian and Indian traditions and was followed by a networking dinner reception.
The launch of the Indian Business Chamber in Cambodia paves the way for enhanced trade, investment, and collaboration between India and Cambodia. As the Chamber strives to create a favorable business environment and provide essential support to Indian businesses, it will undoubtedly contribute to the growth and development of both nations. The positive strides taken during this milestone event set the stage for a prosperous future built on strong economic ties between India and Cambodia.
