In a significant move to bolster economic relationships, the Ministry of Industry, Science, Technology & Innovation (MISTI) of Cambodia, and the Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance have inked a Memorandum of Understanding (MoU). This partnership is strategically aimed at enhancing trade, investments, and business interactions between Cambodia and the Greater Bay Area (GBA).
The MoU, signed in the presence of Hem Vanndy, Minister of Industry, Science, Technology & Innovation of Cambodia, and Dr. Jonathan K S Choi, Chairman of the GBA Entrepreneurs Alliance, symbolizes a mutual commitment to economic growth and cooperation. The event was also graced by Sun Chanthol, Deputy Prime Minister, and First Vice-President of the Council for the Development of Cambodia, further underlining its significance.
Prior to the MoU signing, Dr. Choi, accompanied by Chinese General Chamber of Commerce representatives from Hong Kong and the Greater Bay Area Entrepreneurs Alliance, visited MISTI to delve into Cambodia’s economic priorities and scout for potential investments.
During discussions, Dr. Choi underscored the GBA’s economic prowess, boasting a substantial population and a GDP surpassing $2 trillion. He emphasized the Bay Area’s critical role in propelling China’s technological and economic advancements on the global stage.
The dialogue with MISTI sparked interest from the delegation in various sectors. Among these were the creation of eco-friendly special economic zones, promoting electric vehicle infrastructure, energy storage advancements, waste-to-energy projects, 5G technology deployment for communications, and innovations in aerospace and satellite imaging.
Moreover, GBA’s digital solution experts showed enthusiasm for aiding Cambodia’s digital economy aspirations by introducing smarter solutions for airports and seaports.
Reaffirming Cambodia’s dedication to sustainable growth, Vanndy highlighted the importance of initiatives like green special economic zones incorporating cutting-edge sectors and manufacturing of electric vehicles. He encouraged Chinese investors to examine the prospects within logistics, assuring MISTI’s support in shaping Cambodia-specific standards for electric vehicles.
Vanndy emphasized the necessity of providing investors with accurate, detailed insights on Cambodia’s investment landscape, encouraging informed decision-making. His agenda highlights promoting local value addition, fostering a culture of Science, Technology, and Innovation, streamlining the informal economy, diversifying manufacturing, and pioneering in green and food technology.
Further, he touched on the strategic significance of industrial zoning and clustering for encouraging innovation, networking, and economic dynamism, with an aim to elevate productivity and skill development within the country.
Expressing optimism about the future of Cambodia-GBA relations, Vanndy noted the visit’s potential to change perceptions, ignite business interest, and pave the way for lasting partnerships and investments between Cambodia and the Chinese business community.
Source: Khmer Times
