In a significant step towards bolstering European investment in Cambodia, a pioneering Public-Private Dialogue took place on September 17, 2024, under the leadership of Sun Chanthol, the First Vice President of the Council for the Development of Cambodia (CDC), and EU Ambassador to Cambodia, Igor Driesmans. This gathering marked an essential milestone in the collaboration between Cambodia and the European Union, aiming to foster a more favorable investment environment and address the challenges encountered by European businesses operating in or considering entering the Cambodian market.
The meeting saw participation from a diverse group of stakeholders, including officials from various Cambodian ministries and institutions, the French Ambassador to Cambodia Jacques Pellet, the president of the European Chamber of Commerce in Cambodia, representatives from the EU-ASEAN Business Council, the private sector, and numerous professionals. Their coming together underscores a shared commitment to deepening economic ties and promoting mutual growth and prosperity.
The dialogue was initiated as part of the Investment Retention Mechanism, a strategy spearheaded by Cambodian Prime Minister Hun Manet and supported by EU leaders. This strategy serves as an official platform for collaborative discussions geared towards enhancing the investment climate for European entities in Cambodia. The mechanism underscores a proactive approach by both parties to tackle investment impediments, aiming not only to sustain but also to attract fresh European investment into Cambodia.
During this groundbreaking event, Sun Chanthol expressed the Cambodian government’s dedication to creating a conducive and transparent investment landscape. He emphasized the government’s effort to facilitate dialogue and resolve any issues that European investors might face, thereby reinforcing Cambodia’s position as a welcoming destination for international investors. Chanthol pointed out the importance of such dialogues in ensuring that the concerns and needs of European investors are regularly addressed and prioritized.
Furthermore, Chanthol highlighted Cambodia’s strategic efforts to draw more investment from the EU, noting the success of a Cambodian delegation’s visit to the European Union in June 2024 and the planning of a forthcoming visit to further cement the relationships and explore new investment avenues.
Ambassador Igor Driesmans praised the inception of this dialogue as a vital development for enhancing investor confidence and engagement between Cambodia and the European Union. It offers an invaluable platform for exchanging views, understanding investor challenges firsthand, and working collaboratively towards feasible solutions. Driesmans also admired the CDC’s forward-looking initiative to arrange another visit to the EU, emphasizing the continuous support of the EU towards Cambodia’s development ambitions.
This collaborative dialogue represents a proactive and strategic approach by both Cambodia and the European Union to strengthen economic cooperation. By addressing the challenges faced by European investors and creating more transparent and supportive investment conditions, both parties demonstrate a commitment to fostering a dynamic and competitive investment landscape. This initiative not only serves to enhance the confidence of current European investors in Cambodia but also aims to showcase Cambodia as an attractive investment destination on the global stage, promising a future of increased investment flows and shared economic prosperity.
Source: Fresh News
